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Feb 17, 2010

Eleutian Technology Raises $10 Million for Growth

TEN SLEEP, Wyo. - (Business Wire) Eleutian Technology, LLC, a leading provider of online English education to students in Asia, today announced it has secured $10 million in growth equity financing from Cheyenne Capital Fund.

“Eleutian is poised to take advantage of the rapidly-growing English language learning market” said Kent Holiday, founder and CEO of Eleutian Technology. “Partnering with Cheyenne Capital allows us to continue a strong growth strategy and remain a Wyoming-based company. We believe that Cheyenne Capital’s investment will accelerate the company’s growth and success.”

Robert E. Grady of Cheyenne Capital, a private equity firm with offices in Colorado and Wyoming, and one other representative of Cheyenne Capital will join the Eleutian Board of Managers. Grady, a former partner and managing director at the Carlyle Group, has significant investment experience in online education space.

“The market for English-language training is currently more than $100 billion annually and will continue to grow as English becomes the global language of commerce. Eleutian has a successful business model, an experienced, visionary leadership team and a growth strategy that we believe can take advantage of this market opportunity and ultimately drive significant revenue growth and profitability,” said Grady.

With its Wyoming-based faculty of certified U.S. educators, Eleutian provides English-language instruction using Internet-based videoconferencing to K-12 public and private school students and business executives in South Korea, Japan and China. This investment from Cheyenne Capital will allow Eleutian to continue its successful market penetration in Korea and expand its footprint in Japan and China.

“Governments and families in Asia and around the world have made learning English a priority because they see mastery of the language as an essential pathway for young people who aspire to succeed in business, government, education or other professional endeavors,” said Grady. “The importance of English as the primary language of commerce is unquestionably on the rise worldwide.”

Eleutian has succeeded in forging successful partnerships with regional Ministries of Education in Korea and with Yoon’s English Academy (one of South Korea’s leading private providers of English language training and test preparation services). These partnerships have and will continue to contribute significantly to Eleutian’s success in Korea.

Eleutian’s wholly-owned subsidiary, Glacier Bay Training, also provides English-language education training for Asian-based teachers.

Since its founding in 2006, Eleutian has expanded to employ more than 300 people. The company achieved significant revenue growth of 100 percent in 2008. Its strong growth continued in 2009 with year-over-year revenue increases of 69 percent. In 2009, Eleutian was break-even on a net income basis.

About Eleutian

Eleutian Technology is the industry leader of online language instruction for global business and education entities. Eleutian’s effective teaching methods have earned endorsements from many world-class organizations, including The Korean Ministry of Education, Sumitomo Corporation, Incheon Ministry of Education (Korea), Otis Elevator, NetLearning and Hyundai. With over 30,000 tutoring sessions per month, Eleutian is a market leader in the $100 billion per year language education space.

The company’s teaching services feature one-on-one or group tutoring sessions between students and certified U.S. teachers. In addition to their teaching credentials, Eleutian’s instructors must complete a rigorous 30+ hour training course focused on methods for teaching English as a second language.

Eleutian was founded in 2006 by Kent Holiday, who previously held executive positions in Asia for U.S. Robotics, 3Com, Cisco Systems, Ericsson and KT (Korea Telecom).

About Cheyenne Capital Fund and Robert E. Grady

Cheyenne Capital Fund is a private equity investment firm whose primary investment focus is investing in private equity funds and in sound businesses with a clear path to value creation.

Robert E. Grady joined Cheyenne Capital in 2009 and is based in Jackson, Wyo. Prior to joining Cheyenne Capital he was a partner and member of the Management Committee at The Carlyle Group, one of the world's largest private equity firms. Among other accomplishments, he served as a director at Blackboard, the educational software company, until its IPO in 2004 and at Wall Street Institute, an English-language training firm Carlyle acquired from Laureate, which sold its China business to Pearson PLC in 2009.

Prior to Carlyle, Mr. Grady was a Managing Director and Member of the Management Committee at Robertson Stephens & Company, the San Francisco-based technology investment bank. He served in the White House from 1989-1993 as Deputy Assistant to President George H. W. Bush and as Executive Associate Director of the Office of Management and Budget (OMB). Previously, he was Director of Communications for New Jersey Governor Thomas H. Kean and Chief of Staff for U.S. Representative Millicent Fenwick.

Coltrin & Associates, for Eleutian
Kelly Rees, 215-497-3188
Eleutian Technology, LLC