Keen Realty Brings in over $17 Million in Bankruptcy Sale of the Brown Schools, Inc.; Company's Private School Campuses Located in California, Idaho, and Vermont are Sold as Part of Chapter 7

Business Wire, August 22, 2005

GREAT NECK, N.Y. -- Keen Realty LLC is pleased to announce the completion of a real estate sale on behalf of George Miller, the Chapter 7 Trustee of The Brown Schools, Inc. The Brown Schools and its subsidiaries filed Chapter 7 bankruptcy petitions in March. Miller retained Keen Realty, LLC to market the company's four campuses (Running Springs, CA; Bonners Ferry, ID; Naples, ID; and Sutton, VT). With the help of the Trustee's counsel John Carroll, Esq., the August 10 auction of the properties was extremely successful, creating $17.5 million of value for the creditors. The successful bids at the auction were approved by the U.S. Bankruptcy Court in Delaware on August 12.

"We are pleased with the value commanded for these unique opportunities and that the purchasers plan to continue to use the properties in an educational capacity," said Matthew Bordwin, Executive Vice President at Keen Realty, who also ran the successful auction.

Universal Health Services (UHS) purchased the Idaho and Vermont properties. The Bonners Ferry and Naples, Idaho campuses, which consist of 82 buildings totaling 203,912 /- square feet on 447 /- acres, sold for $10,000,000. The Sutton, Vermont campus, consisting of 19 buildings totaling 57,880 /- square feet on 300 /- acres, sold for $3,350,000. The closings are scheduled for the end of August.

Chabad purchased the Running Springs, California campus, consisting of 18 buildings totaling 56,165 /- square feet on 69.9 /- acres, for $4,300,000. This sale closed.

For over 23 years, Keen Consultants has had extensive experience solving complex problems and evaluating and selling real estate, leases and businesses. Keen Consultants, a leader in identifying strategic investors and partners for businesses, has consulted with thousands of clients nationwide, evaluated and disposed of over 1.9 billion square feet of properties and repositioned more than 18,600 properties across the country. Recent clients include: Spiegel/Eddie Bauer, Arthur Andersen, Service Merchandise, Warnaco, Cable & Wireless, Fleming, Pillowtex, Parmalat, FOL Liquidation Trust (former Fruit of the Loom facilities) and financial institutions like JP Morgan Chase and CIBC.

For more information regarding the sale of The Brown Schools, please contact Keen Consultants, LLC, 60 Cutter Mill Road, Suite 214, Great Neck, NY 11021, Telephone: 516-482-2700, Fax: 516-482-5764, e-mail: hmilazzo@keenconsultants.com, Attn: Heather Milazzo.