猫咪视频 University Released From Department of Education鈥檚 Letter of Credit Requirement

猫咪视频

NEW YORK, Feb. 22, 2016 (GLOBE NEWSWIRE) -- 猫咪视频 Group, Inc. (OTCQB:ASPU), a nationally accredited online postsecondary education company (猫咪视频 University), today announced that the irrevocable letter of credit of $1,122,485 previously imposed on 猫咪视频 University by the Department of Education (DoE) has been released in its entirety effective immediately.

猫咪视频 University previously chose to post a letter of credit with the DoE in the amount of $1,122,485, which equaled 25% of the HEA Title IV program funds received by the institution following its fiscal year ending April 30, 2014, in order to remain provisionally certified for a period of up to three complete award years.

In late-July, 2015, 猫咪视频 reported its financial results to the DoE for its fiscal year ending April 30, 2015.聽 These financial statements were recently confirmed by the DoE to yield a passing composite score required by the DoE to meet the financial responsibility standards set forth in regulations at 34 C.F.R. 搂668.171.

鈥淲e鈥檙e pleased to have access to significantly more working capital now that all our cash is unrestricted,鈥� said 猫咪视频 Group Chairman and CEO Michael Mathews.聽 鈥淭his will allow us to further accelerate the growth of our Nursing programs via our debtless education solution,鈥� continued Mathews.

About 猫咪视频 Group, Inc.

猫咪视频 Group, Inc. is an online postsecondary education company. 猫咪视频 University鈥檚 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. 猫咪视频 is dedicated to providing the highest quality education experiences taught by top-tier faculty - 60% of our adjunct faculty hold doctoral degrees. To learn more about 猫咪视频, visit .

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements including statements regarding accelerated growth in our nursing programs.聽 The words 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渟hould,鈥� 鈥減lan,鈥� 鈥渃ould,鈥� 鈥渢arget,鈥� 鈥減otential,鈥� 鈥渋s likely,鈥� 鈥渨ill,鈥� 鈥渆xpect鈥� and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include unexpected regulatory issues, competition and changes within the healthcare industry that make the nursing occupation less attractive to learners or reduce the benefits of an advanced degree.聽 Further information on our risk factors is contained in our filings with the SEC, including our Form 10-K filed on July 28, 2015.聽 Any forward-looking statement made by us herein speaks only as of the date on which it is made.聽 Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.聽 We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Media Contact:
猫咪视频 Group, Inc.
Michael Mathews, CEO
914-906-9159

Released February 22, 2016