NEW YORK, July 29, 2014 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCBB:ASPU), parent of Aspen University, a nationally accredited online postsecondary education company, announced today the closing of a $1.63 million private placement transaction to certain institutional and accredited investors, including several existing Aspen shareholders. The lead investors in the offering were Aspen's largest shareholder, Sophrosyne Capital LLC, and Charlestown Capital Advisors, LLC, both based in New York. The shares were offered direct to investors without a placement agent or underwriter.
Chairman and CEO Michael Mathews commented, "This transaction provides Aspen additional working capital to expand on our business model of offering any motivated, college-worthy student the ability to earn their degree debt-free through monthly payment plans. Additionally, this coming quarter we will be launching the Desire2Learn Integrated Learning Platform for all Aspen students, as we continuously strive for improvements to student learning outcomes."
The securities described herein have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Aspen has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock and common stock issuable upon conversion of or upon exercise of the warrants.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Aspen Group, Inc. (OTCBB:ASPU)
Aspen Group, Inc. is an online postsecondary education company. Aspen University's mission is to offer any motivated college-worthy student the opportunity to receive a high-quality, responsibly priced distance-learning education for the purpose of achieving sustainable economic and social benefits for themselves and their families. Aspen is dedicated to providing the highest quality education experiences taught by top-tier faculty – 61 percent of our adjunct faculty hold doctoral degrees. To learn more about Aspen University, visit www.aspen.edu.
CONTACT: Media Contact: Aspen Group, Inc. Michael Mathews, CEO 914-906-9159
Source:Aspen Group, Inc.