EVCI CAREER COLLEG/Galy-2007 - 500 Beiträge pro Seite
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ISIN: US26926P3082 · WKN: A0MZ23 · Symbol: TKVR
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EVCI Career Colleges Holding Corp. (NasdaqCM:EVCI) today announced results for the third quarter and nine months ended September 30, 2007 that are included in its 10-Q that was filed with the SEC.
Third Quarter Performance:
Total revenue for the third quarter of 2007 increased 4.9% or $604,000 to $12,890,000 from $12,286,000 for the third quarter of 2006. The increase in revenue reflects higher revenues at TCI and PSB which were partially offset by decreased revenue due to lower enrollment at Interboro Institute.
Combined full time enrollment rose by 1.0% to 6,195 students for the fall 2007 semester from 6,090 for the fall 2006 semester. This was attributable to an increase in enrollment of 120 students at TCI and 180 at PSB. This was partially offset by a decrease at Interboro of 125 students.
Deferred revenue of approximately $21,092,000 at September 30, 2007 will be recognized in the fourth quarter of 2007.
The operating loss for the third quarter of 2007 was $4,262,000, which is a $3,095,000 improvement from the operating loss of $7,357,000 for the third quarter of 2006.
The net loss of $5,748,000, or $1.12 per share, for the third quarter of 2007 was a $2,166,000 improvement from the net loss of $7,914,000, or $1.91 per share, for the third quarter of 2006.
Nine Months Performance:
Total revenue for the nine months ended September 30, 2007 decreased 1.1% or $487,000 to $45,487,000 from $45,974,000 for the nine months ended September 30, 2006. The decrease reflects the impact of lower enrollment and lower net revenue per student at Interboro as the result of internal partial grants and loans made to increase persistence and graduation rates.
Combined full-time enrollment rose by 1% to 16,500 students for the nine months ended September 30, 2007 from 16,390 for the nine months ended September 30, 2006.
Deferred revenue of $21,092,000 at September 30, 2007 will be recognized in the fourth quarter of 2007.
The operating loss for the nine months ended September 30, 2007 was $6,328,000 which is a $4,871,000 improvement from the operating loss of $11,199,000 for the nine months ended September 30, 2006.
The net loss for the nine months ended September 30, 2007 was $9,408,000, which is an improvement of $3,185,000 from the net loss of $12,593,000 for the nine months ended September 30, 2006.
EVCI is withdrawing guidance given on August 16th 2007, regarding management's estimates of EVCI's minimum and maximum results for the year ended December 31, 2007.
About EVCI Career Colleges Holding Corp.
EVCI is the holding company for Technical Career Institutes, Interboro Institute and the Pennsylvania School of Business.
Founded in 1909, TCI offers two-year associate degree and certificate programs. With an emphasis on technology, TCI offers programs within three major divisions: business and new media technology, computer and electronics technology and climate control technology. TCI's main campus is on 31st Street in New York City diagonally across from Penn Station, and is supported by a nearby annex facility. EVCI acquired TCI in September 2005.
Founded in 1888, Interboro offers degree programs leading to the Associate in Occupational Studies degree and Associate in Applied Sciences degree. Its programs include accounting, business management, ophthalmic dispensing, paralegal studies, office technologies and security services and management. Interboro has a main campus in mid-town Manhattan, and an extension center in each of Flushing, New York and the Washington Heights section of Manhattan, New York. EVCI acquired Interboro in January 2000.
PSB offers three Associate in Specialized Business Degree programs and two diploma programs in information technology. PSB is seeking authorization to offer two diploma programs, one to become a medical assistant and the other in culinary arts. PSB is located in Allentown, Pennsylvania. EVCI acquired PSB in January 2005.
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
September 30 December 31,
2007 2006
(unaudited) (audited)
----------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 1,741,544 $ 2,151,238
Student accounts receivable, less
allowance for doubtful accounts
of $6,936,275 and $3,608,249
respectively 23,473,726 5,860,856
Other receivables 42,495 955,384
Prepaid income taxes 285,655 329,986
Prepaid expenses and other current
assets 1,343,251 712,681
----------------------------------------------------------------------
Total current assets 26,886,671 10,010,145
Property and Equipment - net 5,294,772 6,061,555
Intangible assets 11,303,892 11,958,985
Goodwill 5,320,121 5,320,121
Deferred income tax asset, net of
valuation allowance of $6,957,500 5,557,500 5,557,500
Other assets 3,832,540 2,775,991
----------------------------------------------------------------------
Total Assets $ 58,195,496 $ 41,684,297
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving credit line $ 4,802,008 $ 2,000,000
Accounts payable and accrued expenses 10,133,628 10,453,786
Current portion of accrued liability
related to closed facility - 296,517
Deferred tuition revenue 21,091,784 195,096
Current portion of capital lease
obligation 169,086 327,215
Current portion of notes payable 2,387,855 2,386,232
----------------------------------------------------------------------
Total current liabilities 38,584,361 15,658,846
Convertible note 4,043,881 -
Capital lease obligation, net of current
portion 42,022 135,620
Notes payable, net of current portion 704,983 9,677,697
Accrued liability related to closed
facility, net of current portion - 1,491,329
Deferred rent 1,515,951 1,252,342
----------------------------------------------------------------------
Total liabilities 44,891,198 28,215,834
----------------------------------------------------------------------
Stockholders' Equity:
Preferred stock - $.0001 par value;
authorized 1,000,000 shares: none
issued and outstanding - -
Common stock - $.0001 par value;
authorized 36,666,666 shares; issued
and
outstanding 5,159,552 and 4,229,872
respectively 1,569 1,290
Additional paid-in capital 61,921,301 52,677,754
Accumulated deficit (48,618,572) (39,210,581)
----------------------------------------------------------------------
Stockholders' equity 13,304,298 13,468,463
----------------------------------------------------------------------
Total Liabilities and Stockholders'
Equity $ 58,195,496 $ 41,684,297
======================================================================
- -
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
September September September September 30,
30, 2007 30, 2006 30, 2007 2006
----------------------------------------------------------------------
Net revenue $12,736,675 $12,143,985 $45,109,047 $ 45,579,193
Other income 152,562 141,759 377,881 394,978
----------------------------------------------------------------------
Total revenue 12,889,237 12,285,744 45,486,928 45,974,171
----------------------------------------------------------------------
Operating
expenses:
Cost of revenue 5,701,859 5,830,508 17,638,503 18,292,740
Selling,
general
and
administrative 13,024,869 11,112,899 35,752,037 36,180,407
Gain on reversal
of accrued
liability
related to
closed facility (1,575,141) - (1,575,141) -
Loss on
settlement of
tuition
disallowance - 2,700,000 - 2,700,000
----------------------------------------------------------------------
Total operating
expenses 17,151,587 19,643,407 51,815,399 57,173,147
----------------------------------------------------------------------
Loss from
operations (4,262,350) (7,357,663) (6,328,471) (11,198,976)
Other income
(expense):
Interest and
financing
costs (1,494,650) (571,026) (3,120,477) (1,493,440)
Interest income 8,611 14,257 40,957 129,596
----------------------------------------------------------------------
Loss before
provision for
income taxes (5,748,389) (7,914,432) (9,407,991) (12,562,820)
Provision for
income taxes - - - 30,000
----------------------------------------------------------------------
Net loss $(5,748,389) $(7,914,432) $(9,407,991) $(12,592,820)
======================================================================
Net loss per
common share:
Basic and diluted $ (1.12) $ (1.91) $ (2.02) $ (3.04)
======================================================================
Weighted average
of common shares
outstanding:
Basic and diluted 5,111,761 4,152,722 4,647,315 4,147,213
======================================================================
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Nine Months ended
September 30,
----------------------------------------------------------------------
2007 2006
----------------------------------------------------------------------
Cash flows from operating activities:
Net loss $ (9,407,991) $(12,592,820)
Adjustments to reconcile net loss to net
cash provided by/(used in) operating
activities:
Depreciation and amortization 2,665,088 2,605,330
Bad debt expense 2,012,054 1,428,277
Non cash compensation expense 1,415,734 1,364,870
Non-cash interest expense 1,275,540 -
Gain on reversal of accrued liability
related to closed facility (1,575,141) -
Changes in operating assets and
liabilities;
Increase in students accounts
receivable (19,624,924) (16,432,912)
Decrease (increase) in prepaid income
taxes 44,331 (235,553)
Decrease (increase) in prepaid expenses
and other current assets 957,294 (68,701)
Decrease in other assets 161,934 9,303
(Decrease) increase in accounts payable
and accrued expenses and income taxes
payable (320,160) 3,685,404
Decrease in accrued liability related
to closed facility (212,705) -
Increase in deferred tuition revenue 20,896,688 17,344,784
Increase in deferred rent 263,609 148,338
----------------------------------------------------------------------
Net cash provided by/(used in)
operating activities (1,448,649) (2,743,680)
----------------------------------------------------------------------
Cash flows from investing activities:
Purchases of property and equipment (412,758) (1,262,453)
Deposits required - (10,000)
Deposits returned 276,478 55,330
Escrow funds received Interboro
previous shareholder - 52,253
----------------------------------------------------------------------
Net cash provided by/(used in)
investing activities (136,280) (1,164,870)
----------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from Revolving line of credit 4,802,008 -
Principal payments on capital lease
obligation (423,377) (235,230)
Principal payment on notes payable (10,971,091) (2,000,000)
Proceeds from convertible note 9,515,825 -
Proceeds from issuance of common stock 1,363,624 -
Financing costs related to bank
agreement (2,795,682) (289,535)
Issuance costs on common stock (316,072) -
Proceeds from financing of equipment - 1,067,518
Proceeds from exercise of options and
warrants - 19,267
----------------------------------------------------------------------
Net cash provided by/(used in)
financing activities 1,175,235 (1,437,980)
----------------------------------------------------------------------
Net decrease in cash and cash
equivalents (409,694) (5,346,530)
Cash and cash equivalents at beginning
of period 2,151,238 9,273,206
----------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 1,741,544 $ 3,926,676
======================================================================
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest $ 1,293,686 $ 1,493,440
======================================================================
Income taxes $ 23,975 $ 265,553
======================================================================
Supplemental schedule of noncash
investing and financing activities:
Notes payable and capital lease
obligations incurred in the
acquisition of equipment $ 171,650 $ -
======================================================================
Purchase Price Adjustment $ - $ 300,000
======================================================================
Value of warrants issued in conjunction
with convertible note $ 6,643,022 $ -
======================================================================
EVCI Career Colleges Holding Corp.
Stephen Schwartz, 914-623-0700
Chief Financial Officer
or
Lippert Heilshorn
Jody Burfening/Elric Martinez, 212-838-3777
Quelle Bis.Wiere 20.11.2007
Third Quarter Performance:
Total revenue for the third quarter of 2007 increased 4.9% or $604,000 to $12,890,000 from $12,286,000 for the third quarter of 2006. The increase in revenue reflects higher revenues at TCI and PSB which were partially offset by decreased revenue due to lower enrollment at Interboro Institute.
Combined full time enrollment rose by 1.0% to 6,195 students for the fall 2007 semester from 6,090 for the fall 2006 semester. This was attributable to an increase in enrollment of 120 students at TCI and 180 at PSB. This was partially offset by a decrease at Interboro of 125 students.
Deferred revenue of approximately $21,092,000 at September 30, 2007 will be recognized in the fourth quarter of 2007.
The operating loss for the third quarter of 2007 was $4,262,000, which is a $3,095,000 improvement from the operating loss of $7,357,000 for the third quarter of 2006.
The net loss of $5,748,000, or $1.12 per share, for the third quarter of 2007 was a $2,166,000 improvement from the net loss of $7,914,000, or $1.91 per share, for the third quarter of 2006.
Nine Months Performance:
Total revenue for the nine months ended September 30, 2007 decreased 1.1% or $487,000 to $45,487,000 from $45,974,000 for the nine months ended September 30, 2006. The decrease reflects the impact of lower enrollment and lower net revenue per student at Interboro as the result of internal partial grants and loans made to increase persistence and graduation rates.
Combined full-time enrollment rose by 1% to 16,500 students for the nine months ended September 30, 2007 from 16,390 for the nine months ended September 30, 2006.
Deferred revenue of $21,092,000 at September 30, 2007 will be recognized in the fourth quarter of 2007.
The operating loss for the nine months ended September 30, 2007 was $6,328,000 which is a $4,871,000 improvement from the operating loss of $11,199,000 for the nine months ended September 30, 2006.
The net loss for the nine months ended September 30, 2007 was $9,408,000, which is an improvement of $3,185,000 from the net loss of $12,593,000 for the nine months ended September 30, 2006.
EVCI is withdrawing guidance given on August 16th 2007, regarding management's estimates of EVCI's minimum and maximum results for the year ended December 31, 2007.
About EVCI Career Colleges Holding Corp.
EVCI is the holding company for Technical Career Institutes, Interboro Institute and the Pennsylvania School of Business.
Founded in 1909, TCI offers two-year associate degree and certificate programs. With an emphasis on technology, TCI offers programs within three major divisions: business and new media technology, computer and electronics technology and climate control technology. TCI's main campus is on 31st Street in New York City diagonally across from Penn Station, and is supported by a nearby annex facility. EVCI acquired TCI in September 2005.
Founded in 1888, Interboro offers degree programs leading to the Associate in Occupational Studies degree and Associate in Applied Sciences degree. Its programs include accounting, business management, ophthalmic dispensing, paralegal studies, office technologies and security services and management. Interboro has a main campus in mid-town Manhattan, and an extension center in each of Flushing, New York and the Washington Heights section of Manhattan, New York. EVCI acquired Interboro in January 2000.
PSB offers three Associate in Specialized Business Degree programs and two diploma programs in information technology. PSB is seeking authorization to offer two diploma programs, one to become a medical assistant and the other in culinary arts. PSB is located in Allentown, Pennsylvania. EVCI acquired PSB in January 2005.
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
September 30 December 31,
2007 2006
(unaudited) (audited)
----------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 1,741,544 $ 2,151,238
Student accounts receivable, less
allowance for doubtful accounts
of $6,936,275 and $3,608,249
respectively 23,473,726 5,860,856
Other receivables 42,495 955,384
Prepaid income taxes 285,655 329,986
Prepaid expenses and other current
assets 1,343,251 712,681
----------------------------------------------------------------------
Total current assets 26,886,671 10,010,145
Property and Equipment - net 5,294,772 6,061,555
Intangible assets 11,303,892 11,958,985
Goodwill 5,320,121 5,320,121
Deferred income tax asset, net of
valuation allowance of $6,957,500 5,557,500 5,557,500
Other assets 3,832,540 2,775,991
----------------------------------------------------------------------
Total Assets $ 58,195,496 $ 41,684,297
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving credit line $ 4,802,008 $ 2,000,000
Accounts payable and accrued expenses 10,133,628 10,453,786
Current portion of accrued liability
related to closed facility - 296,517
Deferred tuition revenue 21,091,784 195,096
Current portion of capital lease
obligation 169,086 327,215
Current portion of notes payable 2,387,855 2,386,232
----------------------------------------------------------------------
Total current liabilities 38,584,361 15,658,846
Convertible note 4,043,881 -
Capital lease obligation, net of current
portion 42,022 135,620
Notes payable, net of current portion 704,983 9,677,697
Accrued liability related to closed
facility, net of current portion - 1,491,329
Deferred rent 1,515,951 1,252,342
----------------------------------------------------------------------
Total liabilities 44,891,198 28,215,834
----------------------------------------------------------------------
Stockholders' Equity:
Preferred stock - $.0001 par value;
authorized 1,000,000 shares: none
issued and outstanding - -
Common stock - $.0001 par value;
authorized 36,666,666 shares; issued
and
outstanding 5,159,552 and 4,229,872
respectively 1,569 1,290
Additional paid-in capital 61,921,301 52,677,754
Accumulated deficit (48,618,572) (39,210,581)
----------------------------------------------------------------------
Stockholders' equity 13,304,298 13,468,463
----------------------------------------------------------------------
Total Liabilities and Stockholders'
Equity $ 58,195,496 $ 41,684,297
======================================================================
- -
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
September September September September 30,
30, 2007 30, 2006 30, 2007 2006
----------------------------------------------------------------------
Net revenue $12,736,675 $12,143,985 $45,109,047 $ 45,579,193
Other income 152,562 141,759 377,881 394,978
----------------------------------------------------------------------
Total revenue 12,889,237 12,285,744 45,486,928 45,974,171
----------------------------------------------------------------------
Operating
expenses:
Cost of revenue 5,701,859 5,830,508 17,638,503 18,292,740
Selling,
general
and
administrative 13,024,869 11,112,899 35,752,037 36,180,407
Gain on reversal
of accrued
liability
related to
closed facility (1,575,141) - (1,575,141) -
Loss on
settlement of
tuition
disallowance - 2,700,000 - 2,700,000
----------------------------------------------------------------------
Total operating
expenses 17,151,587 19,643,407 51,815,399 57,173,147
----------------------------------------------------------------------
Loss from
operations (4,262,350) (7,357,663) (6,328,471) (11,198,976)
Other income
(expense):
Interest and
financing
costs (1,494,650) (571,026) (3,120,477) (1,493,440)
Interest income 8,611 14,257 40,957 129,596
----------------------------------------------------------------------
Loss before
provision for
income taxes (5,748,389) (7,914,432) (9,407,991) (12,562,820)
Provision for
income taxes - - - 30,000
----------------------------------------------------------------------
Net loss $(5,748,389) $(7,914,432) $(9,407,991) $(12,592,820)
======================================================================
Net loss per
common share:
Basic and diluted $ (1.12) $ (1.91) $ (2.02) $ (3.04)
======================================================================
Weighted average
of common shares
outstanding:
Basic and diluted 5,111,761 4,152,722 4,647,315 4,147,213
======================================================================
EVCI CAREER COLLEGE HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Nine Months ended
September 30,
----------------------------------------------------------------------
2007 2006
----------------------------------------------------------------------
Cash flows from operating activities:
Net loss $ (9,407,991) $(12,592,820)
Adjustments to reconcile net loss to net
cash provided by/(used in) operating
activities:
Depreciation and amortization 2,665,088 2,605,330
Bad debt expense 2,012,054 1,428,277
Non cash compensation expense 1,415,734 1,364,870
Non-cash interest expense 1,275,540 -
Gain on reversal of accrued liability
related to closed facility (1,575,141) -
Changes in operating assets and
liabilities;
Increase in students accounts
receivable (19,624,924) (16,432,912)
Decrease (increase) in prepaid income
taxes 44,331 (235,553)
Decrease (increase) in prepaid expenses
and other current assets 957,294 (68,701)
Decrease in other assets 161,934 9,303
(Decrease) increase in accounts payable
and accrued expenses and income taxes
payable (320,160) 3,685,404
Decrease in accrued liability related
to closed facility (212,705) -
Increase in deferred tuition revenue 20,896,688 17,344,784
Increase in deferred rent 263,609 148,338
----------------------------------------------------------------------
Net cash provided by/(used in)
operating activities (1,448,649) (2,743,680)
----------------------------------------------------------------------
Cash flows from investing activities:
Purchases of property and equipment (412,758) (1,262,453)
Deposits required - (10,000)
Deposits returned 276,478 55,330
Escrow funds received Interboro
previous shareholder - 52,253
----------------------------------------------------------------------
Net cash provided by/(used in)
investing activities (136,280) (1,164,870)
----------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from Revolving line of credit 4,802,008 -
Principal payments on capital lease
obligation (423,377) (235,230)
Principal payment on notes payable (10,971,091) (2,000,000)
Proceeds from convertible note 9,515,825 -
Proceeds from issuance of common stock 1,363,624 -
Financing costs related to bank
agreement (2,795,682) (289,535)
Issuance costs on common stock (316,072) -
Proceeds from financing of equipment - 1,067,518
Proceeds from exercise of options and
warrants - 19,267
----------------------------------------------------------------------
Net cash provided by/(used in)
financing activities 1,175,235 (1,437,980)
----------------------------------------------------------------------
Net decrease in cash and cash
equivalents (409,694) (5,346,530)
Cash and cash equivalents at beginning
of period 2,151,238 9,273,206
----------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 1,741,544 $ 3,926,676
======================================================================
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest $ 1,293,686 $ 1,493,440
======================================================================
Income taxes $ 23,975 $ 265,553
======================================================================
Supplemental schedule of noncash
investing and financing activities:
Notes payable and capital lease
obligations incurred in the
acquisition of equipment $ 171,650 $ -
======================================================================
Purchase Price Adjustment $ - $ 300,000
======================================================================
Value of warrants issued in conjunction
with convertible note $ 6,643,022 $ -
======================================================================
EVCI Career Colleges Holding Corp.
Stephen Schwartz, 914-623-0700
Chief Financial Officer
or
Lippert Heilshorn
Jody Burfening/Elric Martinez, 212-838-3777
Quelle Bis.Wiere 20.11.2007
wer sagt es denn
Geduld zahlt sich mal wieder aus
Geduld zahlt sich mal wieder aus
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20.11.23 · Accesswire · EVCI Career Colleges Holding |
14.11.23 · Accesswire · EVCI Career Colleges Holding |