OKLAHOMA CITY (JR) -- The American Education Corp. on Tuesday completed the purchase of the outstanding stock of Learning Pathways of Derby, United Kingdom.
The purchase price for the outstanding shares was $829,000 in cash and common stock.
Founded in 1997, Learning Pathways is a educational products distribution firm with 1998 revenues expected to total $1.3 million. Learning Pathways principally distributes the World Book Encyclopedia print and multimedia encyclopedia product line. The company was founded by its current chief executive officer and principal shareholder, Geoffrey Glossop, a well-known executive in the educational technology industry in the United Kingdom. Glossop will remain the CEO of Learning Pathways and has been appointed to the American Education board of directors. Learning Pathways will be operated as a division of Oklahoma City-based American Education and will continue to represent World Book print and multimedia reference and other publications as its exclusive U.K. distributor to schools, said Jeffrey Butler, American Education's CEO. "This is an exciting development for the Company since Learning Pathways should be a contributor to our 1998 fourth quarter financial performance and promises to contribute substantially to the company's fiscal 1999 results," Butler said. "Longer term, the U.K. market is now one of the fastest-growing world markets for educational technology as a result of the British government's funding for the National Grid for Learning program." The National Grid for Learning program has received government funding commitments in excess of $1. …