SLOAN ELECTRONICS ANNOUNCES INTERNET BUSINESS EXPANSION AND
Brooks of Nasdaq Traded Response USA Agrees to Become a Board Member
SARASOTA, Fla., March 17 /PRNewswire/ -- Sloan Electronics, Inc. (OTC Bulletin Board: SLEL) announced that it has agreed to acquire IEG Holdings, Inc. IEG controls Barrington University, an online
university providing curricula in several languages over the internet. Approximately one thousand students are currently registered to receive Barrington University online degrees including Master's in Business Administration. The acquisition is expected to add nearly two million dollars in revenue and earnings of between three to five cents per share to Sloan. (See Barrington atwww.Barrington.edu.)
As previously announced, Sloan's new internet division will focus on
online educational services. Sloan anticipates changing its name at
the May annual meeting to more accurately reflect the
internet/technology portions of its business.
"We believe cyberlearning will be one of the internet's most profitable sectors. Recently, there have been several successful internet education related IPO's as well as announcements in the Wall Street Journal regarding well-known entrepreneurs entering this market. By aggressively lining up acquisitions anticipated to add approximately $10 million in revenues to Sloan, we will be poised to take a successful run at this industry," said Larry Provost, Chairman of Sloan Electronics. Mr. Provost also notes that "in January of this year BT Alex Brown's research release indicated that the distance learning market is expected to reach $150 billion annually. Therefore, making ourselves well known in this industry while it is still in its infancy should help us succeed."
In addition, the Company announced that Richard Brooks, presently
Chairman and President of Response USA (Nasdaq: RSPN), has agreed to
become a new board member of Sloan. "Richard will be a critical
addition to our Board. His background as an attorney and CEO of a
Nasdaq traded company should assist us in our goal of rapid growth.
Richard's own company has done a number of acquisitions and we will be able to draw on his experience to assist us in what we hope will be a rather dramatic acquisition pace. In addition, Richard is well
connected in the investment banking community and that should be an
asset to us as we grow," said Paul Sloan, President.
Forward Looking Statements: This news release contains certain
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which provides a new "safe
harbor" for these types of statements. To the extent statements in
this news release involve, without limitation, product development and introduction plans, the Company's expectations for growth, estimates of future revenues, expenses, profits, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the Company's product categories and for the industries in which the Company operates, or any other guidance on future periods, these statements are forward-looking statements. The Company assumes no obligation to update forward-looking statements.
MM
SOURCE Sloan Electronics, Inc.
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