Sylvan Learning Systems, Inc. expands International Network of Universities

Sylvan Learning Systems, Inc. (NASDAQ: SLVN), a global leader in higher education, announced that it has acquired 100% of Universidad Interamericana, an accredited university with campus locations in Costa Rica and Panama. The acquisition extends the company's highly successful presence in Latin America by expanding into two of the region's most attractive markets for foreign investment.

William Dennis, President of Latin America Operations, stated, "The addition of Universidad Interamericana to Sylvan's growing international network of universities presents a tremendous opportunity to expand student access to career-oriented degree programs in these markets. The University's excellent academic reputation and strong brand name, along with its talented international management team, make it an ideal institution for our network." "Entering the stable and rapidly growing post-secondary markets of Costa Rica and Panama will significantly enhance the Company's already successful operations in the investment grade countries of Mexico and Chile," added Dennis.

Sylvan Learning Systems was represented in the transaction by the Washington, D.C. office of Paul, Hastings, Janofsky & Walker LLP, where Partner Jorge Alers lead the team of lawyers composed of Christian Petersen and Raquel Bierzwinsky. Alers was also the liaison and coordinator with local counsel in Costa Rica and Panama. In Costa Rica, Sylvan was advised by BLP Abogados, where Partner David Gutiérrez led a team formed by attorneys María Lilly Alvarado, Carolina Trejos, Mariano Jiménez and Randall González. Arias, Fábrega & Fábrega advised Sylvan in Panama, through Partner Leroy Watson III, and Associates Estif Aparicio and Ernesto Durán. Universidad Interamericana was represented by attorneys Juan Carlos Chavarría, Rodrigo Zelaya and Roger Guevara.

Founded in 1986, Universidad Interamericana offers undergraduate and graduate degree programs in Business, Hospitality, Engineering, Communications, and Education through locations in San Jose, Costa Rica and Panama City, Panama. Universidad Interamericana ranks among the top Costa Rican and Panamanian universities for its academic quality and brand recognition among high school seniors. For the year ended December 31, 2002, Universidad Interamericana generated revenues of approximately $7.6 million driven by enrollment of 5,900 students in 2002.