Apollo Group, Inc. Announces the Expansion of IPD Into New Jersey and Approval of New University of Phoenix Doctoral DegreePhoenix, Arizona, August 27, 1998 -- Apollo Group, Inc. (Nasdaq:APOL) today announced that its wholly-owned subsidiary, the Institute for Professional Development (IPD) has entered into a 10-year agreement to provide program development and management services to Centenary College, located in Hackettstown, New Jersey. Associates and Undergraduate degree programs will be offered initially, with Graduate programs to follow. The programs will be offered in the Newark and Hackettstown areas of New Jersey. Apollo also announced that its wholly-owned subsidiary, the University of Phoenix (University of Phoenix), has received approval from the North Central Association of Colleges and Schools to offer its first doctoral degree. The Doctor of Management degree will be offered in early 1999. In addition, IPD has extended its contracts with Albertus Magnus College, Cornerstone College and William Penn College. IPD’s contract with Albertus Magnus College, based in New Haven, Connecticut, began in 1994 and was extended until August, 2008. IPD’s contract with Cornerstone College, based in Grand Rapids, Michigan, began in 1996 and was extended until August, 2008. IPD’s contract with William Penn, based in Oskaloosa, Iowa, began in 1996 and was extended until August, 2008. These contract extensions will allow IPD and each of the respective colleges to develop new program offerings that will expand their current markets to include their entire state. Dr. John G. Sperling, Chairman and CEO commented, "We are very pleased to extend our relationships with Albertus Magnus, Cornerstone and William Penn Colleges. We believe that these long-term relationships demonstrate Apollo’s commitment to quality programs and customer service. Since 1973, IPD has assisted private colleges and universities in offering degree programs and related services designed specifically for working professionals. With its 20 contracts, IPD continues to be a leader in higher education services for U.S. colleges and universities. Also, the approval of the University of Phoenix Doctor of Management degree constitutes recognition by the accrediting association that the University of Phoenix is a mature organization capable of offering degrees from associates to doctoral level both in the United States, and via its distance education capabilities, to students anywhere in the world." Apollo Group, Inc., through its subsidiaries the University of Phoenix, Inc., the Institute for Professional Development, the College for Financial Planning, Inc. and Western International University, Inc., is one of the largest providers of higher education programs for working adults in the United States, with total degree-seeking enrollment of approximately 66,800 students. Educational programs and services are currently offered at 113 campuses and learning centers in 33 states, Puerto Rico and London, England. For more information about Apollo Group, Inc. and its subsidiaries, call 1-800-990-APOL. The address and phone number for the accrediting body referred to above is as follows: North Central Association of Colleges and Schools This press release includes statements, which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements.
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