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Embry-Riddle Names Chief Financial Officer

Daytona Beach, Fla., June 8, 2004 -- Experienced treasury and financial management professional Eric B. Weekes will join Embry-Riddle Aeronautical University as Vice President-Chief Financial Officer in July.

At Embry-Riddle, Weekes will be responsible for the financial operations of the university, including financial management, treasury, financial analysis and reporting, and risk management. He will report to President George Ebbs.

Weekes comes to the university from OGE Energy Corp. in Oklahoma City, a $3 billion energy company. As treasurer of OGE, Weekes directed investor relations and was responsible for cash management, $1.5 billion in debt, and capital markets activity. He managed relationships with money center banks and rating agencies and ensured that OGE had adequate liquidity for its operating subsidiaries, including Oklahoma Gas & Electric, the largest electric utility in Oklahoma.

From 1997-2000, Weekes was treasurer of Illinois Power, a $2.5 billion investor-owned utility, where he managed the company's $500 million pension fund and supervised Illinois Power's real estate and local tax assessments as well as its company insurance program.

He began his career at General Foods in White Plains, N.Y., where he spent 15 years in several management roles, the last being senior financial manager.

"Eric Weekes's credentials speak for themselves," said President Ebbs. "He has served, with great success, as a financial executive for three of the nation's top corporations in consumer products and energy."

"This is an excellent opportunity to assist Dr. Ebbs and the board (of trustees) achieve their aggressive vision for the university," Weekes said. "I am pleased to be in a position to help fulfill that vision."

Weekes holds an MBA from New York University and a Bachelor of Science in Business Management from New York Institute of Technology, where he finished first in his class.

He is active in community service organizations such as the YMCA, the March of Dimes, the United Way and the Red Cross.

"I believe in giving back to the community by investing my time and sharing. As soon as I hit the ground (in Daytona Beach), I plan to get involved," Weekes said.

Embry-Riddle Aeronautical University, the world's largest, fully accredited university specializing in aviation and aerospace, offers more than 30 degree programs in its colleges of Arts and Sciences, Aviation, Business, and Engineering and meets the needs of students and industry through educational, training, research, and consulting activities. Embry-Riddle educates more than 28,000 students annually in undergraduate and graduate programs at residential campuses in Prescott, Ariz., and Daytona Beach, Fla., through its Extended Campus at more than 130 teaching centers in the United States and Europe, and worldwide through distance learning.