Mosaica Education, Inc. to Acquire Advantage Schools Inc.

Jul 02, 2001, 01:00 ET from Mosaica Education, Inc.

    NEW YORK, July 2 /PRNewswire/ -- Mosaica Education, Inc. (Mosaica), a
 New-York based education management company that operates charter schools in
 five states, announced today that it is acquiring Boston-based Advantage
 Schools, Inc.  The shareholders of Advantage will receive Mosaica stock in
 exchange for the assets of Advantage, and, as part of the transaction, they
 will also invest additional capital to fund future growth.
     The combined company will have operations in nine states and the District
 of Columbia.  During the last school year the two companies operated 25
 charter schools that served 14,000 students.
     "We look forward to working with the educators and Boards of these new
 schools and welcome them to Team Mosaica," said Michael J. Connelly, President
 and CEO of Mosaica.
     Geoffrey W. Swett, President of Advantage added, "I am excited about the
 opportunities that this acquisition will make available to students in our
 schools.  We have always believed that academic achievement is the key to this
 business, and Mosaica's success on that score made them the ideal partner for
 us as we sought the scale necessary to succeed."
     Stephen P. Murray, Partner of J.P. Morgan Partners (formerly Chase Capital
 Partners), a Director and one of the largest investors in Advantage, said,
 "The Advantage shareholders remain committed to the growth of the education
 management business.  Given Mosaica's track record of outstanding academic
 achievement, we look forward to great things for the students in these
     John Murphy, Mosaica's Chairman and the Managing General Partner of Murphy
 & Partners, Mosaica's largest investor, said,  "Companies like Advantage and
 Mosaica are, in effect, engineering a fundamental change in the way public
 education is provided in this country.  This combination will enhance the
 quality of education at each of the Advantage and Mosaica schools.
 Dr. Dawn D. Eidelman, a founder of Mosaica and the creator of its Paragon(R)
 Curriculum said, "We are excited to provide families with powerful academic
 innovations through the choice in public education afforded by charter
 schools.  Both Mosaica and Advantage are committed to providing students with
 a solid foundation in academic skills and a rich, relevant program that will
 help them become the architects of tomorrow."
     Founded in 1997, Mosaica opened its first elementary school in Saginaw,
 Michigan; in the 2000-2001 school year, it operated charter schools serving
 5,000 students.  Mosaica is particularly well known for Paragon(R), its
 proprietary afternoon curriculum that integrates history, geography,
 literature, music, philosophy and art, engaging students in a hands-on journey
 through the history of great ideas in world culture.  (Mornings are devoted
 exclusively to the fundamentals-language arts, mathematics and science.)  In
 addition, technology is a key component of all Mosaica-managed schools, with
 one classroom-based computer for every three students and an integrated
 learning system that provides additional focus for students who may be below
 grade-level in reading or mathematics.
     Founded in 1996, Advantage opened its first two schools in September 1997.
 In the 2000-01 school year, it operated schools serving over 9,000 children
 from primarily urban families.
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SOURCE Mosaica Education, Inc.