Edison Schools Submits Three-Phase Proposal to Manage 45 New York City Public Schools Friday, August 18, 2000 Edison's proposal is ultimately to convert 45 SURR schools-many from within the Chancellor's District, and possibly some from outside-to charter schools by September 2003. With an investment of $80 million; a pledge to recruit 1,000 new, highly qualified teachers to the City; a potential collaboration with the New York City Board of Education to bring Edison's already planned Teacher's College to New York City; distribution of an estimated 25,000 IBM PCs to staff and students; and an historic $50 million philanthropic campaign to support these schools, Edison proposes the most comprehensive K-12 public-private partnership in American history. Edison said it would develop a school plan and community outreach program tailored to address existing circumstances in each SURR school community that is consistent with New York State charter school law and regulations. Rather than assuming a one-size-fits-all approach to conversion and subsequent management, Edison will meet with, listen to, and seek input from all members of the school community as it charts new courses for these troubled schools. The proposal also has a specific plan to address teacher turnover rates, recruitment, and retention. Edison will continue to expand its recruitment efforts at more than 100 college and university campuses, and explore the option of a joint partnership with the New York City Board of Education and the United Federation of Teachers to open an Edison Teacher's College in the City to recruit and train teachers who choose to teach here. The Edison-New York City Teacher's College would potentially offer a master's degree in education, alternative certification, and re-certification courses, which would provide another source of quality teachers not only for Edison conversion charter schools, but for the city's other public schools as well. Except for the historical information contained in this announcement, the matters discussed are "forward looking statements" (as that term is used in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including risks detailed from time-to-time in Edison's filings with the Securities and Exchange Commission. In particular, Edison calls to the reader's attention the risk factors described in its Quarterly Report on Form 10-Q dated May 15, 2000 under the heading "Additional Risk Factors That May Affect Future Results." Any such forward-looking statements speak only as of the date such statements are made, and Edison undertakes no obligations to publicly release the results of any revision to these forward-looking statements or otherwise update or supplement this announcement or risk factors contained herein.
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