TesseracT Assures Parents: Schools Will Stay Open

TesseracT Assures Parents: Schools Will Stay Open
April 1, 2000



With its stock delisted from Nasdaq, two of its top officers resigned, one-quarter of its central office staff laid off, and three of its schools outside of Arizona closed, the TesseracT Group, Inc., assured parents that its remaining schools would stay open. Chairman of the Board John Golle returned from retirement to assume the position of CEO until a permanent successor is identified. Other top staff changes included the return of Dr. Lucian Spataro to the company as its executive vice president.

"We remain committed to continue to provide the highest level of service to our students," said Golle, pledging his management team "to create solutions that will benefit the more than 5,000 parents who entrust their students with us, as well as the more than 1,000 employees and TesseracT shareholders."

TesseracT is an integrated education management organization that provides educational services for students through charter and private schools from preschool through postsecondary school. A pioneer in this field, the company started in 1991 as Education Alternatives, Inc., running an elementary school in Miami Beach. Subsequently hired to run the Hartford, Connecticut, school system and a group of schools in Baltimore, the company became caught in a squeeze between teacher unions unhappy with the loss of unionized jobs and school boards demanding more and more concessions. The contracts ultimately were terminated.

After the Baltimore and Hartford experiences, the company changed its name, acquired the Sunrise Preschools chain, and placed more of its focus on running charter schools. Currently, the company serves 8,000 students in four private schools, 15 charter schools, 22 preschools, and one postsecondary business school.

The company's curriculum is a rigorous one, with foreign language instruction starting in kindergarten. Parents hold TesseracT schools in high regard, and many lined up early to enroll their children at the Fletcher Heights Charter School in Peoria, Arizona.