Executing on its plans to seek strategic
alternatives to maximize shareholder value
CHANDLER, Ariz., May 26, 2022
/PRNewswire/ -- Zovio (NASDAQ: ZVO), an education technology
services company that partners with higher education and employers,
announced progress on its plans to reset and turnaround the
company. Since taking the helm of Zovio in December,
Hendricks has executed a series of decisive actions to set the
company on a path to improve operational performance and strengthen
its financial position.
Specific actions taken by the company include:
- Enhanced the management team and organizational structure to
drive better performance and agility to meet client's needs.
- Making progress with its strategic initiatives to stabilize and
grow enrollment at the University of
Arizona Global Campus.
- Continuing to reduce costs to be more in-line with its
revenues.
- Positioning Fullstack Academy for strong and sustainable growth
and expansion.
- Completed the divestiture of TutorMe.
- Obtaining and subsequently repaying bridge financing, leaving
the company debt free.
- Continuing to review strategic alternatives that will create
the greatest value for shareholders, including additional
divestitures of the businesses it operates.
"The actions we've taken over the last few months including the
recent TutorMe divestiture represent meaningful steps in
enhancing our financial flexibility to execute on our turnaround
plan," Zovio CEO Randy Hendricks
said. "While I'm pleased with our progress our work is not complete
and we will continue to focus on how best to serve our clients, and
their students, and to create value for our shareholders,"
Hendricks continued.
Related Communications
This press release refers to information contained in the
Company's 8-K filing.
About Zovio
Zovio (Nasdaq: ZVO) is an education technology services company
that partners with higher education institutions and employers to
deliver innovative, personalized solutions to help learners and
leaders achieve their aspirations. The Zovio network, including
Fullstack Academy, leverages its core strengths to solve priority
market needs through education technology services. Using
proprietary advanced data analytics, Zovio identifies the most
meaningful ways to enhance the learner experience and deliver
strong outcomes for higher education institutions, employers, and
learners. Zovio's purpose is to help everyone be in a class of
their own. For more information, visit www.zovio.com.
Contact: Vickie Schray
vickie.schray@zovio.com
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SOURCE Zovio