COCO Vita Coco Company Inc

Corinthian Colleges Announces Retirement Plans for Founder Dennis Devereux; Names Guy Marsala New Executive Vice President, Administration SANTA ANA, Calif., Nov. 18 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (NASDAQ:COCO) today announced that Dennis L. Devereux, a founder of the company and executive vice president, administrative services, plans to retire from the company at the end of December 2004. This plan has been known internally for some time and, with Devereux's assistance, several organizational changes have already been taken to ensure an orderly transition. The company also announced that Guy M. Marsala has been named executive vice president, administration, and will assume overall responsibility for real estate, purchasing, facilities, travel and administrative services. In addition, Marsala will be responsible for the coordination and development of long-range organizational strategic planning for the company and other special projects for the chairman of the board and the president and chief executive officer. The responsibility for human resources has been assigned to Stan A. Mortensen, senior vice president and general counsel. Devereux, 58, helped to found Corinthian in 1995 and served as its first vice president for human resources. His role was expanded to include all administration in 2001 when he was named the company's executive vice president, administrative services. Devereux began his career in human resources in 1969, serving in a variety of successively responsible roles with Anaconda Wire & Cable, Frito-Lay, Bechtel, American Diversified Companies and Jacobs Engineering. He brought his executive experience to the education arena in 1988 when he joined National Education Centers as its vice president, human resources, a post he held until 1995. He is a graduate of California State University, Long Beach, having earned a bachelor of science degree in business administration. "Dennis's steady nature and keen sense for order show in the strength of the organization we have built at Corinthian over the past decade," said David G. Moore, chairman of the board and a fellow founder of the company. "We have grown from 11 schools and less than $30 million in revenues at the beginning to more than 150 colleges and training centers today and revenues exceeding $800 million at the end of our most recent fiscal year. Assuring that our organizational structure matched that growth path has fallen on Dennis's wide shoulders, and we are all immensely grateful for his important contributions to Corinthian. He has developed an excellent team of executives and managers to provide all necessary day-to-day administrative support activities for the company. The orderly transition of his responsibilities has already begun and will continue through December." Moore added: "From the solid foundation in place, Guy Marsala steps in to help evolve and shape Corinthian's structure for the future. We look forward to benefiting from Guy's more than 25 years of extensive business experience with several large, complex corporations." In announcing his planned retirement, Devereux said, "I am honored to have been able to play a part in creating Corinthian Colleges. What we have built over a short nine years is testament to the vision, hard work and dedication of many outstanding professionals. The real strength of this company is our 9,500 employees, who are each dedicated to providing quality education and training to our students in the United States and Canada. I will miss my colleagues who have collectively driven Corinthian's success, and I look forward to watching the continued achievements that are still ahead for the company." Marsala most recently served as president of the Galls Division of Aramark Corporation, a leading provider of uniforms and equipment to the public safety industry. Prior to that, he was Midwest group president for Corporate Express, Inc., a $700 million distribution business; served as chief operating officer of Navarre Corporation, a leading distributor of music, software and interactive CD-ROM products and DVD videos; and was vice president/general manager-Scholastic Division, Jostens, Inc., a leading provider of scholastic and recognition products, programs and services. Earlier in his career, Marsala held sales management and operations management positions with American Hospital Supply Corporation and Pepsi-Cola, North America. Marsala earned a bachelor's degree from the United States Military Academy (West Point) and a master's in business administration from the University of Dallas in Irving, Texas. About Corinthian Colleges, Inc. Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America and serves the large and growing segment of the population seeking to acquire career-oriented education to become more qualified and marketable in today's increasingly demanding workplace. Corinthian's colleges offer master's, bachelor's and associate's degrees and diploma programs in a variety of fields, with a concentration on careers in health care, business, criminal justice and technology. Corinthian operates 91 colleges in 23 states in the U.S., and 45 colleges (including 10 campuses scheduled to close in fiscal 2005) and 15 corporate training centers in seven Canadian provinces. Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The company intends that all such statements, including the quotes from David Moore and Dennis Devereux, be subject to the "safe-harbor" provisions of that Act. Such statements include, but are not limited to, the company's expectations for continued growth and success and orderly management transition. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including the company's ability to successfully transition to new executive leadership; general changes in the economic climate in the U.S.; potential increased competition; changes in demand for curricula offered by the company; the effectiveness of the company's advertising and promotional efforts; the effectiveness of the company's regulatory compliance efforts; and other risks and uncertainties described in the company's filings with the U.S. Securities and Exchange Commission. The historical results achieved by the company are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: Corinthian Colleges, Inc. CONTACT: David G. Moore, Chairman of Corinthian Colleges, Inc., +1-714-427-3000, Ext. 216; or Cecilia Wilkinson or Rosemary Moothart, both of PondelWilkinson Inc., +1-310-279-5980, for Corinthian Colleges, Inc.

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