March 13, 2009
Princeton Review Completes K-12 Services Sale
The Princeton Review Inc., the Framingham preparation and educational services company, has completed the sale of its K-12 services division for $9.5 million.
The company sold the division's assets to CORE Education and Consulting Services, a subsidiary of CORE Projects & Technologies Ltd. of India.
The Princeton Review said it will use the $9.5 million in cash proceeds to reduce debt. The sale agreement includes a working capital adjustment about six months after the closing.
The company has experienced net losses every year from 2004 to 2007, and it had a net loss of $7.9 million for the first six months of 2008.
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