Exhibit 99.3

[LETTERHEAD OF HARDT AND JUNCK ASSOCIATES, INC.]


                                                                            NEWS

FOR FURTHER INFORMATION, CONTACT:
ATHIA HARDT, 602-252-8200                                                 3/5/01


                  DR. LUCIAN SPATARO RESIGNS AS TESSERACT CEO

Dr. Lucian Spataro, Chief Executive Officer of The TesseracT Group, a private
company that operates schools, resigned effective March 15 as Chief Executive
officer of the organization. He will remain on the company's Board of Directors.

Michael Lynch, TesseracT's Chief Operating Officer, has been appointed by the
Board to serve as CEO of the company, as well as Chief Operating Officer,
effective March 15.

TesseracT filed a Chapter 11 petition in U.S. Bankruptcy court in October. Since
then, the 11-year-old company has sold two of its private schools to parent
groups, and a charter school to the Gan Yeladeem Learning Center. TesseracT also
has sold its North Scottsdale private school and adjacent property to
Educational Property Investors, Inc., which transaction is set to close this
month, after which TesseracT will only own one remaining school -- the Eagan
Minnesota private school. TesseracT also continues to operate the Sunrise
preschools owned by its wholly-owned subsidiary, Sunrise Educational Services,
Inc.

Dr. Spataro has resigned to pursue other interests. Dr. Spataro said: "With the
conclusion of these most recent transactions, TesseracT, its Board, and I have
met our goal of transitioning these schools to other organizations. During this
process, we also worked hard to find consensus with our creditors and meet the
needs of all of our constituent groups as best we could."

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ONLY ADD - TESSERACT

He added, "I have nothing but gratitude to the many families, employees and
vendors of this company, all of whom have been patient and cooperative through
this often daunting process."

This news release contains forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ materially from the
statements made. These risks and uncertainties are described from time to time
in the Company's SEC filings. These forward-looking statements represent the
judgment of the Company, as of the date of this release, and The TesseracT Group
disclaims any intent or obligation to update forward-looking statements.

                                     -end-