By Toronto, Canada, September 10, 2012 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("LingoMedia" or the "Company") an ESL industry acquisition company that is Changing the way the world learns English, announces that it has negotiated a one year extension to the term of the $890,000 loan financing (the "Loan") originally completed on September 8, 2010 and extended for a further one year term on September 8, 2011.
The new maturity date of the Loan is September 8, 2013 and continues to bear interest at a rate of 9% per annum, payable monthly in arrears and is secured by a charge over all of the Company's assets and properties. Lingo Media may elect to prepay the Loan in whole or in part at any time at its sole discretion without penalty.
As additional consideration for the extension of the Loan, the Company will issue to the lenders an aggregate of 356,000 common shares of Lingo Media (the "Bonus Shares"). The Bonus Shares will be issued based on 10% of the value of the Loan, divided by a deemed issue price of $0.25 per Bonus Share. The Bonus Shares are subject to a four month statutory hold commencing from closing.
The insider participation consisted of two directors who advanced an aggregate of $400,000 and one executive officer who advanced $35,000 in aggregate. It is expected that the Loan will be repaid from the Company's cash flow and any equity financing completed by Lingo Media during the new term of the Loan.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is an ESL industry acquisition company that isChanging the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Lingo Media Michael Kraft, President & CEO Tel: (416) 927-7000 ext. 23 Toll Free: (866) 927-7011 Fax: (416) 927-1222 Email: mkraft@lingomedia.com To learn more, visitwww.lingomedia.com |
_______________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Toronto, Canada, August 29, 2012 - Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),an ESL industry acquisition company that is Changing the way the world learns English, announces its financial results for the second quarter ended June 30, 2012. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
Operational Highlights
· Print-Based English Language Learning:
ü completed product revisions for the 3rd and 4th levels of PEP Primary English program
ü secured approval for product revisions from China's State Ministry of Education
ü negotiating international distribution agreements for the Quartet blended-learning program
· Online English Language Learning:
ü completed development of the beta version of our new English Proficiency Assessment Platform
ü launched newly designed Q Kids Online English program
ü secured first sale of new Q Kids Online of 5,000 licenses in Turkey
ü advanced development of a new product feature set for Speak2Me
ü negotiating strategic development partnerships for Speak2Me
Corporate Highlights
ü continued to seek ESL and other education assets for acquisition and M&A opportunities
Financial Highlights
Second Quarter Ended June 30, | 2012 | 2011 | ||
Revenue | $ 737,163 | $ 455,740 | ||
Operating expenses | 645,172 | 487,433 | ||
Amortization, share-based payments, and depreciation | 109,587 | 801,212 | ||
Interest, foreign exchange and other comprehensive income | 67,078 | 332,440 | ||
Total expenses | 821,839 | 1,621,510 | ||
Total comprehensive loss | $ (84,676) | $ (1,165,770) | ||
· Revenue for the second quarter totalled $737,163 compared to $455,740 for the same period in 2011, an increase of 62%. The increase in revenues in the second quarter of the current year is mainly attributable to higher revenues from online training contracts as compared to the second quarter of the previous year.
· Total expenses for the quarter totalled $821,839, as compared to $1,621,510 in 2011, due to the benefits of cost rationalization, a reduction in share-based payment and in amortization of intangibles.
· Total comprehensive loss totalled $84,676 or $0.004 per share based on 20.5 million shares outstanding compared to a total comprehensive loss of $1,165,770 or $0.06 per share based on 20.5 million shares outstanding.
The Company also announces that its application has been approved by the TSX Venture Exchange to extend the term of the 3,658,668 warrants issued by the Corporation on March 4, 2011 and the 1,875,000 warrants issued by the Corporation on May 11, 2011 (collectively, the "Warrants"). The terms of the Warrants have each been extended for a period of 18 months. The Warrants were scheduled to expire on September 4, 2012 and November 11, 2012, respectively, but will now expire on March 4, 2014 and May 11, 2014, respectively.
The Warrants were issued as part of private placement offerings by the Company which were completed on March 4, 2011 and May 11, 2011. For further information on the original issuance of the Warrants, please refer to the press releases of the Company dated March 4, 2011 and May 11, 2011 filed on SEDAR.
Warrant holders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to the Company in order to effect the exercise or transfer of such Warrants.
The financial statements for the six months ended June 30, 2012 and accompanying Management Discussion & Analysis are available atwww.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com )is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com ). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Lingo Media Michael Kraft, President & CEO Tel: (416) 927-7000 Ext. 23 Toll Free: (866) 927-7011 Fax: (416) 927-1222 Email:mkraft@lingomedia.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available onwww.sedar.comorwww.sec.gov/edgar.shtml .
________________________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Lingo MEDIA shareholders approve all matters at AGM
Toronto, Canada, July 19, 2012- Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"), an ESL industry acquisition company that is Changing the way the world learns English, announces all matters were approved atthe Company's annual general meeting of shareholders held in Toronto on June 28, 2012.
The shareholders re-elected Messrs. Anton Telegin, Hon. Jerry Grafstein, Michael Kraft, Scott Remborgand Tommy Weibing Gong as directors of the Company. Anthony Lacavera, Ashesh Shah, Michael O'Connor, and Michael Stein did not stand for re-election and Lingo Media wishes to thank them for their support and contributions during theirtermsas directors. In addition, shareholders also approved the reappointment of Collins Barrow Toronto LLP, Chartered Accountants as auditors.
The directors held a board meeting post the AGM and reappointed Michael Kraft as President & CEO, Khurram Qureshi as Chief Financial Office and Gali Bar-Ziv as Chief Operating Officer.
The details of the matters approved at the Meeting are set forth in Lingo Media's Information Circular dated May 29, 2012and posted on SEDAR atwww.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com ) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com ). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Lingo Media Michael Kraft, President & CEO Tel: (416) 927-7000 Ext. 23 Toll Free: (866) 927-7011 Fax: (416) 927-1222 Email:mkraft@lingomedia.com |
________________________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Lingo Media's ELL Technologies Launches Newly Designed Kids Online English & Secures Sales Contract
Toronto, Canada, May 8, 2012 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("LingoMedia" or the "Company") a leader in online and print-based English Language Learning solutions is pleased to announce that its wholly-owned subsidiary, ELL Technologies Limited ("ELL Technologies"), is launching its newly designed Q Kids Online English program and its first sale in Turkey.
Q Kidsis for young learners from 4-10 years old and includes completely re-designed interactive software in full 3D animation along with course books, worksheets, games, flashcards, songs, stories and teachers' guides. This program includes a "record-and-playback" feature for pronunciation and native language support for parents. Q Kids additionally incorporates a learning management system that enables teachers and parents to monitor each child's progress. The program consists of two language learning environments - Winnie's World, for pre-readers and Freddy's Islands for children with basic reading skills. Together, they provide young learners with the necessary building blocks to communicate successfully in English, both in and out of school.
Q Kidslicenses will be sold through our distribution network worldwide. ELL Technologies has secured the first sale through its distributor in Turkey, Rotal Digital, to YDS Education Group, a leading education provider in the publication, distribution and sale of learning materials in Turkey. Under the contract, YDS Education Group has purchased an initial order of 5,000 licenses.
Michael Kraft, President & CEO of Lingo Media, said"In 2011, our team worked diligently to complete the newly designed Q Kids program to address the market needs and opportunities for young learners worldwide. We are very pleased to be working with YDS Education Group as this initial sale represents our entry into the growing kids market in Turkey and a first step in rolling out this product internationally."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is a global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com ) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com ). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Lingo Media Michael Kraft, President & CEO Tel: (416) 927-7000 Ext. 23 Toll Free: (866) 927-7011 Fax: (416) 927-1222 Email:mkraft@lingomedia.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available onwww.sedar.comorwww.sec.gov/edgar.shtml .
________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Lingo Media's ELL Technologies Announces Sales Contract With Intel Corp. In Colombia
Toronto, Canada, March 15, 2012 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("LingoMedia" or the "Company") a leader in online and print-based English Language Learning solutions is pleased to announcethat its wholly-owned subsidiary, ELL Technologies Limited ("ELL Technologies") has signed a contract with Intel Corp., a company that provides educational programs developed by highly trained professionals that contribute to the intellectual and emotional development of children, youth and adults in Colombia.
Under the contract, Intel Corp. will purchase Q English CD's to be marketed and sold through their direct-to-consumer channel, supported by their 100 strong agent-based sales force.
Michael Kraft, President & CEO of Lingo Media, said: "This is our initial cooperation with Intel Corp. and their leading direct-to-consumer distribution network for educational products in Colombia. We plan to expand this relationship and extend our range of English language learning software titles to Intel Corp.'s direct distribution channel. This deal expands our business in Colombia beyond our existing contracts in the insurance and university/college sectors."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is a global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com ) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com ). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Michael Kraft, President & CEO
Tel: (416) 927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax: (416) 927-1222
Email: mkraft@lingomedia.com
To learn more, visit: www.lingomedia.com
Lingo Media
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available onwww.sedar.comorwww.sec.gov/edgar.shtml .
________________________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
TORONTO, ONTARIO--(Marketwire - March 8, 2012) - Lingo
Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF)
("Lingo Media" or the "Company") a
leader in online and print-based English Language Learning
solutions is pleased to announce that its wholly-owned
subsidiary, ELL Technologies Limited ("ELL
Technologies") and its Spanish distributor, e-ducativa
in collaboration with El Corte Ingles, have signed a pilot
program with the Madrid Local Police ("Madrid Local
Police"), a police unit in charge of providing
assistance to tourists in Madrid among other important
functions.
Under the agreement, the Madrid Local Police will use Q Scholar and Worksheets with specialized content based on the real life needs of the police force to teach English to their Tourist Police Unit, under a pilot program.
Michael Kraft, President & CEO of Lingo Media, said: "Lingo Media's ELL Technologies is the best English Learning Language System in the world and we are delighted that E-ducativa is now marketing and selling our products in Spain. We are currently providing all of the support necessary to insure that the successful deployment of this pilot program with the Madrid Local Police will lead to a full scale roll-out and other sales opportunities underway in Spain."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is a global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF)
Lingo Media Corporation (www.lingomedia.com) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
Portions of this press release may include "forward-looking statements" within the meaning of securities laws.Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
- Lingo Media
Michael Kraft
President & CEO
(416) 927-7000 Ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
mkraft@lingomedia.com
www.lingomedia.com
TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) -Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("LingoMedia" or the "Company") a leader in online and print-based English language learning solutions is pleased to announce that its wholly-owned subsidiary, ELL Technologies Limited ("ELL Technologies") has signed a contract with Corporation La Prensa, S.A. ("La Prensa"), a leading multimedia publishing house in the development and dissemination of content, products and services in Panama. La Prensa's main activity is the publication, distribution and sale of newspapers, La Prensa and Mi Diario.
Under the contract, La Prensa is purchasing the full package of Q English Online including Basic, Intermediate and Advanced courses. The initial order under the contract is for 10,000 sets of licenses and the access to the courses is available through La Prensa's website via scratch cards distributed at a retail level.
Michael Kraft, President & CEO of Lingo Media, said: "La Prensa is the leading morning independent daily and is an exciting opportunity for us to enter the Panama market. This contract provides us with an endorsement for our Q EnglishOnline courses with an industry leader and will undoubtedly assist La Presna in expanding their readership and increasing their advertising revenues."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is a global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF)
Lingo Media Corporation (www.lingomedia.com) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
Portions of this press release may include "forward-looking statements" within the meaning of securities laws.Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.comor www.sec.gov/edgar.shtml.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Lingo Media Corporation
Michael Kraft
President & CEO
(416) 927-7000 Ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
mkraft@lingomedia.com
www.lingomedia.com
Toronto, Canada, December 9, 2011- Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"), an ESL industry acquisition company that is Changing the way the world learns English, is pleased to welcome two new directorsAnton Teleginand Michael Steinto its Board of Directors.Atthe Company's annual and special meeting of shareholders (the "Meeting") held in Toronto on December 8, 2011, the shareholders re-elected Anthony Lacavera, Ashesh Shah, Jerry Grafstein, Michael Kraft, Michael O'Connor, Scott Remborg, and Tommy Gong as board directors. Sanjay Joshiand Ashraf Halim did not stand for re-election and Lingo Media wishes to thank them for their support and contributions to Lingo Media during theirtermsas boarddirectors.
Anton Telegin is the Chief Commercial Officer for Orascom Telecom and VimpelCom's Asia & Africa Business Units. The combination of the two companies in April 2011 has made it the 6th largest mobile telecom provider in the world. Mr. Telegin oversees all the commercial functions within Orascom and VimpelCom's Asia & Africa Business Units encompassing market development, product development, commercial roaming & international business, market planning & pricing, as well as enterprise & customer operations. He has a commercial expertise gained from over 16 years of experience in the telecom industry where he led the successful launch of various high quality innovative commercial products yielding multi-billion dollar revenue streams and built a proven track record in driving regional operations from start-ups to market leadership. Mr. Telegin holds an Engineering Degree from the Moscow State Technical University in Russia and an MBA from Kingston University in the UK.
Michael Stein acts as a financial consultant and advises clients on various matters, including acquisitions, divestitures, corporate financings, re-organizations and restructurings. He is the President of Applied Inventions Management Inc., and a former director and V.P. Corporate Affairs of Danbel Industries Corporation; Director, U.S. Money Markets for a federally chartered Canadian Trust Company and prior thereto a Senior Institutional Money Banker for a Savings & Loan Association in Long Beach, California. Mr. Stein majored in economics and graduated with a Bachelor of Arts from York University.
In addition, shareholders also approved the following:
- the reappointment of Collins Barrow Toronto LLP, Chartered Accountants as auditors;
- an amendment to Lingo Media's Stock Option Plan reserving for grant options to acquire up to a maximum of 4,108,635 shares, being approximately 20% of the 20,543,177 issued and outstanding shares of the Company as of the Record Date, as set out in the Information Circular; and
- an amendment to Lingo Media's Stock Option Plan to include provisions regarding the withholding of income tax upon the exercise of options, as set out in the Information Circular
More specific details of the matters approved at the Meeting are set forth in Lingo Media's Information Circular dated November 9, 2011 and posted on SEDAR at www.sedar.com.
In addition, Khurram Qureshi, CA, has been re-appointed as Chief Financial Officer of Lingo Media. He brings over 22 years experience in the field of accounting and corporate finance. He qualified as a Chartered Accountant in 1990 and has held senior positions with several small to medium size public companies. Mr. Qureshi has been a key member on several merger and acquisition teams. The Company thanks Ryan Robertson for his contributions as Chief Financial Officer and wishes him continued success in his future endeavours.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com ) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com ). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax: (416) 927-1222
Email: mkraft@lingomedia.com |
LINGO MEDIA REPORTS THIRD QUARTER RESULTS
ThirdQuarter |
2011 |
2010 |
Revenue |
$ 349,544 |
$ 413,330 |
Gross Profit |
$ 315,222 |
$ 390,334 |
Loss from Operations |
$ (987,983) |
$ (951,927) |
Total Comprehensive Loss |
$ (999,551) |
$ (1,047,165) |
Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax: (416) 927-1222
Email: mkraft@lingomedia.com |
Lingo Media
Michael Kraft, President & CEO
Tel:
(416)
927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax:
(416)
927-1222
Email: mkraft@lingomedia.com |
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212)
398-3486
Email: twalsh@allianceadvisors.net |
iGROUP TO PUBLISH AND SELL LINGO MEDIA TEXTBOOKS IN 9 NEW MARKETS IN ASIA PACIFIC
Toronto, Canada and Hong Kong, August 31, 2011 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning solutions and the iGroup (Asia Pacific) Limited ("iGroup"), a leading distributor of print and digital research information in the Asia Pacific region with 26 offices spanning 13 countries, are pleased to announce the signing of a book license agreement that will expand market reach for Lingo Media's English language learning textbook programs into nine new countries in the Asia Pacific region. The iGroup will exclusively represent Lingo Media for an initial three-year term in the manufacturing, publishing and sales of its programs, specifically PEP Primary English, Starting Line and English in Business Communications. These programs provide level based educational tools, including textbooks, supplemental books, audio-visual components and teacher training modules for students and teachers. Lingo Media programs will be marketed and sold in Indonesia, Japan, Korea, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Michael Kraft, President & CEO of Lingo Media, said: "This is our second deal with the iGroup and represents another important distribution milestone as we pursue our vision of Changing the Way the World Learns English. Our textbook programs ranging from kindergarten through post-secondary have and continue to be widely used in the Chinese education market. With a significant library of more than 350 textbooks and supplemental products, we will now have a platform to fast track distribution into 9 new markets where the demand for English instruction is increasing rapidly." Pote N. Lee, CEO of the iGroup, said: "We are pleased to be entering into a second deal with Lingo Media to publish and sell their English as a Foreign Language programs through our Asia Pacific network. The products have a proven track record with Ministry of Education listings and market acceptance in China and we look forward to duplicating their success in the emerging markets within our Asia Pacific distribution channels. We already represent several of the world's leading publishers in the sciences and in the arts, and the range of services we offer our institutional clients will now be enhanced by our relationship with Lingo Media." About The iGroupFor over twenty five years, the iGroup (Asia Pacific) Limited and its subsidiaries have worked with publishers and libraries to bring research information to the desks of academics, students, educators, scientists and research professionals. The iGroup is a leading distributor of print and digital research information in the Asia Pacific region, including books, research databases, ebooks and ejournals with an estimated 1,000 institutional customers. The iGroup consists of several companies prominent in the Asia Pacific information industry with a total staff force of approximately 600 people with 26 offices in 13 countries. It represents many of the worlds' best publishers, especially those publishing in the science, technology, medical and business fields. About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and is extending its reach globally.
| Lingo Media Michael Kraft, President & CEO Tel: (416) 927-7000 Ext. 23 Toll Free: (866) 927-7011 Fax: (416) 927-1222 Email:mkraft@lingomedia.com To learn more, visit:www.lingomedia.com | iGroup(Asia Pacific) Limited David Shawah, Director of Business Development Tel: (662) 769-3888 Ext. 3325 Fax : (662) 379-5182 Email:marketing@igroupnet.com To learn more, visit:http://www.igroupnet.com | |
| Investor Contact: Alliance Advisors, LLC Thomas Walsh, Senior Vice President Tel: (212) 398-3486 Email:twalsh@allianceadvisors.net | ||
________________________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASERecent Operational Highlights
- Closed a $1.25 million private placement equity financing
- Completed the acquisition of ELL Technologies Limited by making the second and final payment of US$788,110 through the issuance of 1,036,987 common shares
- Signed a contract Ambow Education Holding Ltd. (NYSE: AMBO) to provide site licenses of Q-Scholar along with online placement tests, online assessments, printed textbooks and online technical support in China
- Subsequent to Q2, signed a Custom Software Business Partnership Agreement with Lenovo (HKSE: 992) (ADR: LNVGY) to provide a custom version of ELL Technologies software to be installed on millions of Lenovo computers sold in China. This trial offer will be followed by a direct to consumer offering and the future launch of additional custom versions
- Subsequent to Q2, signed a strategic distribution agreement with iGroup (Asia Pacific) Limited expanding Lingo Media's market and distribution reach into 14 new markets. The iGroup will exclusively represent Lingo Media for an initial 3 year term in the marketing and sales of its products and services to students, academics, educators, librarians, research professionals, scientists and institutional customers in healthcare, government, research, and corporate markets in the following countries: Australia, China, Hong Kong, Indonesia, Japan, Korea, Macau, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand, and Vietnam
- In the quarter ended June 30, 2011, Lingo Media earned revenues of $455,740 compared to the quarter ended June 30, 2010 of $559,437.
Second Quarter |
2011 |
2010 |
Sales |
$455,740 |
$559,437 |
Gross margin |
388,119 |
501,771 |
Loss from operations |
(833,330) |
(887,699) |
Total comprehensive loss |
(1,165,770) |
(924,041) |
- Total selling, general and administrative costs for the quarter was $419,812 compared to $768,526 for the same period in 2010. The company successfully reduced its selling general and administrative costs as a result of synergies realized through the integration of its business units as well as rationalization of head count.
- For the second quarter ended June 30, 2011, Lingo Media recorded a total comprehensive loss $1,165,770 or $0.06 per share compared to $924,041 or $0.07 during the same period last year. The increase is primarily attributed to a foreign exchange gain as a result of transition to IFRS on translating foreign operations of $235,985 recorded in Q2 2010.
- The total comprehensive loss of $1.165 million was significantly impacted by non-cash items including depreciation, amortization and share based payment totaling $801,637. The increase in share based payments of $152,263 is due to a larger number of stock options vesting in the quarter compared to the previous period.
- Cash used in operating activities for the quarter ended June 30, 2011 totaled $1,654,436 compared to $93,807 for the comparative period. This increased use of cash in the second quarter was a result of reduction of liabilities.
The financial statements for the six months ended June 30, 2011 and accompanying Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and is extending its reach globally.
For further information, contact: Lingo Media Michael Kraft, President & CEO
Tel: (416) 927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax: (416) 927-1222
Email: mkraft@lingomedia.com
To learn more, visit: www.lingomedia.com Investor Contact: Alliance Advisors, LLC Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Toronto, Canada and Hong Kong, August 3, 2011 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning solutions and the iGroup (Asia Pacific) Limited ("iGroup"), a leading distributor of digital and print research information in the Asia Pacific region with 26 offices spanning 13 countries, are pleased to announce the signing of an agreement that will significantly widen Lingo Media's marketing and distribution reach in 15 Asia Pacific markets.
Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000 Ext. 23
Toll Free: (866) 927-7011
Fax: (416) 927-1222
Email: mkraft@lingomedia.com
To learn more, visit: www.lingomedia.com |
iGroup(Asia Pacific)
Limited
David Shawah,
Director of Business
Development
Tel: (662) 769-3888
Ext. 3325
Fax : (662) 379-5182
Email: davids@book.co.th
To learn more, visit: http://www.igroupnet.com |
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net |
-
Lingo Learning:
- co-published its 390 millionth unit with People's Education Press, China's State Ministry of Education's publishing division
- Speak2Me:
- extended its Conversational AdvertisingTM contract with Mercedes-Benz (China) for their smart car division utilizing Speak2Me's embedded advertising interface for an 18 city virtual tour and delivered two cities
- completed the integration of a Speak2Me App that will be deployed on social networking platforms in China
-
Parlo:
- aggressively cross-marketed in Latin America through ELL Technologies' distribution network
-
ELL Technologies:
- secured a contract through its Colombian distributor with Escuela Superior de Administracion Publica a public administration college for 7,800 seat licenses
- signed an agreement to launch the Ortsbo Learning Center with Intertainment Media Inc. powered by ELL Technologies
- expanding distribution network into new markets in Asia Pacific
-
Lingo Media:
- completed a $2.2 million private placement equity financing
- In the quarter ended March 31, 2011, Lingo Media earned revenues of $300,834 compared to the quarter ended March 31, 2010 of $135,295.
First Quarter |
2011 |
2010 |
Sales |
$300,834 |
$135,295 |
Gross margin |
242,966 |
125,662 |
Loss - continuing operations |
(1,520,932) |
(902,904) |
- Total selling, general and administrative costs for the quarter was $779,060 compared to $566,691 for the same period in 2010. Increases are primarily attributed to increased sales and marketing expenses as the Company continued to expand its sales efforts internationally.
- For the first quarter ended March 31, 2011, Lingo Media recorded a total comprehensive loss $1,543,662 or $0.09 per share compared to $1,138,799 or $0.09 during the same period last year. The increase is primarily attributed to an increase in selling, general and administrative expenses as the Company has integrated the operations of ELL Technologies and is expanding its international distributor network.
- The total comprehensive loss of $1.5 million was significantly impacted by non-cash items including depreciation, amortization and share based payment totaling $995,885. The increase in share based payments of $335,976 is due to a larger number of stock options vesting in the quarter compared to the previous period.
- Cash used in continuing operation activities for the quarter ended March 31, 2011 totaled $498,448 compared to $169,683 for the comparative period. This increase was a result of the Company's acquistion of ELL Technologies combined with the expansion of its international distribution network.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Lingo Media Corporation
Michael Kraft, President & CEO
Tel: (416) 927-7000 ext. 23
Toll Free Tel: (866) 927-7011 ext 23
Fax: (416)
927-1222
Email: investor@lingomedia.com | ||
To learn more,
visit www.lingomedia.com | ||
AND YEAR END FINANCIAL RESULTS
- Lingo Learning:
- co-published its 385 millionth unit with People's Education Press, China's State Ministry of Education's publishing arm
-
Speak2Me:
- successfully extended its Conversational AdvertisingTM service with Mercedes-Benz (China) for a third contract for their smart car division utilizing Speak2Me's embedded advertising interface for a virtual tour of 18 cities around the world
- completed the beta testing and integration of a Speak2Me App that will be deployed on leading social networking platforms in China
-
Parlo:
- is now being cross-marketed thru ELL Technologies' distribution network
-
ELL Technologies:
- under its South American expansion plan, secured a sales contract through its Colombian distributor with Escuela Superior de Administracion Publica ("ESAP"), a public administration college for an initial license for 7,800 seats
- secured new distribution channels into 12 new markets
Fourth Quarter |
2010 |
2009 |
Sales |
$877,091 |
$573,394 |
Gross margin |
849,445 |
549,503 |
Loss - continuing operations |
(627,346) |
(873,922) |
- Revenue for the fourth quarter ended December 31, 2010 totalled $877,091 an increase of 53% compared to $573,394 for the same period in 2009. Revenue increased organically from the Company's print-based royalty revenues and through its online training business.
- Gross margin for the fourth quarter of 2010 totalled $849,445, an increase of 57% compared to $549,503 for the same period in 2009. These results yielded a gross margin of 93% for the fourth quarter 2010 compared to 96% for the same period 2009.
- Fourth quarter 2010 net loss totalled $627,346 or $0.04 per share based on 13.3 million shares outstanding compared to a net loss of $689,379 or $0.04 per share based on 12.5 million shares outstanding.
Year Ended December 31 |
2010 |
2009 |
2008 |
Sales |
$1,985,153 |
$1,466,696 |
$969,128 |
Gross margin |
1,867,212 |
1,321,702 |
842,799 |
Gross margin % |
94% |
90% |
87% |
Loss - continuing operations |
(3,679,127) |
(2,959,145) |
(2,311,474) |
Cash used in operations |
(1,241,728) |
(808,104) |
(1,240,199) |
- Revenue for the year ended December 31, 2010 totalled $1.99 million, an increase of 35% compared to $1.47 million for the same period in 2009. Revenue increased organically from Lingo Learning's print-based royalty revenue business and through ELL Technologies' online training business.
- Gross profit during 2010 totalled $1.87 million, an increase of 41% compared to $1.32 million for 2009. These results yielded an improved gross margin of 93% for 2010 compared to 90% for 2009.
- Net loss for 2010 totalled $3.68 million or $0.28 per share based on 13.3 million shares outstanding compared to a net loss of $2.59 million or $0.24 per share based on 12.5 million shares outstanding. The increase in Net Loss was significantly impacted by increased amortization expense of software and web development costs totalling $2.44M compared to $1.40M for 2009.
- Cash used in continuing operation activities for the year ended December 31, 2010 totalled $1.24 million compared to $0.81 million in 2009
Lingo
Media
Ryan Robertson,
CFO
Tel: (416) 927-7000 ext.
28
Toll Free Tel: (866) 927-7011 ext.
28
Fax: (416)
927-1222
Email: nvestor@lingomedia.com
To learn more, visit: www.lingomedia.com |
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486 |
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
With over 8.6 Million unique monthly users of Ortsbo and over 10 Million minutes of weekly user engagement, the Ortsbo Learning Center, powered by Lingo Media will form part of Ortsbo.com and provide language training solutions for users.
According to the British Council's commissioned study, English Next, the massive increase in the number of people learning English is likely to reach a peak of around 2 billion in the next 5-10 years, with a significant increase coming from Chinese students, estimated now at 250 million English learners and increasing about 20 million per year.
The services offered by the Ortsbo Learning Center will consist of online individual and modular units that will initially teach English to a wide range of consumers, professionals and corporate clients.
Users will be introduced to a series of free introductory lessons and will be able to purchase additional lessons on a micro-payment basis, or full courses through a tuition-based business model. Large corporate seat programs will also be available. Individual lessons will range in price from as little as US$0.25 per lesson, up to US$50.00 per module and up to US$150.00 for full courses. Market prices will vary on a regional basis. Discount pricing will be available for qualified organizations and commercial enterprises.
"Ortsbo provides a natural environment for language-based training and services. With over 8.6 Million active monthly unique users and growing, with China being the largest user group, followed by Brazil, there are natural synergies with Lingo Media," said David Lucatch, President of Ortsbo Inc. / CEO Intertainment Media Inc. "The Ortsbo Learning Center featuring HELLP is a revolutionary shift in language learning, making it fun for people of all ages to become proficient in English and other languages."
Lingo Media's ELL Technologies' products, content and learning modules are mapped to the world's leading language learning standard exams including Education Testing Service's TOEFL and TOEIC; the Council of Europe; University of Cambridge, British Council and IDP Education IELTS; and the University of Cambridge's UCLES / Cambridge Assessment, Europe's largest assessment agency.
"Providing language learning services to major organizations and enterprises including the Shanghai World Expo 2010, Southern China Airlines, Mercedes SMART and major universities internationally, Lingo Media and its divisions distribute its language learning products in 25 countries," said Michael Kraft, President & CEO of Lingo Media. "Our agreement with Ortsbo for the launch of the Ortsbo Learning Center allows us to leverage the dynamic growth of Ortsbo's social media and upcoming email translation platforms and provide users with the opportunity to increase their language proficiencies." To become a Facebook Fan of Ortsbo, sign up at www.facebook.com/ortsbo
Follow Ortsbo on Twitter
To review Ortsbo's weekly performance metrics and the Company's corporate blog, please visit www.intertainmentmedia.com/blog About Ortsbo: www.ortsbo.com
Ortsbo (www.ortsbo.com) enables real-time conversational translation in over 50 languages and seamlessly integrates with today's most popular social media platforms.
Ortsbo's real time multi-session, multi-platform and multi-lingual application connects to PC and Mac computers, mobile browsers as well as all major search engine chat platforms including Microsoft, Google and Yahoo! along with Facebook, iChat, AIM, ICQ, Gadu-Gadu, Ovi, Lotus Sametime, LiveJournal and Tencent QQ and QQ International, China's largest chat platforms and Twitter. Ortsbo instantly provides real time translation capabilities to well over 1 billion active chat accounts in over 170 Countries / Territories.
Ortsbo Inc. is a division of Intertainment Media Inc., a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement. Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers.
Intertainment Media owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo and Magnum. For more information on the Company and its properties, please visit www.intertainmentmedia.com
Headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol "INT" (TSXV:INT) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe, on the Frankfurt Exchange under the symbol "I4T".
About Lingo Media: (TSX-V: LM; OTC BB: LMDCF) Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and is extending its reach globally.
Contact:
ESAP provides high quality education through the use of research and technology through its 15 regional offices. Under the contract, ESAP has purchased the basic, intermediate and advanced levels of Q English courses and the Winnie and Freddie Q Kids products. The initial order under the contract is a license for 7,800 seats.
Michael Kraft, President & CEO of Lingo Media, said: "CES is now focused on moving our products into their established distribution network in Colombia, including the corporate, education and training, and government sectors as their sales pipeline expands."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is now a leading global developer of English language learning multimedia solutions for corporate, institutional, and retail markets. About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer supported online ELL service (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally.
For further information, contact:
Lingo Media
Ryan Robertson, Chief Financial Officer
Tel: (416) 927-7000 ext. 28
Toll Free Tel: (866) 927-7011 ext. 28
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and is extending its reach globally.
For further information, contact:
Lingo Media
Ryan Robertson, CFO
Tel: (416) 927-7000 ext. 28
Toll Free Tel: (866) 927-7011 ext. 28
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Michael Kraft, President & Chief Executive Officer of Lingo Media, said: "We are delighted to enter into this partnership with CDEL. We know our products will allow CDEL to provide their students with a formidable offering in English Language Learning. This agreement is another significant milestone in our plan to expand our offering through a number of partnerships in China with mature distribution networks."
Ping Wei, Chief Financial Officer of CDEL, stated: "We are excited to add Q Group products to our portfolio of online courses. ELL's English language learning solutions are a good complement to our existing suite of professional education courses. This addition will allow our students to take advantage of our more comprehensive course offering to further their professional development. We look forward to working closely with Lingo Media and ELL to meet our students' English language learning needs.
China Distance Education Holdings
Limited | |||||||||
Ping Wei, CFO | |||||||||
Tel: +86-10-8233-3101 | |||||||||
Investor Contact (HK): | |||||||||
Taylor Rafferty
Ruby Yim, Managing Director | |||||||||
Tel: +852 3196-3712 | |||||||||
|
LINGO MEDIA'S ELL TECHNOLOGIES SIGNS AGREEMENT WITH LA MARK FOR BRAZIL'S LARGEST MOBILE SERVICE TO SELLONLINE ENGLISH LESSONS
La Mark will market ELL Technologies' online subscription-based English courses under the brand Kantoo. The mobile carrier will offer these products on multiple channels including its data products and accessories, on its website, and online campaigns in Brazil. Users will have a free trial period and then be offered a subscription.
Michael Kraft, President & CEO of Lingo Media, said: "We are delighted to enter this partnership with La Mark. The pairing of our products creates a formidable partnership. We are just beginning to reach the enormous global market for people who want to learn English on desktop and mobile platforms."
About La Mark Vision Ltd.
La Mark Vision Ltd is an innovative company with the passion to expand the boundaries of knowledge. La Mark specializes in English mobile learning products and thus aims to make learning accessible to as many people as possible, to provide the opportunity to fulfill personal dreams, and to improve the quality of people's lives. The La Mark team, comprised of experts from all over the world, includes a unique composition of professionals from different disciplines such as: linguistics, pedagogy, innovation, user interface, information, and wireless technologies. La Mark is a member of the Ampal - Merhav Group, which holds different public and private companies in the areas of Telecom, Energy, Infrastructure, Technology, and Agriculture.
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is now a leading global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies, Parlo, Speak2Me and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and is extending its reach globally.
Date: |
Tuesday, September 14, 2010 |
Time: |
5:45 p.m. EDT |
Location: |
The New York Palace Hotel, 455 Madison Ave.
(Between 50th and 51st
Street) |
Presentation Room: |
Louis Salon, 4th Floor |
Webcast Link: |
• Lingo Media's Beijing-based sales team has been trained on selling ELL Technologies' branded Q Group products in China.
• Additional sales and marketing staff have been hired, the first hire being Martin Apel, who is leading the distribution of the Q Group products in South America.
• ELL Technologies has signed its first distribution agreement in South America with Corporate Education Solution S.A.S. in Columbia, and the first contract has been sold to a national insurance company.
• Parlo's consumer version, MyParlo.com has been launched. In conjunction with the launch, an affiliate marketing agreement has been signed with Australia Network, which is managed by the Australian Broadcast Corporation, Australia's national public broadcaster providing television, radio, online and mobile services throughout Australia.
• Appointed Ryan Robertson as Chief Financial Officer. Mr. Robertson brings accounting and finance experience and joins executives Gali Bar-Ziv, Chief Operating Officer and Brent St. Pierre, Chief Technology Officer at Lingo Media. Michael Kraft, President & CEO of Lingo Media said, "In keeping with our strategy of acquiring undervalued assets synergistic to our business model, we are pleased to have acquired ELL Technologies, which has been quickly and seamlessly integrated. During the second half of Q2 we started to report revenues from our new online training business units, ELL Technologies and Parlo, which increased online revenue. Management is also pleased with our ability to control costs and maintain gross profit margin of approximately 90%. Subsequent to the ELL Technology acquisition, it has been our priority to transition from a product development company to a sales and marketing organization. We have signed our first agreement in South America and going forward, we anticipate leveraging the ELL Technologies acquisition to continue building our sales distribution channels internationally and cross-selling our full suite of English-training technologies."
Financial Highlights Revenue for the six month period ending June 30, 2010 totalled $694,732 compared to $709,678 for the six month period ending June 30, 2009. The revenue decrease was attributable to the decline in value of the US Dollar, which is the base currency for the Company's print-based royalty business. Royalties declined from $543,000 during the second quarter of 2009 to $490,000 for the second quarter of 2010 as a result of this currency decline. Revenue from the online English language learning division of the business increased 85% to $205,000 for the first six months of 2010 compared to $111,000 for the same period in 2009. Gross profit for the first six months of 2010 totalled $627,433 compared to $629,040 for the same period in 2009. The gross profit margin increased slightly to 90% from 88% due to the increased revenue in the higher margin online training business units. For the six months ended June 30, 2010, the Company recorded a net loss of $2.04 million or $0.16 per share outstanding compared to a net loss of $795,416 or $0.09 per share during the same period last year. The increase in net loss is primarily attributed to the amortization of software and web development of $1,177,798 as compared to $468,882 for the same period in 2009, in addition to the gain from discontinued operations of $351,109 in 2009 compared to $nil for the same period this year. Total assets for the period ended June 30, 2010 was $6,382,449. The financial statements for the six months ended June 30, 2010 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally. For further information, contact: Lingo Media
Ryan Robertson, CFO
Tel: (416) 927-7000
Toll Free Tel: (866) 927-7011
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact: Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
For more information and a complete program guide, visit www.australianetwork.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. Parlo is a fee-based online ELL training and assessment service (www.parlo.com). ELL Technologies is a globally-established ELL multi-media and online training company marketed under the brand Q Group (www.qgroupplc.com). Speak2Me is a free-to-consumer supported online ELL service (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally. For further information, contact: Lingo Media Australia Network
Michael Kraft, President & CEO Larry Anderson, Head of Business
Tel: (416) 927-7000 ext. 23 Tel: (612) 8333 4572
Toll Free Tel: (866) 927-7011 Fax: (612) 8333 1558
Fax: (416) 927-1222 Email: larry.anderson@australianetwork.com
Email: investor@lingomedia.com To learn more, visit: www.australianetwork.com
To learn more, visit: www.lingomedia.com Investor Contact: Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Mr. Robertson joins Lingo Media from Luxell Technologies Inc., where he was CFO for the last three years. He began his career at PricewaterhouseCoopers where he provided auditing and advisory services to medium and large sized private equity and mutual funds. He received his Bachelor of Science Business Finance (Honours) degree from Liberty University in Virginia. He succeeds Khurram Qureshi, who is stepping down after 10 years.
Michael Kraft, President & CEO of Lingo Media said: "First, I would like to thank Khurram for his commitment and dedication to Lingo Media. I am delighted that he will remain on our team as a consultant. I want to welcome Ryan as a key member of our management. With this appointment, along with other hires, including Gali Bar-Ziv as Chief Operating Officer and Brent St. Pierre as Chief Technology Officer, we have all the operating capabilities to continue to build and expand our revenues."
Ryan Robertson said: "I am pleased to be joining Lingo Media as the Company emerges as a leader in the English language learning space. Lingo Media has made significant strides in expanding its ELL platform from a print and audio-based publishing company to an internationally diversified online education products and services company. I look forward to leading Lingo Media's accounting and finance team to build the business."
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer supported online ELL service (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000 ext. 23
Toll Free Tel: (866) 927-7011
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Date: Monday, July 12, 2010
Time: 10:00 a.m. PDT
Location: Track 2 at The St. Regis Hotel, San Francisco, CA
Global Hunter Securities, LLC is a full service investment bank focusing on middle market corporate and institutional clients around the world. The company provides insightful equity research, innovative capital raising and financial advisory services supported by sales and trading staff with world-wide reach. The company has offices in New York, Los Angeles, Newport Beach, Houston, San Francisco, New Orleans and Dallas as well as a strong presence and reputation in China.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer supported online ELL service (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally.
ELL Technologies Limited markets and sells its products under the Q Group brand. ELL Technologies specializes in the development, production, and marketing of innovative solutions for learners of English as a Foreign Language (EFL) and English as a Second Language (ESL). ELL Technologies' commitment to academic and technological excellence has led to many successful alliances with learning institutions, language schools, ministries of education, leading publishers and professional e-learning organizations across the globe. ELL Technologies is now a leading global developer of English language learning multimedia solutions for corporate, institutional, and retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer supported online ELL service (www.speak2me.com/advertising). Lingo Learning is a print-based publisher of ELL programs. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings in China and plans to extend its reach globally. For further information, contact: Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000
Toll Free Tel: (866) 927-7011
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact: Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Toronto, Canada, July 7, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, is pleased to provide a shareholder update on its most recent acquisition, ELL Technologies Limited ("ELL Technologies") which is being marketed under the Q Group brand. The newly acquired company distributes ELL products to 11 markets, including China, Korea, Malaysia, Mongolia, the Philippines, Vietnam, Denmark, the Netherlands, Slovakia, Turkey, and the U.S.
On May 13, 2010, Lingo Media announced that it had acquired all issued and outstanding shares of UK-based ELL Technologies Limited. The purchase of this globally-established multi-media and online training company has enabled Lingo Media to expand its product line and extend its reach into 10 new countries, driving increased revenues.
In the 45 days since the acquisition, Lingo Media has made a number of significant moves including rationalizing ELL Technologies' headcount, training its Beijing-based sales team on the Q Group products for distribution in China, and hiring additional sales and marketing staff to expand the distribution of the Q Group products. The first such hire was the addition of Martin Apel who is leading the distribution of the Q Group products in Central and South America. Lingo Media will continue to seek distribution in new territories to expand ELL Technololgies' global presence.
ELL Technologies' products have all been developed with state of the art technology and proven pedagogical principles. ELL Technologies has developed 560 hours of innovative, interactive language instruction for online and 1,200 hours for LAN (local area network). All courses have been developed based on the Council of Europe Framework (CEF); correlated with international English exams using the Test of English as a Foreign Language (TOEFL) and the International English Language Testing System (IELTS) standards. The product portfolio acquired includes a wide variety of learning platforms with a full comprehensive suite of English language products including computer-based lessons and features such as assessment tools, video and voice recognition exercises. This platform also allows the learner to not only speak and listen, but read and write as well.
Michael Kraft, President & CEO of Lingo Media said, "Through the acquisition of ELL Technologies we have further positioned ourselves in the English education industry with a full product suite of interactive, online and print-based products covering several vertical end market users. Students who are studying abroad, employees who need to learn English and corporations who need to train their staff in English now have a one stop shop in Lingo Media. With ELL Technologies' acquisition now integrated, we are focused on driving sales contracts and building the business."
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products
under the Q Group brand. ELL Technologies specializes in
the development, production, and marketing of innovative
solutions for learners of English as a Foreign Language
(EFL) and English as a Second Language (ESL). ELL
Technologies' commitment to academic and technological
excellence has led to many successful alliances with
learning institutions, language schools, ministries of
education, leading publishers and professional e-learning
organizations across the globe. ELL Technologies is now a
leading global developer of English language learning
multimedia solutions for corporate, institutional, and
retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services company focused on English language learning
("ELL") on an international scale through its
four distinct business units. ELL Technologies is a
globally-established ELL multi-media and online training
company marketed under the Q Group brand (www.qgroupplc.com). Parlo
is a fee-based online ELL training and assessment service
(www.parlo.com).
Speak2Me is a free-to-consumer supported online ELL service
(www.speak2me.com/advertising).
Lingo Learning is a print-based publisher of ELL programs.
Lingo Media has formed successful relationships with key
government and industry organizations, establishing a
strong presence in China's education market of more
than 300 million students. The Company continues to expand
its ELL offerings in China and plans to extend its reach
globally.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: (416) 927-7000
Toll Free Tel: (866) 927-7011
Fax: (416) 927-1222
Email: investor@lingomedia.com
To learn more, visit: www.lingomedia.com
Investor Contact:
Alliance Advisors, LLC
Thomas Walsh, Senior Vice President
Tel: (212) 398-3486
Email: twalsh@allianceadvisors.net
Toronto, Canada, May 31, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning solutions, announces its financial results for the first quarter ended March 31, 2010. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.
- Lingo Learning co-published its 325 millionth unit with People's Education Press, the Chinese Government's State Ministry of Education's publishing arm
- Speak2Me.cn online service achieved its 1 millionth registered user in China
- Appointed Mr. Michael O'Connor to the Board of Directors, who has more than twenty years of experience in economics, finance and mergers and acquisitions
- Subsequent to Q1, Lingo Media unveiled Parlo, its fee-based online ELL training and assessment service. The Company also acquired all issued and outstanding shares of UK-based ELL Technologies Limited. This acquistion of a globally-established multi-media and online training ELL business expands Lingo Media's product line and extends its reach into 10 new countries, driving increased revenues
Michael Kraft, President & CEO of Lingo Media said: "Subsequent to the quarter, we unveiled Parlo, our fee-based training and assessment online service. This new training service, in addition to Lingo Learning and Speak2Me, will drive revenues combined with the recent acquisition of ELL Technologies Limited, a complementary fee-based ELL online training business. ELL Technologies expands our product portfolio and market presence beyond China into 10 new international countries including Korea, Malaysia, Mongolia, the Philippines, Vietnam, Denmark, the Netherlands, Slovakia, Turkey, and United States."
Financial Highlights
In the quarter ended March 31, 2010, Lingo Media earned revenues of $135,295 compared to the quarter ended March 31, 2009 of $55,320, an increase of 144%.
Total selling, general and administrative costs for the quarter was $528,881 compared to $434,691 for the same period in 2009. Increases are primarily attributed to increased administration fees of $82,921 compared to the quarter ended March 31, 2009 of $47,497.
For the first quarter ended March 31, 2010, the Company recorded a net loss $1,080,577 or $0.09 per share compared to a net loss of $455,135 or $0.04 during the same period last year. The increase in net loss is primarily attributed to the amortization of software and web development of $604,668 as compared to $nil for the same period in 2009. Total assets for the period ended March 31, 2010 were $5,292,555.
The financial statements for the three months ended March 31, 2010 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") in China through four distinct business units. Lingo Learning is a print-based publisher of ELL programs. Speak2Me (www.speak2me.com/advertising) is a free-to-consumer advertising-based online ELL service. Parlo is a fee-based online ELL training and assessment service (www.corporate.parlo.com). ELL Technologies specializes in the development, production, and marketing of innovative ELL solutions under the brand Q Group. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The company continues to expand its ELL offerings in China and plans to extend its reach globally.
Increased Revenues, New Product Extensions And Global
Distribution
Toronto, Canada, May 13, 2010 - Lingo Media Corporation
(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the
"Company"), a leader in online and print-based English
language learning solutions, is pleased to announce that it
has acquired all issued and outstanding shares of UK-based
ELL Technologies Limited (the "Acquisition").
This purchase of a globally-established English language
learning multi-media and online training company will
enable Lingo Media to expand its product line and extend
its reach into 10 new countries, driving increased
revenues.
ELL Technologies Limited ("ELL Technologies") is an
international leader in the development, production and
marketing of innovative and proprietary English language
instruction solutions distributed in 11 markets, including
China, Korea, Malaysia, Mongolia, the Philippines, Vietnam,
Denmark, the Netherlands, Slovakia, Turkey, and the US.
Michael Kraft, President & CEO of Lingo Media, said: "This
acquisition is an example of Lingo Media's commitment to a
strategic business model that acquires undervalued assets
and rapidly integrates them into our product portfolio with
minimal capital expenditure. ELL Technologies has invested
more than US$10 Million in development of its innovative
e-learning infrastructure and its proprietary pedagogy,
content and technology. The purchase of ELL Technologies,
combined with the additions of Speak2Me and Parlo, provides
Lingo Media with a strong, complementary suite of online
service offerings available 24/7 that give our growing
global base of users and customers one of the most
comprehensive ranges of English language learning solutions
in the market."
Strategic Advantages Include Product Extensions and Global
Distribution Channels
The acquisition of ELL Technologies provides several
strategic advantages to Lingo Media. The product portfolio
offers a full suite of interactive solutions, expanding our
English learning platform to include reading comprehension
and writing skills. Additionally, ELL Technologies'
products and learning platform are already being
distributed in several significant markets, including
China, where Lingo Media has a growing presence. With an
existing distributor network in 11 international markets,
the interface is already localized into several languages,
which will allow Lingo Media to broaden its customer base
and increase its reach beyond China. These markets also
offer considerable cross-selling opportunities with Lingo
Media's Parlo, a recently launched fee-based English
language learning training and assessment service focused
on spoken English.
For the last 10 years, ELL Technologies has marketed and
distributed its software and online products under The Q
Group brand ("Q Group"). The Q Group product line provides
innovative solutions to learning English through an online
service which includes computer-based lessons, activities
and features such as sophisticated assessment tools, voice
recognition exercises, lab tasks and instructor materials.
Unlike other English learning products, ELL Technologies
has developed a platform to train employees and students to
speak and listen and also to read and write English. The
product portfolio includes five key areas of focus. Q
English, for example, targets young adults of all levels
and offers users 900 hours of learning. Other products
include an advanced learning platform for undergraduates,
an intermediate product for the business person and a basic
to intermediate product for travelers. Their product
offerings consist of more than 1,700 hours of English
learning available online and thru CD-ROMs.
"We look forward to aggressively marketing the ELL
Technologies products alongside our recently launched Parlo
Business English solution into our increasing sales
pipeline in China, and into new markets around the world,"
said Kraft.
Acquisition Details:
The consideration payable to SCP Partners, as principal
shareholder of ELL Technologies, for the Acquisition shall
be paid and satisfied as follows:
- 1,000,000 Lingo Media treasury shares, subject to a lock-up and leak-out agreement for 36 months after closing and a monthly leak-out in equal installments of 41,667 shares being released per month from the 13th to 36th month;
- US$765,000 to be paid 12 months after the closing or earlier, in cash and/or in a second tranche of Lingo Media treasury shares at the Company's sole discretion. If US$765,000 is paid in Lingo Media treasury shares, the price per share shall be (i) the then current market price based on a ten day trading average, and (ii) not less than CAD$0.50 per share, subject to a lock-up and a leak-out agreement for 24 months in equal monthly installments; and
- Lingo Media will pay royalties based on net revenues at rates ranging from 10% to 2% based on escalating sales from increments of US$1 Million to US$5 Million for a period of three years.
Landmark Ventures, Inc. acted as financial advisor to ELL
Technologies Limited and its principal shareholder, SCP
Partners. As part of the transaction fee, the Company
will issue 50,000 Lingo Media treasury shares to Landmark
Ventures upon closing.
About ELL Technologies Limited
ELL Technologies Limited markets and sells its products
under the brand Q Group. ELL Technologies specializes in
the development, production, and marketing of
innovative solutions for learners of English as a
Foreign Language (EFL) and English as a Second Language
(ESL). ELL Technologies' commitment to academic and
technological excellence has led to many successful
alliances with leading publishers, ministries of education,
learning institutions, language schools, and professional
e-learning organizations across the globe. ELL Technologies
is now a leading global developer of English language
learning multimedia solutions for corporate, institutional,
and retail markets.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services company focused on English language learning
("ELL") in China through three distinct business
units. Lingo Learning Inc. is a print-based publisher of
ELL programs. Speak2Me (www.speak2me.com/advertising) is a
free-to-consumer advertising-based online ELL service.
Parlo is a fee-based online ELL training and assessment
service (www.corporate.parlo.com). Lingo Media has
formed successful relationships with key government and
industry organizations, establishing a strong presence in
China's education market of more than 300 million
students. The company continues to expand its ELL
offerings in China and plans to extend its reach
globally.
For further information, contact:
2009 Revenue and Gross Profit Increased 51% and 57%,
Toronto, Canada, May 3, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning solutions, announces its financial results for the fourth quarter and year ended December 31, 2009. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.
"2009 was an eventful year for Lingo Media as we successfully acquired a valuable asset, Parlo, and added top industry executives Gali Bar-Ziv as COO and Brent St. Pierre as CTO," said Michael Kraft, President & CEO of Lingo Media. "Our diversified business now consists of Lingo Learning, our legacy print-based publishing business, Speak2Me, a free-to-consumer ad-based service and Parlo, a fee-based online training and assessment service. The business models for both online services have been validated through agreements with clients such as Mercedes-Benz smart car and China Southern Airlines. We continue to grow as an English language learning company with a diversified product base and an experienced and operationally focused management team intent on maximizing the value of these assets."
2009 Business Highlights
During 2009, Lingo Media successfully completed several
business and product development milestones that will
materially benefit the Company and its shareholders in 2010
and beyond.
- Speak2Me, with its Conversational Advertising™ service, successfully obtained two contracts with Mercedes-Benz (China). Mercedes-Benz's smart car division utilized Speak2Me's embedded advertising interface to launch the smart fortwo car in China
- Speak2Me integrated Motorola China's messaging as a trial campaign into a series of fully immersive multimedia Conversational Advertising™ lessons reaching 250,000 unique users in a month - with results 10 times greater than their traditional banner ad campaigns
- Successfully delivered English language testing and training for the volunteer applicants to the Shanghai World Expo 2010, an international trade show where an expected 70 million visitors are expected to attend beginning May 1st
- Acquired Parlo, an established brand in the language learning field, to launch our fee-based English training and assessment service. Parlo's first client, China Southern Airlines, was signed up before the formal launch of the service to train 6,200 employees to speak English
- Enhanced management team with top industry and operational executives. Gali Bar-Ziv, Chief Operating Officer, and Brent St. Pierre, Chief Technology Officer, have both joined the team with extensive experience in bringing new products to market, corporate sales and technology leadership.
2010 Business Highlights to Date
- Lingo Learning co-published its 325 millionth unit with People's Education Press, China's State Ministry of Education publishing arm
- The Speak2Me.cn online service achieved its 1 millionth registered user, a 100% growth from 2008
- Launched Parlo, a new fee-based English training and assessment business in China, targeting corporations, governments and educational training institutions
- Appointed Michael O'Connor to the Board of Directors. Mr. O'Connor has over 20 years experience in economics, finance and mergers and acquisitions, most recently leading all business development efforts and M&A activity on behalf of Orascom Telecom
Michael Kraft continued, "Looking at 2010 and beyond, we have all the necessary elements now in place to grow the Company. We remain encouraged by the steady growth of our legacy publishing business and have successfully launched Speak2Me and Parlo which each have their respective vertical target markets and business models. Our realigned management team will use its proven industry experience to monetize the value of these online services. We will continue to evaluate acquisition of undervalued assets that we can integrate rapidly into our current business model."
Financial Highlights for the Fourth Quarter Ended December 31, 2009
- Revenue for the fourth quarter ended December 31, 2009 totalled $573,394 an increase of 7% compared to $534,311 for the same period in 2008. Revenue increased organically from the Company's print-based royalty revenue business unit and through online ad sales
- Gross margin for the fourth quarter of 2009 totalled $549,503, an increase of 17% compared to $469,944 for the same period in 2008. These results yielded an improved gross margin of 96% for 2009 compared to 87% for 2008.
- Fourth quarter 2009 net loss totalled $689,379 or $0.04 per share based on 12.5 million shares outstanding compared to a net loss of $2.2 million or $0.21 per share based on 10.4 million shares outstanding.
Financial Highlights for the Year Ended December 31, 2009
- Revenue for the year ended December 31, 2009 totalled $1.5 million, an increase of 51% compared to $969,000 for the same period in 2008. Revenue increased organically from the Company's print-based royalty revenue business unit and through online ad sales
- Gross profit during 2009 totalled $1.3 million, an increase of 57% compared to $843,000 for 2008. These results yielded an improved gross margin of 90% for 2009 compared to 87% for 2008.
- Net loss for 2009 totalled $2.6 million or $0.21 per share based on 12.5 million shares outstanding compared to a net loss of $3.9 million or $0.37 per share based on 10.4 million shares outstanding.
The audited financial statements for the year ended December 31, 2009 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services company focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising), a free-to-consumer advertising-based online ELL service in China, and Parlo, a fee-based online ELL training and assessment service (www.parlobusiness.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
For Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927
1222
Email: investor@lingomedia.com |
For Alliance Advisors
Thomas Walsh, Senior Vice President
Tel: 212 398 3486
Fax: 212 398 2280
Email: twalsh@allianceadvisors.net |
To learn more, visit www.lingomedia.com |
To learn more, visit www.allianceadvisors.net |
Toronto, Canada, April 13, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English Language Learning ("ELL") products is pleased to announce that it has re-launched Parlo, its new fee-based, English training and assessment business in China targeting corporations, governments and educational and training institutions.
Since acquiring Parlo in September 2009, Lingo Media has focused on implementing its proprietary technology and has re-launched the brand to serve as an ELL online training system. This fee-based training solution provides interactive lessons with a virtual instructor and other online language learning services. Parlo now offers a comprehensive reporting management system to monitor employee and student skill levels and progress.
Parlo was redesigned by incorporating Lingo Media's state-of-the-art speech recognition and avatar-based ELL lessons with a robust and highly customizable Learning Management System. The training service features a wide range of English lessons resulting in an overall suite of solutions that meet the demand of multiple target markets in China, regardless of the industry or the size of the organization.
Parlo's first product, Parlo Business English (www.parlobusiness.com) consists of eight learning stages of varying degrees of difficulty. Each learning stage has five levels, totalling 40 levels of proficiency. Parlo will earn revenues through the sale of licenses per seat with a graduating pricing schedule based on the number of users and the length of the course.
Michael Kraft, President & CEO of Lingo Media said: "When we purchased Parlo in 2009, our primary goal was to integrate the website with our technology, rebrand Parlo and bring it to market as a leading ELL fee-based training and assessment service. As a pre-launch customer, China Southern Airlines is training 6,200 of its cabin attendants and ground service staff. Our re-launch of Parlo with its new learning management system will be focused on aggressively marketing to the fast-growing corporate training market in China. We will also offer Parlo in other emerging markets including India and the Middle East/Gulf Region. Parlo is accessible 24/7 from any location as we seek to Change the Way the World Learns English".
About Parlo
Parlo is a training and assessment business whose on-line offerings provide targeted lesson modules to help employees, civil servants & professionals develop their spoken, as well as, listening and comprehension English skills needed to remain competitive in the workplace and global economy. Parlo is a wholly-owned subsidiary of Lingo Media Corporation.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through Lingo Learning Inc., a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising), a free-to-consumer online ELL community and Parlo, a fee-based language training and assessment platform (www.parlobusiness.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
For further information, contact: For Lingo MediaToronto, Canada, March 24, 2010 - Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning solutions, is pleased to announce the appointment of Michael O'Connor to its Board of Directors.
"We are pleased to have Michael O'Connor join our board and welcome him to our team," said Michael Kraft, President & CEO of Lingo Media. "With a strong background in finance and mergers and acquisitions, Michael is a tremendous resource on which the Lingo Media management team can rely on."
Michael O'Connor possesses over twenty years of experience in economics, finance and mergers and acquisitions in telecommunications and transportation. He began his career at the Economic Council of Canada/School of Policy Studies Queens University conducting studies of Government's Impact on Competitiveness in these two sectors. Mr. O'Connor went on to be the founder of the Center for Economic and Financial Analysis, a division of the Science Applications International Corporation (SAIC), based in San Diego California and Virginia, SAIC is one of the largest consultancy companies in the U.S. with over 45,000 employees.
Mr. O'Connor built a private sector practice focusing on Mergers and Acquisitions in telecommunications and transportation as well as designing and implementing sophisticated financial planning tools in support of major equity and debt raises in the U.S. and internationally. After briefly working as a consultant with Orascom Telecom Holding S.A.E. in 1998, Mr. O'Connor joined the management team as one of the founding members of the Executive Committee. Since the beginning of this endeavour, Mr. O'Connor has led all business development efforts and M&A activities on behalf of Orascom Telecom. This has also included all Greenfield mobile license acquisitions. The total value of these transactions has been well in excess of US $30 billion. Weather Investments S.p.A., the parent company of Orascom Telecom, now boasts more than 110 million subscribers. This growth began with an acquisition in Egypt of only 250,000 mobile subscribers. In 2008 as Orascom Telecom's representative in Canada, Mr. O'Connor led the efforts in the auction for nationwide AWS spectrum. These efforts culminated in the largest and most expansive award of spectrum across Canada following payment of $442 million. The operation launched in late 2009 across two major urban centers in Canada.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale. Lingo Learning Inc., a print-based publisher of ELL programs in China. Speak2Me (www.speak2me.com/advertising), an online ELL community. Parlo, a fee-based language training platform (www.parlo.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
Toronto, Canada, February 2, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in online and print-based English language learning products in China is pleased to announce that is has retained Alliance Advisors, LLC ("Alliance Advisors") to conduct its investor relations and media awareness programs.
Alliance Advisors headquartered in New York, NY is a focused and dedicated organization that acts as a premier informational resource for institutional investors, hedge funds, buy and sell-side analysts, small to large brokerage firms and accredited investors. Alliance Advisors helps their client companies package their corporate information in a clear, concise and consistent manner while facilitating introductions to the right investors at the most opportune time.
Alliance Advisors will immediately initiate a proactive and targeted investor relations campaign. The Alliance Advisors team will be advising Lingo Media in all facets of public financial communications. The customized investor relations plan will include the proper positioning of the Company's corporate message, as well as building long-term investor relationships with key members of the professional investment community. Alliance Advisors will also provide Lingo Media with premier information resources to institutional investors, hedge funds, independent portfolio managers, buy-side and sell-side analysts, small to large retail brokerage firms, and accredited individual investors.
The consulting agreement between the Company and Alliance Advisors is effective from February 1, 2010 for a period of one year. Alliance Advisors will receive an average monthly payment of $7,000. In addition, Lingo Media has granted Alliance Advisors incentive stock options (the "Stock Options") to purchase 100,000 common shares of the Company at $1.75 per share. The Stock Options will vest in accordance with Lingo Media's stock option plan and expire on or before February 1, 2015.
Alliance Advisors currently has no direct or indirect interest in securities of Lingo Media, or any right or intent to acquire such an interest other than the exercise of the Stock Options.
Alliance Advisors' appointment as an investor relations consultant of Lingo Media and the granting of the Stock Options are subject to regulatory approval of the TSX Venture Exchange.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising), an online ELL community, and Parlo, which today is an integrated language and cultural immersion portal (www.parlo.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
Toronto, Canada, January 20, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning ("ELL") solutions is pleased to announce that its second advertising campaign with Mercedes-Benz (China) Smart fortwo car tops it's list of notable corporate achievements for 2009. This world-class company signed a second contract last year with Lingo Media's Speak2Me, an online ELL community. It's a unique advertising win that signals opportunities ahead in 2010 for this Toronto-based pioneer of ELL solutions in the Chinese marketplace.
Mercedes-Benz (China) selected Speak2Me's Conversational Advertising™ platform to support the launch of the Smart fortwo car in China. Additionally, Motorola China tested this unique ELL community to increase brand awareness of its new Moto A1210 product with the young adult marketplace in China. Speak2Me integrated Motorola's messaging into a series of fully immersive multimedia lessons reaching 250,000 unique users in a month -- with results 10 times greater than their traditional banner advertising campaigns.
In addition to signing advertising sponsorships, Lingo Media's Speak2Me subsidiary reached its 1 Millionth registered user in 2009 representing a 100% growth over 2008.
Lingo Learning, its legacy publishing subsidiary, increased its sales by 10% over the previous year and marked its 10th year of contractual service to the Chinese government. This business unit publishes kindergarten to grade 12, university & college textbooks and other learning aids to teach English.
Lingo Media acquired Parlo in September 2009 in order to launch an English language corporate training platform. Even prior to the formal launch of this new fee-based training business, Parlo celebrated its first major sales win with the signing of China Southern Airlines in conjunction with Lion King Education. The airline will be using this training service to ensure its 6,200 employees are ready to serve a growing international English-speaking client base. Parlo will be formally launched later this year as Lingo Media's training platform for corporations, educational institutes and governments.
"With a major advertising win, the acquisition of Parlo and sales growth momentum, 2009 was an excellent year for us" says Michael Kraft, Lingo Media's President & CEO. "Not only has our company continued to grow its sales as a recognized brand name print publisher for students in China, we have successfully transitioned into digital English language learning and training with some very promising early results."
Lingo Media 2009 Highlights
Ø Advertising sponsorship agreement with
Mercedes-Benz (China), who selected Speak2Me's
Conversational Advertising™ to support the launch of
the Smart fortwo car in China
Ø Advertising trial campaign with MotorolaChina to promote its Moto A1210 brand on Speak2Me. Results from this unique multimedia trial campaign reported a very significant 10 times greater effectiveness than those of their traditional banner advertising campaign.
Ø Acquisition of Parlo, which is being repurposed as Lingo Media's fee-based English training product, and built a management and sales team
Ø First corporate training sale through newly-acquired Parlo to China Southern Airlines
Ø Agreement with Shanghai World Expo 2010 to use Speak2Me to provide English language testing and training for volunteer applicants for this international trade show expecting more than 70 million visitors
Ø 1 Millionth registered user signed on to Speak2Me's website representing 100% growth in registered users over 2008
Ø Strengthening of management team with addition of Gali Bar-Ziv, as Chief Operating Officer and Brent St. Pierre, as Chief Technology Officer. These two executives have extensive experience in bringing new products to market, corporate sales and technology leadership
Ø Significant reduction of development costs through partnership with India-based technology and software provider
The Year Ahead
Our plans for 2010 include:
Ø Launching and aggressive marketing of fee-based training product in China
Ø Expansion of ELL training product beyond spoken English, organically and through external acquisitions
Ø Opening of 1st training center under joint venture with Parlo & Lion King Education
Ø Enhancement of Speak2Me feature set, including Study Abroad & Dating channels
"Our team has worked diligently this past year to position Lingo Media as a significant provider of English learning tools for the more than two billion people around the world who want to master English", says Kraft. "We have a specific focus at this time on China and are moving forward with our aggressive plans to enter India and the Middle East/Gulf Region this year."
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising), an online ELL community, and Parlo, which today is an integrated language and cultural immersion portal (www.parlo.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com |
Toronto, Canada, January 13, 2010 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in online and print-based English language learning products is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), astate-of-the-art online English language learning community, has achieved its 1,000,000th registered user.
Michael Kraft, President & CEO of Lingo Media, commented, "We are delighted and gratified by the response to ourwww.speak2me.cnportal. Having achieved this milestone, we look forward to the accelerated growth that normally follows this level of user uptake. This success further reinforces our brand strength in China. The decade long publishing presence has transitioned well to digital media in our quest to advance English learning across China."
About Speak2Me
Speak2Me (www.speak2me.com/advertising
) is an online English language learning community that
incorporates Lingo Media's proven pedagogy with fun,
interactive lesson modules to address the rapidly growing
need for spoken English worldwide. Speak2Me's
groundbreaking service uses proprietary speech recognition
technology to teach spoken English online through more than
350 targeted lessons that engage users in interactive
conversations with a virtual teacher. A unique
social-networking infrastructure that allows students to
form study groups and offers contests, prizes and other
incentives, creates a learning environment that engenders
cooperation and competition, just as in a conventional
classroom. Speak2Me's patent-pending
Conversational Advertising™ platform and premium content
development services allow Speak2Me to provide its
innovative offering to end-users at no cost. Speak2Me is a
wholly-owned subsidiary of Lingo Media Corporation (TSX-V:
LM; OTC BB: LMDCF). For more information about Speak2Me and
its business offerings, please visitwww.speak2me.com/advertising
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com ) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising ), an online ELL community, and Parlo, which today is an integrated language and cultural immersion portal (www.parlo.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 300 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale
For Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000
Toll Free Tel: 866 927 7011 ext 33
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
Toronto, Canada, December 3, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning solutions announces that its wholly-owned subsidiary, Parlo Corporation ("Parlo"), a training and assessment platform and its joint venture partner, Lion King Education (International) Group ("LKE"), have signed China Southern Airlines ("China Southern") as the first corporate training client for its English language training platform.
Parlo has worked successfully with its new partner, LKE, who secured this first corporate training client. The service will be used to train more than 5,000 cabin attendants and over 1,200 ground service staff in job-specific spoken English.
The Parlo solution will repurpose China Southern's training manuals to create nearly 150 lessons which teach cabin crews to deliver English language announcements and to handle conversations with passengers and international support staff. The solution integrates Parlo's proprietary speech-recognition system to train and test pronunciation. Animated avatars take the place of live instructors for a fully-scalable solution.
China Southern is the largest international airline operating in China, and the world's fifth largest airline by passengers carried. The airline is aggressively expanding its international routes to establish itself as the airline of choice for international business people and tourists coming to China.
China Southern Airlines Party Secretary Zhang Zi Fang said: "The 2010 Asian Games will attract a large number of foreign visitors to Guangzhou, which is the global headquarters for China Southern. It is our goal that all China Southern cabin crew and ground customer service personnel can speak and communicate fluently in English. This will help us to strengthen our overall services to our customers and position China Southern as the first choice for international travel to and from China. English language fluency allows us to build a truly international airline."
Gali Bar-Ziv, Chief Operating Officer of Lingo Media said, "China Southern was eager to find a training provider which could address its specific needs. The airline required that its existing training materials be adapted for online use in the program as added value to its live training. The program needed to focus on spoken English to help staff quickly upgrade the accuracy of their pronunciation and fluency of speech."
About China Southern Airlines (NYSE: ZNH)
China Southern Airlines (www.csair.com) operates the
largest and most technologically advanced airline fleet as
well as the most extensive domestic air network in The
People's Republic of China with convenient connections to
all main cities in the world via close cooperation with all
the SkyTeam member airlines. Currently, China Southern
Airlines is the 4th largest airline in the world and 1st in
Asia; ranked as the largest airline in China for 30
consecutive years and is the only carrier in mainland China
in the world's Top 10 passenger airlines.
About Parlo
Parlo is a training and assessment business whose on-line
offerings will provide a series of targeted lesson modules
to help employees, civil servants & professionals develop
their spoken English skills as needed to remain competitive
in the workplace and global economy. Parlo is a
wholly-owned subsidiary of Lingo Media Corporation.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English language learning
("ELL") on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, Speak2Me (www.speak2me.com/advertising),
an online ELL community, and Parlo, which today is an
integrated language and cultural immersion portal
(www.parlo.com). Lingo Media has formed successful
relationships with key government and industry
organizations, establishing a strong presence in China's
education market of 300 million students. The Company
continues to broaden its presence in China as well as other
major English language learning markets, to provide access
to world-class English learning solutions on a global
scale.
For further information, contact:
For Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000
Toll Free Tel: 866 927 7011 ext 33
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
Toronto, Canada, December 3, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in online and print-based English language learning ("ELL") products is pleased to announce that its wholly-owned subsidiary, Parlo Corporation ("Parlo"), a training and assessment platform, has signed an interim joint venture partnership agreement ("Interim Agreement") with Lion King (International) Education Group ("LKE") to jointly launch training and assessment services in China.
LKE and Parlo are jointly developing and marketing an
English language training and assessment solution aimed at
the adult market in China. The joint venture plans to
market, launch and distribute its product line of English
training materials from our solo Beijing-based model
training center and then through LKE's 80 schools in 30
cities across China starting in Spring 2010. The Interim
Agreement is subject to LKE and Parlo entering into a
formal agreement relating to the joint venture.
"Lion King's deep experience and strong
relationships in China's training and education
industry make them the ideal partner for Parlo in
China," said Michael Kraft, President & CEO of Lingo
Media. "Parlo's ability to create custom training
materials which are effective, engaging and scalable,
combined with Lion King's local market expertise and
chain of training centers makes for a winning partnership".
Zhang Jianchun, Founder & President of LKE said,
"Parlo's customized lessons create an effective online
practice platform that allows users to repeat the English
phrases that are essential to their work. They can do this
on their own time, at their own pace, 24 hours a day, seven
days a week."
Gali Bar-Ziv, Chief Operating Officer of Lingo Media added, "We have been working closely with Lion King to develop and deliver customized English language training solutions for their customer base. We recognized, as did Lion King, that a deeper partnership would give us the ability to tap into further market segments, bringing the Parlo solution to a much wider audience. In the past 15 years, Lion King has provided English language training to over 100 million Chinese - we are excited to be in a position to help train the next 100 million."
About Lion King (International) Education Group
Since 1994, Lion King (International) Education Group has
provided English language training classes for children and
adults in China. From its initial base in Guangzhou, the
company has grown to more than 3,000 staff, operating 80
schools in 30 cities across China. More than 100 people
comprise the research and development team alone, working
on innovative ways to teach English to China's
education-hungry population. Lion King has partnered with
leading international education providers and has invested
heavily in developing its own proprietary education
materials to help more than 100 million people across the
country to speak English.
About Parlo
Parlo is a training and assessment business whose online
offerings will provide a series of targeted lesson modules
to help employees, civil servants & professionals develop
their spoken English skills as needed to remain competitive
in the workplace and global economy. Parlo is a
wholly-owned subsidiary of Lingo Media Corporation.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English language learning
("ELL") on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, Speak2Me (www.speak2me.com/advertising),
an online ELL community, and Parlo, which today is an
integrated language and cultural immersion portal
(www.parlo.com). Lingo Media has formed successful
relationships with key government and industry
organizations, establishing a strong presence in China's
education market of 300 million students. The Company
continues to broaden its presence in China as well as other
major English language learning markets, to provide access
to world-class English learning solutions on a global
scale.
For further information, contact:
For Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000
Toll Free Tel: 866 927 7011
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
Toronto, Canada, November 30, 2009 - Lingo Media
Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo
Media") a leader in online and print-based English
language learning today announced that it will be
presenting at the LD MICRO 2nd Annual Investment Conference
to be held at the Luxe Hotel in Los Angeles, California on
Thursday, December 3rd, 2009.
Details for Lingo Media's Presentation are as follows:
Date: Thursday, December 3rd, 2009
Time: 12:30pm to 1:30pm, Track 4
Location: Los Angeles, California
At the conference, Lingo Media will also hold one-on-one
meetings with investors to discuss the Company's recent
financial results and business strategy. More information
about the LD MICRO conference is available at
www.ldmicro.com.
About LD MICRO
LD MICRO (www.ldmicro.com) is a by-invitation only
newsletter firm that focuses on finding undervalued
companies in the micro-cap space and providing research for
its clients. Since 2002, the firm has published an annual
list of recommended stocks as well as comprehensive reports
on select names throughout the year.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English language learning
("ELL") on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, Speak2Me (www.speak2me.com/advertising),
an online ELL community, and Parlo, which today is an
integrated language and cultural immersion portal
(www.parlo.com). Lingo Media has formed successful
relationships with key government and industry
organizations, establishing a strong presence in China's
education market of 250 million students. The Company
continues to broaden its presence in China as well as other
major ELL markets, to provide access to world-class English
learning solutions on a global scale.
For further information, contact:
For Lingo
Media For
LD MICRO
Gali Bar-Ziv, Chief Operating
Officer
Chris Lahiji, President
Tel: 416 927 7000 ext.
33
Tel: 408-457-1042
Toll Free Tel: 866 927
7011 Email:
Chris@ldmicro.com
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com To learn more, visit www.ldmicro.com.
Toronto, Canada, November 27, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), a leader in online and print-based English language learning solutions, announces its financial results for the third quarter ended September 30, 2009. All figures are reported in Canadian Dollars, and are in accordance with Canadian Generally Accepted Accounting Principles.
Business Highlights
- Acquired Parlo.com, the platform for our new, fee-based, English training and assessment business in China and globally, targeting corporations, governments and educational and training institutions.
- Expanded our online offerings to include fee-based training solutions which are going to be marketed under the brand Parlo. The offerings will include a reporting platform and Learning Management System (LMS) as part of the training solution and are expected to be completed by January 2010. Parlo will also develop and launch a consumer website to offer an off-the-shelf solution.
- Completed a realignment of its operations to ensure that each business unit can be positioned as a stand alone unit, including our English language learning ("ELL") print-based publishing, our ELL free to user/ad supported online community (Conversational Advertising™), and our ELL fee-based training and assessment service.
- Modified our corporate overhead structure to take advantage of outsourcing as a way to best manage costs, skills, and efficiencies. Additionally, Lingo Media is working with a leading software developer in India whose capabilities include state of the art design, code, test and launch of English language learning solutions along with extensive experience in creative and branding.
- Successfully co-published Lingo Media's 319 millionth unit through our Lingo Learning Inc. subsidiary with publishing partner, People's Education Press.
Michael Kraft, President & CEO of Lingo Media said, "During this past quarter we have been very active in realigning our core divisions and finding opportunities to reduce costs while maintaining our goal to deliver the best technology-based solutions for learning English. We also purchased a well known English language learning brand, Parlo, a fee-based online portal that is already attracting attention for us in the education space. Our focus has been to identify and create products to enhance the English learning experience online, to build partnerships to enable Lingo Media to access English learners around the world and to enhance our abilities to sell our services. With the imminent launch of Parlo along with our Speak2Me.cn portal, we believe we are positioned to move ahead in executing on our business and revenue goals."
Financial Highlights
Third quarter revenue from continuing operations was
$183,624 compared to $32,415 in Q3 2008, a fivefold
increase over same period last year as the Company begin to
recognize revenue from its Online English Language Learning
segment. Loss from continuing operations for the quarter
ended September 30, 2009 was $1,050,338 or $0.08 per share
compared to a loss of $662,760 or $0.07 per share for the
quarter ended September 30, 2008. Loss from discontinued
operations from the quarter ended September 30, 2009 was
$nil or $nil per share compared to a loss from discontinued
operations of $84,964 or $0.01 per share for the quarter
ended September 30, 2008. Net loss for the quarter ended
September 30, 2009 was $1,050,338 or $0.08 per share
compared to a net loss of $747,725 or $0.08 per share for
the quarter ended September 30, 2008. Net loss for the
quarter ended September 30, 2009 includes non-cash
amortization expense of $463,421 and stock-based
compensation expense of $118,735.
The Financial Statements for the third quarter ended September 30, 2009 and Management Discussion and Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English language learning
("ELL") on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, Speak2Me (www.speak2me.com/advertising),
an online ELL community, and Parlo, which today is an
integrated language and cultural immersion portal
(www.parlo.com). Lingo Media has formed successful
relationships with key government and industry
organizations, establishing a strong presence in China's
education market of 250 million students. The Company
continues to broaden its presence in China as well as other
major ELL markets, to provide access to world-class English
learning solutions on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
Toronto, Canada, November 25, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in online and print-based English language learning products, is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), a state-of-the-art online English language learning community, has concluded an agreement to provide English testing and training services for the World Expo 2010 in Shanghai ("Expo") beginning in May.
The Expo Executive Committee is recruiting 80,000 volunteers to greet and guide the anticipated 70 million visitors, of whom 20 million are expected to be from outside China. These guides are being selected from an estimated applicant pool of over two million people in China. Speak2Me, working with its local partner Windream Inc., has been selected by Expo to create and operate an automated online spoken English test to help the Committee select the best English speaking volunteers and then offer training to them.
Xu Jianping, Director of the Expo's Bilingual Activity
Committee said, "Speak2Me has created an excellent platform
for the Expo volunteers to be assessed and trained. This
platform will be very helpful in quickly raising the spoken
English level of the people of Shanghai. We're very pleased
that Speak2Me and Windream have made this cooperation
possible."
Steven Chiu, Speak2Me's President commented, "Shanghai is
pulling out all the stops to put on its best face for their
World Expo 2010. However, individually interviewing two
million volunteer applicants was determined to be an
insurmountable task. By working with us and our partners at
Windream, Expo now has a fully-scalable, low-cost means by
which to automatically evaluate each applicant's spoken
English fluency."
Speak2Me is also producing a premium content suite of
CD-ROMs filled with lessons to improve spoken English.
These multi-media lessons are designed to help train the
Expo volunteers, along with Shanghai's civil servants,
police, hospitality workers and transport workers to
communicate easily and effectively in spoken English. The
content suite, with topics specifically selected by the
Expo Committee, will be available by subscription online,
and for sale on CD-ROMs. Windream has already paid Speak2Me
advance royalties for minimum unit sales for the next
12-month period.
Said Windream President Jeson Guo: "The Speak2Me solution
offers a truly unique value proposition. China has a
tremendous demand for effective instruction in spoken
English, and Speak2Me delivers massively scalable
instruction with cost savings and convenience that live
teachers, even online, can't match."
About Speak2Me
Speak2Me (www.speak2me.com/advertising) is an online
English language learning community that incorporates Lingo
Media's proven pedagogy with fun, interactive lesson
modules to address the rapidly growing need for spoken
English worldwide. Speak2Me's groundbreaking service uses
proprietary speech recognition technology to teach spoken
English online through more than 350 targeted lessons that
engage users in interactive conversations with a virtual
teacher. A unique social-networking infrastructure that
allows students to form study groups and offers contests,
prizes and other incentives, creates a learning environment
that engenders cooperation and competition, just as in a
conventional classroom. Speak2Me's patent-pending
Conversational Advertising™ platform and premium content
development services allow Speak2Me to provide its
innovative offering to end-users at no cost. Speak2Me is a
wholly-owned subsidiary of Lingo Media Corporation (TSX-V:
LM; OTC BB: LMD CF). For more information about Speak2Me
and its business offerings, please visit
www.speak2me.com/advertising
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English language learning
("ELL") on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, Speak2Me (www.speak2me.com/advertising),
an online ELL community, and Parlo, which today is an
integrated language and cultural immersion portal
(www.parlo.com). Lingo Media has formed successful
relationships with key government and industry
organizations, establishing a strong presence in China's
education market of 250 million students. The Company
continues to broaden its presence in China as well as other
major English language learning markets, to provide access
to world-class English learning solutions on a global scale
For further information, contact:
For Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927 1222
Email: investor@lingomedia.com
For Speak2Me
Steven Chiu, President
Tel: (+86 10) 5900 0152
Fax: (+86 10) 5900 1801
Email: steven@speak2me.com
Toronto, Canada, September 15, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company") a leader in online and print-based English language learning solutions is pleased to announce the strategic acquisition of Parlo.com's ("Parlo") assets.
The Company plans to relaunch Parlo.com as the platform for its new, fee-based, English training and assessment business in China and then globally target corporations, governments and educational and training institutions.
Founded in 2000, Parlo is an integrated language and cultural immersion portal that provides subscribers with online language courses in English, Spanish and Italian. Parlo also offers experiential features, including music, literature and native-speaker interaction for a personalized, multi-dimensional cultural learning experience.
This fee-based training solution will provide interactive lessons with a virtual teacher as well as online assessments and comprehensive reporting management system to gauge employee and student skill levels and progress.
"This is an important new milestone for the Company," said Michael Kraft, CEO of Lingo Media. "The acquisition of Parlo will provide us with a springboard for leveraging the knowledge that we have acquired in the English language learning market into our new subscription-based platform in China and beyond."
Lingo Media will continue to expand its free-to-consumer English language learning online service and its unique Conversational AdvertisingTM platform through its Speak2Me Inc. subsidiary available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, Speak2Me (www.speak2me.com/advertising), an online ELL community, and Parlo, which today is an integrated language and cultural immersion portal (www.parlo.com). Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of 250 million students. The Company continues to broaden its presence in China as well as other major English language learning markets, to provide access to world-class English learning solutions on a global scale.
For further information, contact:
For Lingo Media
Clara Chan, Marketing Coordinator
Tel: 416 927 7000 ext. 22
Toll Free Tel: 866 927 7011 ext. 22
Fax: 416 927 1222
Email: info@lingomedia.com
To learn more, visit www.lingomedia.com
Toronto, Canada, August 31, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning solutions, announces its financial results for the six months ended June 30, 2009. All figures are reported in Canadian Dollars, and are in accordance with Canadian Generally Accepted Accounting Principles.
Business Highlights
- Signed a second contract between Speak2Me and Mercedes-Benz (China) to develop additional Conversational Advertising™ lessons to further support the smart fortwo launch in China
- Completed a Letter of Intent between Speak2Me and Shanghai Yangpu Government to support English language learning in China. The Shanghai Yangpu Government plans to launch Speak2Me's new subscription-based customized training platform.
- Successfully co-published Lingo Media's 300 millionth unit through Lingo Learning Inc. subsidiary with People's Education Press
- Strengthened management team with the addition of Gali Bar-Ziv as Chief Operating Officer of Lingo Media. Mr. Bar-Ziv brings more than 10 years of management and entrepreneurial experience, including strategic planning, business and corporate development, financing, and mergers and acquisitions. He holds a Bachelor of Law degree from the University of London and an MBA in Strategic and Entrepreneurial Studies from the Schulich School of Business in Toronto
Michael Kraft, President & CEO of Lingo Media said, "We're pleased with the progress we have made towards our continuing mission of changing the way the world learns English. From the ongoing success of our publishing division, to Speak2Me's recent milestones with Mercedes Benz (China) and the Shanghai Yangpu Government, we are well on our way. We plan to continue this momentum by offering English language learning programs suited for corporations, governments and educational and training institutions, which will be ready for launch before the end of this year."
Financial Highlights
Second quarter revenue from continuing operations was
$654,358 compared to $393,709 in Q2 2008, a 66% increase
over same period last year. Loss from continuing operations
for the quarter ended June 30, 2009 was $691,389 or $0.06
per share compared to a loss from operations of $392,010 or
$0.04 per share for the quarter ended June 30, 2008. Loss
from discontinued operations from the quarter ended June
30, 2009 was $nil or $nil per share compared to a loss from
discontinued operations of $99,219 or $0.01 per share for
the quarter ended June 30, 2008. Net loss for the quarter
ended June 30, 2009 was $691,389 or $0.06 per share
compared to a net loss of $491,229 or $0.05 per share for
the quarter ended June 30, 2008. Net loss for the quarter
ended June 30, 2009 includes non-cash amortization expense
of $492,000 and stock-based compensation expense of
$47,000.
The Financial Statements for the six months ended June 30,
2009 and Management Discussion and Analysis thereon are
available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, and Speak2Me Inc. (www.speak2me.com/advertising), an online ELL community. Lingo Media has formed successful relationships with key government and industry organizations, establishing a presence in China's education market of 250 million students. Since 2001, the Company has published more than 300 million units in China from its library of 340 program titles, and 350 online speaking lessons and 250 eZines. Lingo Media continues to expand its ELL offering and extend its reach on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927
1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
and www.speak2me.cn
Toronto, Canada, August 19, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"), is pleased to announce that its shareholders approved all resolutions brought before them at the Company's Annual and Special Meeting of Shareholders (the "Meeting") held in Toronto on August 18, 2009.
At the Meeting, the shareholders re-elected Michael Kraft, Anthony Lacavera, Nereida Flannery, Ashraf Halim, Ashesh Shah, Scott Remborg, and Sanjay Joshi as directors of the Company.
In addition, shareholders also approved the following:
- the reappointment of Collins Barrow Toronto LLP (formerly DMCT LLP), Chartered Accountants as auditors; and
- an amendment to Lingo Media's 2005 Stock Option Plan increasing the maximum number of common shares reserved for issuance pursuant to the 2005 Stock Option Plan to 2,491,520, approximately 20% of its issued and outstanding common shares
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media (www.lingomedia.com) is a diversified online
and print-based education products and services corporation
focused on English Language Learning ("ELL") on
an international scale through its Lingo Learning Inc.
subsidiary, a print-based publisher of ELL programs in
China, and Speak2Me, an online ELL community. Lingo Media
has formed successful relationships with key government and
industry organizations, establishing a presence in
China's education market of 250 million students. Since
2001, the Company has published more than 278 million units
in China from its library of 340 program titles, and 350
online speaking lessons and 250 eZines. Lingo Media
continues to expand its ELL offering and extend its reach
on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President &mp CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927 1222
Email: investor@lingomedia.com
Mercedes-Benz Commitment Supports Benefits of
Speak2Me's Innovative Approach to Brand
Engagement
Toronto, Canada, June 29, 2009 -- Lingo Media Corporation
(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the
"Company") a leader in online and print-based
English language learning products is pleased to announce
that its wholly-owned subsidiary, Speak2Me Inc.
("Speak2Me"), a state-of-the-art online English
language learning community, has signed a second
Conversational AdvertisingTM contract with Mercedes-Benz
China.
In addition to the initial four "Smart Cities"
English language learning modules from the launch campaign
signed in November 2008, Speak2Me will create 12 additional
city-themed modules for the introduction of Mercedes'
smart fortwo line in China. The campaign is designed to
guide users on an "insider's tour" by a
virtual native avatar. Using Speak2Me's unique
interactive platform, users speak to their guides in
free-flowing dialogue, helping them learn about the
city's attractions, pick up some of the local culture
and improve their conversational English.
Mercedes-Benz China is taking a very strategic approach in
launching smart fortwo, by moving beyond traditional
advertising and investing in a more innovative and direct
way to reach their targeted buyer demographic. Through
Speak2Me's unique platform, consumers can
'tour' the brand in a fun, experiential way.
Speak2Me's affinity advertising offering is in keeping
with Mercedes-Benz China focus on smart design and their
commitment to taking a localized approach to promoting an
international brand. They have been extremely pleased with
consumer feedback thus far and are looking forward to
expanding the co-branded relationship with Speak2Me.
"It is very encouraging to see that a world-class
company such as Mercedes-Benz, through their smartcar
fortwo brand, recognize the value of Speak2Me's
Conversational Advertising platform and have extended their
advertising commitment just three months into the
campaign," said Michael Kraft, CEO of Lingo Media.
"Through Speak2Me, we are enabling Mercedes-Benz to
engage their potential customers, young upwardly mobile
professionals, in subjects that interest them -- learning
English, travelling outside of China and driving a fun, new
car."
Speak2Me's unique Conversational AdvertisingTM platform
incorporates custom-designed English language learning
modules in which users learn spoken English while directly
interacting with the advertiser's brand and message.
For more information about Conversational Advertising click
through to www.speak2me.com/advertising
About Mercedes-Benz (China)
Established in 1986 and based in Hong Kong, Mercedes-Benz
China Limited (MBCL) is the wholly owned subsidiary of
Daimler AG and the franchise-holder for all imported
passenger vehicle products under the Mercedes Car Group
(MCG) in China, Hong Kong and Macau. The Group includes the
Mercedes-Benz passenger car, smart brands and the legendary
Maybach, along with sub-brands Mercedes-Benz AMG and
Mercedes-Benz McLaren.
About Speak2Me
Speak2Me (www.speak2me.com/advertising) is an online
English language learning community that incorporates Lingo
Media's proven pedagogy with fun, interactive lesson
modules to address the rapidly growing need for spoken
English worldwide. Speak2Me's groundbreaking service
uses proprietary speech recognition technology to teach
spoken English online through more than 350 targeted
lessons that engage users in interactive conversations with
a virtual teacher. A unique social-networking
infrastructure that allows students to form study groups
and offers contests, prizes and other incentives, creates a
learning environment that engenders cooperation and
competition, just as in a conventional classroom.
Speak2Me's patent-pending Conversational
Advertising(tm) platform and premium content development
services allow Speak2Me to provide its innovative offering
to end-users at no cost. Speak2Me is a wholly-owned
subsidiary of Lingo Media Corporation (TSX-V: LM; OTC BB:
LMD CF). For more information about Speak2Me and its
business offerings, please visit www.speak2me.com/advertising
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation (www.lingomedia.com) is a
diversified online and print-based education products and
library services corporation focused on English language
learning (ELL) on an international scale through its Lingo
Learning Inc. subsidiary, a print-based publisher of ELL
programs in China, and Speak2Me Inc.,
www.speak2me.com/advertising an online ELL community, Lingo
Media Corporation has formed successful relationships with
key government and industry organizations, establishing a
presence in China's education market of 200 million
students. Since 2001, the Company has published more than
278 million units in China from its of 340 program titles,
and 350 online speaking lessons and 250 eZines. Lingo Media
Corporation continues to expand its ELL offering and extend
its reach on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
151 Bloor Street West, Suite 703
Toronto, Ontario
Canada
M5S 1S4
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
For Speak2Me
Steven Chiu, President
Tel: (+86 10) 5900 0152
Fax: (+86 10) 5900 1801
Email: steven@speak2me.com
To learn more, visit: www.speak2me.com/advertising
For Mercedes-Benz (China) Ltd.
Liu Lei, Senior Manager, E-Marketing
Tel: (+86 10) 8417 2213
Email: lei.liu@daimler.com
To learn more, visit www.daimler.com
Toronto, Canada, May 29, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, and Speak2Me Inc. ("Speak2Me") its wholly owned subsidiary, a state-of-the-art online English language learning service, announces its financial results for the three months ended March 31, 2009. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.
Business Highlights
Strengthened management team with the addition of Steven Chiu as Speak2Me President, Greater China in February. Mr. Chiu is focused on revenue generation from Speak2Me's Conversational Advertising™ and Speak2Me's Business English training products, and is building a sales team in China that is aggressively developing sales pipelines.
Showcased Speak2Me's Business English 101 corporate
training premium content and custom training services as
invited guest speakers at the 3rd Chinese Enterprises
Outbound Investor Conference in Beijing. Addressed
the widely-acknowledged need for business English training
to the audience of more than 100 investors during this key
event co-hosted by the China Council for the Promotion of
International Trade and China's Ministry of Commerce.
Launched www.speak2me.com/advertising
landing page to promote Speak2Me's Conversational
Advertising platform. The site will be used as a
proactive sales tool to increase advertising leads for our
unique Conversational Advertising offering in China.
Completed research commissioned with Hotspex, a market
research company that services global Fortune 100
companies, to understand the impact that Speak2Me
Conversational Advertising has on brand awareness and
purchase intent. Preliminary findings indicate that
consumers that went through a branded Conversational
Advertising lesson resulted in significant increased
purchase intent and brand recognition. These
findings validate the benefits and return-on-investment of
Conversational Advertising, thereby strengthening
Speak2Me's value proposition.
Speak2Me developed additional Conversational Advertising
immersive lessons for Mercedes Benz (China) to further
support its smart car launch in China.
Michael Kraft, President & CEO of Lingo Media said,
"Lingo Media continues to drive revenue from its book
publishing business, Lingo Learning whose long term
relationships in China are instrumental in developing
opportunities for our new and exciting subsidiary Speak2Me.
At Speak2Me, we are committed to our vision to deliver the
best technology-based solutions for learning spoken
English. We have launched a landing page at www.speak2me.com/advertising
for advertisers to learn more about Speak2Me's
Conversational Advertising platform. We are committed to
developing Speak2Me into an interactive English learning
experience that is fun, effective and relevant."
Financial Highlights
First quarter revenue from continuing operations was
$55,320 compared to $nil in Q1-08. Loss from continuing
operations for the quarter ended March 31, 2009 was
$455,135 or $0.04 per share compared to a loss from
operations of $394,019 or $0.04 per share for the quarter
ended March 31, 2008. Gain from discontinued
operations from the quarter ended March 31, 2009 was
$351,109 or $0.03 per share compared to a loss from
discontinued operations of $59,535 or $0.01 per share for
the quarter ended March 31, 2008. Net loss for the
quarter ended March 31, 2009 was $104,026 or $0.01 per
share compared to a net loss of $453,552 or $0.05 per share
for the quarter ended March 31, 2008.
The financial statements for the three months ended March 31, 2009 and Management Discussion & Analysis are available at www.sedar.com.
About Speak2Me
Speak2Me (www.speak2me.cn), a
wholly-owned subsidiary of Lingo Media, is an online
English Language Learning ("ELL") community that
incorporates Lingo Media's proven pedagogy with fun,
interactive lesson modules to address the rapidly growing
need for spoken English worldwide. Speak2Me's
groundbreaking service uses speech recognition technology
to teach spoken English online through more than 350
targeted lessons that engage users in interactive
conversations with a virtual teacher. A unique
social-networking infrastructure that allows students to
form study groups and offers contests, prizes and other
incentives, creates a learning environment that engenders
co-operation and competition, just as in a conventional
classroom. Speak2Me's patent-pending Conversational
Advertising™ platform allows Speak2Me to provide its
innovative offering to end-users at no cost. In addition,
Speak2Me offers premium content development services and
custom training modules to support businesses and
institutions that require English language training for
their personnel. For more information about Speak2Me and
its business offerings, please visit www.speak2me.com/advertising.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media (www.lingomedia.com) is a
diversified online and print-based education products and
services corporation focused on English Language Learning
("ELL") on an international scale through its
Lingo Learning Inc. subsidiary, a print-based publisher of
ELL programs in China, and Speak2Me, an online ELL
community. Lingo Media has formed successful relationships
with key government and industry organizations,
establishing a presence in China's education market of
250 million students. Since 2001, the Company has published
more than 278 million units in China from its library of
340 program titles, and 350 online speaking lessons and 250
eZines. Lingo Media continues to expand its ELL offering
and extend its reach on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927 1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com and www.speak2me.cn
SPOKEN ENGLISH TRAINING PLATFORM TO HELP DISTRICT PREPARE FOR 2010 WORLD EXPO AND STRATEGIC GROWTH INITIATIVES
Toronto, Canada, May 6, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning products, is pleased to announce that it is forming a strategic alliance with the Shanghai Yangpu District People's Government ("Yangpu Government"). The Company will provide English Language Learning ("ELL") services to the Yangpu Government. Yangpu District, which has a population of 1.24 million, is developing a world-class academic and research hub for China and is also preparing to welcome up to 75 million visitors for the 2010 World Expo.
The Yangpu Government will work with Lingo Media's wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me") to assist in developing and adopting Speak2Me's new subscription-based customized training platform. The platform is focused on spoken English training, to corporations in Shanghai including state-owned enterprises (SOEs) for employees, to the local municipal Yangpu and neighboring Shanghai district governments for civil servants, and to the local Shanghai Ministry of Education for K-12 students. The Yangpu Government and Speak2Me signed a Letter of Intent that signifies the commitment of both parties to these ELL initiatives.
Michael Kraft, President & CEO of Lingo Media said, "This strategic cooperation is another significant milestone in further building our working relationship with the Chinese Government. To successfully launch our training platform to corporate, government and public education markets across China, we needed to build a solid partnership. As Shanghai is the largest Metropolitan city in China, it is naturally a great launch point. The decision to establish our training operations in Shanghai Yangpu was relatively easy, given the tremendous support shown to us by the local government. We are proud to join other technology companies in calling Shanghai Yangpu home."
As a key element of the strategic partnership, Speak2Me will establish its headquarters for training in Shanghai Yangpu, where it will manage and operate the sales and marketing of its online training platform initially in Shanghai and then expand across China to corporations, governments and educational ministries. The Yangpu Government has agreed to support and provide resources to Speak2Me to achieve the successful launch of its paid-for training platform and assist in a nationwide roll-out.
Furthermore, the Yangpu Government will work with Speak2Me to support its free-to-consumer online service www.speak2me.cn by promoting the web site to more than 150,000 university students who are pursuing higher education degrees in the Yangpu district.
Mr. Chen An Jie, Party Secretary of Shanghai Yangpu District People's Government said: "We are excited to establish a long-term relationship with Speak2Me to strengthen our position in promoting English education. The platform is an excellent solution for teaching our students how to speak English. We are also looking forward to working with Speak2Me to launch its training model in Yangpu and other Shanghai districts as we continue to train our civil servants and employees within our corporations."
China is the largest market for English language learning in the world with more than 250 million people studying the language. It has been estimated that salary premiums are 70% higher for those with advanced English proficiency in China.
About Shanghai Yangpu District
Yangpu is the largest district in Central Shanghai with an area of 6,000 square kilometers and a population of more than 1.24 million people. It is home to 18 research institutes and 17 universities including Fudan University, Shanghai Tongji University and the University of Shanghai for Science and Technology. Yangpu has created a blueprint to become a world-class academic and research and development hub, within a highly digitized environment.
About Speak2Me
Speak2Me (www.speak2me.cn), a wholly-owned subsidiary of Lingo Media, is an online English language learning ("ELL") community that incorporates Lingo Media's proven pedagogy with fun, interactive lesson modules to address the rapidly growing need for spoken English worldwide. Speak2Me's groundbreaking service uses speech recognition technology to teach spoken English online through more than 350 targeted lessons that engage users in interactive conversations with a virtual teacher. A unique social-networking infrastructure that allows students to form study groups and offers contests, prizes and other incentives, creates a learning environment that engenders co-operation and competition, just as in a conventional classroom. Speak2Me's patent-pending Conversational Advertising™ platform allows Speak2Me to provide its innovative offering to end-users at no cost. In addition, Speak2Me offers premium content development services and custom training modules to support businesses and institutions that require English language training for their personnel. For more information about Speak2Me and its business offerings, please visit www.speak2me.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on ELL on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, and Speak2Me, an online ELL community. Lingo Media has formed successful relationships with key government and industry organizations, establishing a presence in China's education market of 250 million students. Since 2001, the Company has published more than 278 million units in China from its library of 340 program titles, and 350 online speaking lessons and 250 eZines. Lingo Media continues to expand its ELL offering and extend its reach on a global scale.
For further information, contact:
For Lingo Media
Michael Kraft, President & CEO | For Speak2Me
Steven Chiu, President, Greater China | Shanghai Yangpu District People's Government
Wu Wei Guo, Director |
To learn more, visit: |
To learn more, visit: |
Toronto, Canada, April 30, 2009 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning solutions, and Speak2Me Inc. ("Speak2Me") its wholly owned subsidiary, a state-of-the-art online English language learning service, announces its financial results for the fourth quarter and fiscal year ended December 31, 2008. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.
2008 Operating and Financial Highlights;
Business Highlights
Launched Version 1.0 in December 2008 with an expanded feature set based on feedback from our users.
Developed a corporate training offering that provides premium content and custom training services specific to business English called Speak2Me Business English 101.
Secured first Conversational AdvertisingTM contract with Mercedes-Benz's smart car. This contract validates Speak2Me's Conversational AdvertisingTM platform and business model.
Lingo Media's wholly-owned subsidiary, Lingo Learning Inc., has published more than 278 million units up to the end of December 2008
Completed equity financing of $5 million in October 2008 with Orascom Telecom Holdings S.A.E., a major international telecommunications company that serves over 90 million mobile phone subscribers worldwide, positioning Speak2Me to capitalize on its growth opportunity.
Increased and strengthened the management team and board of directors to assist the Company in delivering the best technology-based solutions for learning spoken English.
Steven Chiu joined Speak2Me as President, Greater China. Mr. Chiu has helped many of the world's leading multinational corporations to establish and grow their operations in China. Mr. Chiu is managing operations and building advertising, sponsorship and training sales in the Greater China region.
Anthony Lacavera, Lingo Media Director, founder of Globalive Communications Corp. and telecom and new media industry veteran, has been assisting with strategic planning for Speak2Me and helping to maximize revenue growth throughout all of Speak2Me's product and marketing initiatives.
Ashraf Halim, Lingo Media Director, responsible for Strategic Marketing for Orascom Telecom Holdings S.A.E, has experience in market strategy, commercial budgeting, pricing, products and services roadmap and research for the mobile industry.
Ashesh Shah, Lingo Media Director, an entrepreneur and corporate advisor, has been leveraging his expertise in technology and education to explore the expansion of Speak2Me into new regions and into mobile applications.
Michael Kraft, President & CEO of the Lingo Media said, "We have restructured Lingo Media and focused the business on delivery of Speak2Me, our revolutionary English language learning service to the world market. During 2008, we established an excellent foundation to position us for the coming year. The Lingo Media team is committed to becoming one of the leading names in the education industry, by creating the most compelling community online for people to learn and to communicate in English; a place that is fun, effective and relevant".
The Company granted 370,000 incentive stock options to members of management of the Company and its subsidiaries (collectively, the "Management Options"). In addition, Lingo Media granted 80,000 incentive stock options to certain employees of the Company and its subsidiaries (collectively, the "Employee Options"). The Company also granted 167,250 incentive stock options to various independent directors of the Company (collectively, the "Director Options") each under its Stock Option Plan. The Management Options, Employee Options and Director Options are exercisable at $1.75 per share and vest equally over a period of 18 months in 3 month intervals for a period of five years excluding 100,000 of the Management Options which vest 50% after 9 months and 50% after 21 months and are subject to certain milestones being achieved.
The exercise price of $1.75 per share represents a 100% premium over the closing price of Lingo Media's common shares on the TSX Venture Exchange on the date of grant. All options granted and any common shares issued upon their due exercise will be subject to a statutory four-month hold. The granting of options is subject to regulatory acceptance and applicable filings.
Financial Highlights
Fourth quarter revenue from continuing operations was $534,311 compared to $617,531 in Q4-07. Net loss from continuing operations in the Q4-08 was $746,568 or $0.07 per share compared to $167,802 or $0.02 per share in Q4-07. This includes a non-recurring charge of $340,000 for a write-off of an impaired investment.
Year end revenue from continuing operations increased by 10% in 2008 to $969,128 compared to $879,626 in the previous year of FYE-07. FYE net loss from continuing operations was $2,311,474 or $0.22 per share, compared to $632,192 or $0.11 per share in FYE-07.
On December 23, 2008, Lingo Media's 70.33% owned subsidiary, A+ Child Development (Canada) Ltd. ("A+"), filed a Notice of Intent to make Proposal under the Bankruptcy and Insolvency Act. The Company wrote-down the carrying value of its 70.33% investment in A+, resulting in a charge of $1,571,369 (2007 - $292,848) to earnings, included in the write-down was $277,201 in future income tax assets related to its A+ subsidiary.
All comparative figures have been adjusted to exclude results from discontinued operations. The Company reported a net loss of $3,882,843 or $0.37 per share for the FYE-08 as compared to a net loss of $925,040 or $0.16 per share in FYE-07.
The audited annual financial statements for the year ended December 31, 2008 and Management Discussion & Analysis are available at www.sedar.com.
About Speak2Me
Speak2Me (www.speak2me.cn), a wholly-owned subsidiary of Lingo Media, is an online English language learning ("ELL") community that incorporates Lingo Media's proven pedagogy with fun, interactive lesson modules to address the rapidly growing need for spoken English worldwide. Speak2Me's groundbreaking service uses speech recognition technology to teach spoken English online through more than 350 targeted lessons that engage users in interactive conversations with a virtual teacher. A unique social-networking infrastructure that allows students to form study groups and offers contests, prizes and other incentives, creates a learning environment that engenders co-operation and competition, just as in a conventional classroom. Speak2Me's patent-pending Conversational Advertising™ platform allows Speak2Me to provide its innovative offering to end-users at no cost. In addition, Speak2Me offers premium content development services and custom training modules to support businesses and institutions that require English language training for their personnel. For more information about Speak2Me and its business offerings, please visit www.speak2me.com.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English Language Learning (ELL) on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, and Speak2Me, an online ELL community. Lingo Media has formed successful relationships with key government and industry organizations, establishing a presence in China's education market of 250 million students. Since 2001, the Company has published more than 278 million units in China from its library of 340 program titles, and 350 online speaking lessons and 250 eZines. Lingo Media continues to expand its ELL offering and extend its reach on a global scale.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext. 23
Fax: 416 927
1222
Email: investor@lingomedia.com
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927
1222
Email:
investor@lingomedia.com
To learn more, visit
www.lingomedia.com |
Steven Chiu, President, Greater China
Tel: (+86 10) 5900 0152
Fax: (+86 10) 5900 1801
Email: steven@speak2me.com
To learn more, visitwww.speak2me.com |
LINGO MEDIA APPOINTS COLLINS BARROW TORONTO LLP AS AUDITORS
Toronto, Canada, March 17, 2009 - Lingo Media Corporation(TSX-V:LM, OTC BB: LMDCF) ("Lingo Media" or the "Company") is pleased to announce the appointment of Collins Barrow Toronto LLP ("Collins Barrow") as its auditors replacing Meyers Norris Penny LLP ("MNP"). The Company's Board of Directors and its Audit Committee approved the appointment of Collins Barrow, accepted the resignation of MNP and reviewed all the documents related to the change of auditors. MNP resigned as auditors at Lingo Media's request and there were no reservations in the auditors' report by MNP in respect of the Company's financial statements for the year ended December 31, 2007.
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext
23
Fax: 416 927 1222
Email:
investor@lingomedia.com |
151 Bloor St West
Suite703
Toronto, Ontario
Canada
M5S 1S4
T: 416 927 7000
F: 416 927 1222 |
Building 17, Suite 601
Jianwai SOHO
39 East 3rd Ring Road Dong San Huan Zhong Lu Beijing, 100022, China
T: +86 10 5900 1800
F: +86 10 5900 1801 |
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927
1222
Email:
investor@lingomedia.com |
Steven Chiu, President, Greater China
Tel: (+86 10) 5900 0152
Fax: (+86 10) 5900 1801
Email: steven@speak2me.com |
Lingo Media - 2008 YEAR IN REVIEW
Michael Kraft, President &
CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927
1222
Email: investor@lingomedia.com
To learn more, visit
www.lingomedia.com |
151 Bloor St West
Suite703
Toronto, Ontario
Canada
M5S 1S4
T: 416 927 7000
F: 416 927 1222 |
Building 17, Suite 601
Jianwai SOHO
39 East 3rd Ring Road Dong San Huan Zhong Lu Beijing, 100022, China
T: +86 10 5900 1800
F: +86 10 5900 1801 |
Toronto, Canada, December 23, 2008 - A+ Child Development (Canada) Ltd ("A+"), a 70.33% subsidiary of Lingo Media Corporation(TSX V:LM; OTC BB: LMDCF) ("Lingo Media"), is restructuring its operations and has filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act.
Michael Kraft, President & CEO of Lingo Media said, "After an extensive strategic evaluation, A+ made the tough decision to restructure its operations. A+ will continue to evaluate all possible alternatives over the next thirty days to determine the best course of action. Lingo Media has decided to focus its resources on the expansion of our English Language Learning businesses including Speak2Me Inc. subsidiary, a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal and our legacy business, Lingo Learning Inc. subsidiary, a print-based publisher of English Language Learning programs in China."
A+ will continue to service its clientele through its National Support Centre while the potential for reorganization and restructuring is examined.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified online and print-based education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary ("Speak2Me")is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal. Speak2Me offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 250-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 245 million units from its library of more than 340 program titles in China.
In Canada, Lingo Media focused on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributed educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
| Lingo Media Michael Kraft, President & CEO 151 Bloor Street West, Suite 703 Toronto, Ontario Canada M5S 1S4Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | A+ Child Development (Canada) Ltd. Terry Pallier, CEO #213-3825 34 Street NE Calgary, Alberta Canada T1Y 6Z8 Tel: 403 250 6616 Fax: 403 250 1837 Email:tpallier@apluschilddevelopment.com To learn more, visit www.apluschilddev.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, December 4, 2008 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company"),a leader in online and print-based English language learning products, is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), astate-of-the-art online English language learning servicehas achieved another significant milestone by launching version 1.0 website through www.speak2me.cn and has opened the site to the public in China.
The launch of version 1.0 incorporates many suggestions taken from users during the beta test period. Some of these new features are already available, while others will be added on an ongoing basis. In addition to the existing social networking features, version 1.0 includes; Friends Page, Message Center, Live Voice Chat, Voice Messages, Blogs, Speak2Me Answers, Simple Games, and English language test preparation modules. Speak2Me will be focused on introducing additional social networking and interactive elements throughout 2009.
Previously, Speak2Me operated in a closed beta, available only to university students who were invited by existing members. In March 2008, Speak2Me completed its stage one testing with a group of 500 students from three Beijing-area universities. Those students then invited their friends to join the service. Today, more than 400,000 students have joined www.speak2me.cn, driven by word-of-mouth.
"The addition of the social networking tools combined with the expanding spoken lesson library is expected to dramatically increase the user uptake and stickiness to generate commensurate revenue from our breakthrough Conversational AdvertisingTMplatform," said Michael Kraft, CEO of Lingo Media. "Based on user feedback we are striving to build a learning environment that is fun, fast and free for users."
Last week, Speak2Me announced that it had signed Mercedes-Benz (China) smart car as its launch Conversational AdvertisingTMclient.
About Speak2Me
Speak2Me Inc. offers a groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using speech recognition technology, Speak2Me provides more than 350-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. The beta version launched in China in March 2008 - the largest market in the world for English language learning. Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified online and print-based education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal.
In China, where the Company has extensive industry and Government contacts built up over the past decade, Lingo Media continues to expand its legacy business via its subsidiary Lingo Media Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 245 million units from its library of more than 340 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media Speak2Me
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | Jonathan Brody, President Tel: (+886 2) 2365 0662 Fax: (+886 2) 2365 0662 Email: jonathan@speak2me.com To learn more, visitwww.speak2me.cn |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, November 26, 2008 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company")a leader in online and print-based English language learning products is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), astate-of-the-art online English language learning service has signed Mercedes-Benz (China) as its launch Conversational Advertising™ client.
The three-month "Smart Cities" campaign will launch in May 2009 to coincide with the introduction of the smart fortwo line in China. The campaign will allow users to engage in a virtual world tour, beginning with Paris, Rome and San Francisco. In each city, users will be guided on an insider's tour by a virtual native. Using Speak2Me's unique interaction platform, the users will speak to their guides in free-flowing conversations, helping them learn about the city's attractions and culture, pick up a few phrases in the local language, and improve their conversational English.
"We're very excited to have smart as our launch client," said Michael Kraft, CEO of Lingo Media. "International travel and car ownership are part of the lifestyle aspirations of the hundred-million-plus young professionals and students who are studying English in China today. Mercedes immediately saw the potential of building brand affinity through Speak2Me, and the ongoing Smart Cities will associate the smart brand with the user's lifestyle aspirations."
"We've chosen cities that naturally appeal to smart consumers," said Liu Lei, Senior Manager for E-Marketing for Mercedes-Benz (China). "These are young, curious and self-confident people who value individual expression, exploration and international travel. With Speak2Me, we're giving them a sneak-preview of the authentic experiences to be had in these places, and we hope to make this a regular feature, launching new cities on a regular basis in the future."
In each smart city, users will be greeted by a virtual friend - an English-speaking local (and smart owner) who will guide them on an insider's tour of the places that by-the-book tourists rarely see, and get a taste of what it's really like to live there. Each city features eight "destinations", chosen to expose the user to a different facet of the city's unique and authentic cultural flavours and historical heritage. Each destination will also contain a brief language lesson, teaching users situation-specific French, Italian, as well as English.
"People come to Speak2Me because they want to master spoken English, and a desire to travel or study abroad is a major motivation for them to learn," said Jonathan Brody, President of Speak2Me. "This virtual world tour will have tremendous appeal to young professionals and students both in China and beyond. Learning English on Speak2Me with interactive simulations of real-life experiences in smart cars is one example of how Speak2Me can work with advertisers to develop customized interactive simulations, where users can interact with their products and services. Our smart fortwo lesson modules are a value-add for our users in China but also provides for an engaging and meaningful brand relationship. It is productplacement taken to a whole new level."
Speak2Me has been operating in an invitation-only beta since April 2008 while testing the online service and its features and also obtaining valuable user feedback. The signing of this first advertiser is one of the key milestones that Speak2Me had set out to complete before the end of this year and precedes the launch of the Speak2Me's version 1.0 expected to be released over the next week.
Speak2Me's Conversational AdvertisingTMconsists of lesson modules with embedded advertising customized around the advertisers' product or service. In these interactive lessons, the user is immersed in the brand for the full 3-5 minutes duration of the lesson, and the advertiser's message is actually coming out of the user's mouth. Speak2Me is assembling an online ad sales team over the next few months and will begin to present sponsorship opportunities to other major advertisers, offering advertising on a Cost per Lesson basis coupled with sponsorship packages that will include audio-enabled eZines and traditional banners.
About Mercedes-Benz (China)
Established in 1986 and based in Hong Kong, Mercedes-Benz China Limited (MBCL) is the wholly owned subsidiary of Daimler AG and the franchise-holder for all imported passenger vehicle products under the Mercedes Car Group (MCG) in China, Hong Kong and Macau. The Group includes the Mercedes-Benz passenger car, smart brands and the legendary Maybach, along with sub-brands Mercedes-Benz AMG and Mercedes-Benz McLaren.
About Speak2Me
Speak2Me Inc. offers a groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 350-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Beta launched in China in April 2008 - the largest market in the world for English Language Learning (ELL) - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified online and print-based education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal.
In China, where the Company has extensive industry and Government contacts built up over the past decade, Lingo Media continues to expand its legacy business via its subsidiary Lingo Media Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 244 million units from its library of more than 340 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite 703 Toronto, Ontario Canada M5S 1S4 T: 416 927 7000F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, October 15, 2008 -Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"or the "Company") a leader in online and print-based English language learning products in China announces that its shareholders have approved all matters voted on at the Company's Annual and Special Meeting of Shareholders held on October 14, 2008.
Shareholders have approved the issuance of 2,857,143 Special Warrants of Lingo Mediato Orascom Telecom Holding S.A.E. ("Orascom Telecom") pursuant to the terms of a subscription agreement (the "Subscription Agreement") dated August 21, 2008 (the "Offering"), as described in Lingo Media's press release dated on September 17, 2008 and management information circular dated September 12, 2008. The proceeds from the Offering will be used for Lingo Media's on-going development, maintenance and operation of Speak2Me's web portal and for general working capital purposes.
The shareholders also approved the election of the proposed slate of directors of Lingo Media, including two new directors:
Ashraf Halim has 20 years of commercial and management experience of which 17 are in the telecom industry. He is currently responsible for Strategic Marketing for Orascom Telecom, a role which encompasses market strategy, commercial budget, pricing, products and services roadmap and research. In this capacity, Mr. Halim spearheaded various successful key strategic commercial initiatives for Orascom Telecom. Prior to joining Orascom Telecom, Mr. Halim held the position of Marketing Deputy Director with the Egyptian Company for Mobile Services, and several commercial positions with Lucent Technologies in both Egypt and the UK where he was in charge of the GSM business development for Lucent in the Middle East and Africa. Mr. Halim holds a BSc. in Engineering from Cairo University.
Ashesh Shah is an entrepreneur and corporate advisor who enjoys the dynamic process of taking concepts from "ideation" to commercialization. Mr. Shah co-founded InterMedia Interactive Software in 1991, a firm specializing in consumer-focused education CD-ROM titles. From 1998 to 2004, Mr. Shah built several internet-focused firms targeting healthcare and "clicks and mortar" clients. From 2004-2007, Mr. Shah served as a General Partner with the DCP Group, a boutique consulting firm specializing in cross-border advisory services designed to assist education-market clients in evaluating market opportunities, and building relationship networks to accelerate their success in international markets. Currently, Mr. Shah is actively pursuing several entrepreneurial activities that leverage his cross-cultural and technology expertise. He serves as the CEO of Maxx Medical.
Re-elected for another term as directors of Lingo Media are Michael Kraft, Anthony Lacavera, Scott Remborg, Nereida Flannery and Sanjay Joshi. Stepping down from the board is Terry Pallier and John Schram. The board wishes to thank them for all their contributions to Lingo Media during their tenures.
The shareholders also approved the reappointment of Meyers Norris Penny LLP, as the auditors of Lingo Media and an amendment to the Company's 2005 Stock Option Plan increasing the maximum number of common shares reserved by Lingo Media for issuance pursuant to the 2005 Stock Option Plan from 936,974 to 1,920,000, approximately 20%of its issued and outstanding common shares .
More specific details of the matters approved at the Meeting are set forth in Lingo Media's management information circular dated September 12, 2008 and posted on SEDAR at www.sedar.com.
Further to the press release on September 17, 2008 announcing the closing of the Offering, Lingo Media is pleased to announce that it has satisfied all of the release conditions set forth in the Subscription Agreement and the 2,857,143 Special Warrants were automatically converted for no additional consideration into units ("Units") and the $5,000,000 gross proceeds from the Offering were released from escrow to Lingo Media.
Each Unit consists of one common share ("Common Share") and three-quarters (0.75) of one warrant ("Warrant"). Each whole Warrant is exercisable to acquire one further Common Share for a period of 24 months from September 15, 2008 (the "Closing Date"): (i) at a price of $4.00 for a period of 12-months from the Closing Date, (ii) at a price of $6.00 per Common Share if exercised between 12-18 months from the Closing Date, and (iii) at a price of $8.00 per Common Share if exercised between 18-24 months from the Closing Date. The Warrants are callable, 120 days after the Closing Date, at the option of Lingo Media, in the event the Common Shares of the Company trade at or over 50% above the strike price of the Warrant for 10 consecutive trading days.
All securities issued pursuant to the Offering are subject to a four-month hold period. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
About Orascom Telecom
Orascom Telecom is a leading international telecommunications company operating GSM networks in six high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 440 million with an average mobile telephony penetration of approximately 44% as of June 30, 2008. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"), Egypt ("Mobinil"), Tunisia ("Tunisiana"), Bangladesh ("Banglalink"), Zimbabwe ("Telecel Zimbabwe"), and has acquired in early 2008 a license to operate mobile services in North Korea. Orascom Telecom had over 77 million subscribers as of June 30, 2008.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
In China, Lingo Media through its wholly-owned subsidiary Speak2Me Inc. ("Speak2Me"), a new media company, focuses on interactive advertising via its Internet-based English Language Learning portal. Speak2Me offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 250-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Beta launched in March 2008 in China - the largest market in the world for English Language Learning - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning") is a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 244 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
For Lingo Media Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com | For Speak2Me Jonathan Brody, President Tel: (86) 13601242048 Fax: (86) 10 5900 1801 Email: jonathan@speak2me.com | For Orascom Telecom Holding S.A.E Investor Relations Department Email: OTInvestorrelations@otelecom.com |
To learn more, visitwww.lingomedia.com | To learn more, visit: www.speak2me.cn | To learn more, visit: www.otelecom.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, October 2, 2008 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media" or the "Company") a leader in online and print-based English language learning products, is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), astate-of-the-art online English language learning servicehas been approved bythe Chinese Academy of Social Sciences (the "Academy") as a key element in its effort to promote spoken English skills among its researchers, students and administrative staff.
Founded in 1977 with support from the Ford Foundation, the Chinese Academy of Social Sciences is the premier academic research organization in the fields of philosophy and social sciences of China, and a major training centre for leaders at the highest levels of government, business and the sciences. With 31 research institutes and 45 research centres around China, the Academy is home to over 7,400 staff and full-time scholars and nearly 3,000 researchers in Beijing alone. "Scholarly exchange is a critical part of the Academy's mission," said Wang Xiaoming, Director of the Academy's English Language Center (ELC). "More and more of this exchange is done face to face with foreign scholars, whether it's here in China or abroad at academic conferences. English is the international language of science and research, and we need our scholars, students and administrators to be able to converse easily and fluently in English to make the most of every opportunity."
The ELC first introduced Speak2Me as a pilot program in June 2008. "Speak2Me directly addresses some key concerns of our students," said Wang. "Our researchers normally have excellent English reading skills, but have not had much of an opportunity to develop their speaking skills. This can cause difficulties not only when working with foreign scholars, but also with the day-to-day challenges of traveling abroad during conferences and research." For the initial pilot program at the ELC, Speak2Me selected courses specific to foreign travel, helping the Academy's staff develop their skills and confidence in negotiating hotels, taxis, airports, restaurants and shops in English.
The pilot was open to a group of 60 researchers and post-graduate students who were scheduled to attend academic conferences abroad. In a survey of returning students, 85% indicated that they felt that their ability to communicate in English with their foreign counterparts was improved by their use of Speak2Me. "The students in the pilot indicated that working with Speak2Me not only helped them develop their skills, but also gave them a boost of confidence to help initiate conversation more than they otherwise would have," said Wang.
Now, with the pilot complete, ELC will open up the system to its staff of over 10,000 scholars and researchers in Beijing, and recommend adoption of Speak2Me by its satellite institutions around China.
Through speech recognition and animated avatars, Speak2Me provides an immersive simulation experience - the closest thing students in China can have to the experience of living and working abroad, but without the expense or time commitment an actual overseas trip would require. "The key to our system is that it allows you to develop your spoken English skills in highly practical contexts, but without the pressure of having to speak to a real person," said Speak2Me President Jonathan Brody. "Students use our system to develop their skills and confidence to the point where they feel confident to speak to native English speakers."
Over the past 20 years, the ELC has emerged as one of China's most influential research institutions for developing curricula, instructional materials and training for English as a Foreign Language. The ELC's training and teaching materials are used across the spectrum of China's government ministries and agencies, large national corporations, colleges and universities, and by multinational corporations within China such as IBM and Siemens. "Once we've completed our internal validation processes on Speak2Me, we hope to share this service with the organizations and companies that ELC regularly advises and supports in English language learning." said Wang.
About Speak2Me
Speak2Me Inc. offers a groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using speech recognition technology, Speak2Me provides more than 250-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Beta launched in China in April 2008 - the largest market in the world for English language learning - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified print and online education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal.
In China, where the Company has extensive industry and Government contacts built up over the past decade, Lingo Media continues to expand its legacy business via its subsidiary Lingo Media Learning Inc. ("Lingo Learning"), a print-based publisher of English language learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 244 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd. ("A+"), which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media Speak2Me
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | Jonathan Brody, President Tel: (86) 136 01242048 Fax: (86) 10 5900 1801 Email: jonathan@speak2me.com To learn more, visitwww.speak2me.cn |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, September 17, 2008 -Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"or the "Company") a leader in online and print-based English language learning products in China is pleased to announce that it has closed a non-brokered private placement (the "Financing") of $5,000,000 at $1.75 per unit from Orascom Telecom Holding S.A.E. ("Orascom Telecom") (ORTEq.L, OTLD LI, ORTE.CA, ORAT EY). Orascom Telecom is a subsidiary of Weather Investments S.p.A, a leading international telecommunications company providing mobile, fixed, internet and international communication services to over 90 million subscribers in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan and Tunisia and acquired a license to operate mobile services in North Korea in early 2008.
Lingo Media issued 2,857,143 special warrants ("Special Warrants") at a price of $1.75 per Special Warrant for total gross proceeds of $5,000,000 on September 15, 2008 (the "Closing Date"). Each Special Warrant is convertible for no additional consideration into units ("Units"), with each Unit consisting of one common share ("Common Share") and three-quarters (0.75) of one warrant ("Warrant"). Each whole Warrant is exercisable to acquire one further Common Share for a period of 24 months from the Closing Date: (i) at a price of $4.00 for a period of 12-months from the Closing Date, (ii) at a price of $6.00 per Common Share if exercised between 12-18 months from the Closing Date, and (iii) at a price of $8.00 per Common Share if exercised between 18-24 months from the Closing Date. The Warrants are callable, 120 days after the Closing Date, at the option of Lingo Media, in the event the Common Shares of the Company trade at or over 50% above the strike price of the Warrant for 10 consecutive trading days.
At closing, the gross proceeds of the Financing (the "Escrowed Funds") were deposited in escrow in an interest bearing account and the Special Warrants distributed to an escrow agent. The Special Warrants will only become convertible, and the Escrowed Funds will only be released from escrow, following: (i) the date (the "Shareholder Approval Date") Lingo Media receives shareholder approval ("Shareholder Approval") of the Financing, (ii) Orascom Telecom's nominee for election to the board of directors of Lingo Media is elected onto the board of directors of Lingo Media ("Nominee Election")and (iii) the satisfaction of any closing conditions deferred by Orascom Telecom (together with the Shareholder Approval and Nominee Election, the "Release Conditions").
Upon the automatic conversion of the Special Warrants into Units, Orascom Telecom will become a new control person of Lingo Media, holding 22.96% of the issued and outstanding Common Shares of Lingo Media (or 34.28% on a fully diluted basis). Pursuant to applicable securities laws and TSX Venture Exchange rules regarding new control persons, Lingo Media will seek Shareholder Approval of the Financing at its annual and special meeting scheduled for October 14, 2008.
In the event the Release Conditions are not satisfied by 5:00 p.m. on the date that is four months and one day from the Closing Date, the Company will repurchase the Special Warrants issued at a purchase price equal to $1.75 per Special Warrant and the interest earned on the Escrowed Funds.
In connection with the Financing, Lingo Media will pay eligible persons (the "Finders"), after the Release Conditions are satisfied, a cash fee of 7% of the gross proceeds raised through the Finders under the Financing and also issued Compensation Options to acquire up to that number of Common Shares as is equal to 6% of the total number of Special Warrants issued through the Finders, exercisable at $2.00 each for a period of 12 months from the Closing Date.
The proceeds from the Financing will be used for Lingo Media's on-going development, maintenance and operation of Speak2Me's web portal and general working capital.
All securities issued pursuant to the Financing are subject to a four-month hold period from the Closing Date. The Financing is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
Anthony Lacavera, Director of Lingo Media commented, "This financing and strategic partnership with Orascom Telecom positions Lingo Media very well to capitalize on the Company's growth opportunities. English language learning is increasingly moving to Internet-based applications, and Lingo Media's Speak2Me product puts the Company in a market leadership position".
Michael Kraft, CEO of Lingo Media said, "We are looking forward to our strategic financial partnership with Orascom Telecom. We are very excited about rolling out Speak2Me V1.0 by the end of September after running a closed invitation-only beta for the past five months and interacting with over 250,000 users. We started building our expanded feature set in early July and had been testing some of these new features in our beta, which we plan to begin rolling out by the end of this month. This product release has been timed to coincide with the launch of the qualifying round of our English Speech Contest in China and our launch advertising partner. With Orascom's online media properties, international scale and contacts, we look forward to rolling out Speak2Me in international markets."
About Orascom Telecom
Orascom Telecom is a leading international telecommunications company operating GSM networks in six high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 440 million with an average mobile telephony penetration of approximately 44% as of June 30, 2008. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"), Egypt ("Mobinil"), Tunisia ("Tunisiana"), Bangladesh ("Banglalink"), Zimbabwe ("Telecel Zimbabwe"), and has acquired in early 2008 a license to operate mobile services in North Korea. Orascom Telecom had over 77 million subscribers as of June 30, 2008.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
In China, Lingo Media through its wholly-owned subsidiary Speak2Me Inc. ("Speak2Me"), a new media company, focuses on interactive advertising via its Internet-based English Language Learning portal. Speak2Me offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English around the world. Using robust speech recognition technology, Speak2Me provides more than 250-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Beta launched in April 2008 in China - the largest market in the world for English Language Learning - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 244 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
For Lingo Media Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com | For Speak2Me Jonathan Brody, President Tel: (86) 13601242048 Fax: (86) 10 5900 1801 Email: jonathan@speak2me.com | For Orascom Telecom Holding S.A.E Investor Relations Department Email: OTInvestorrelations@otelecom.com |
To learn more, visitwww.lingomedia.com | To learn more, visit: www.speak2me.cn | To learn more, visit: www.otelecom.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, August 26, 2008 -Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"or the "Company") a leader in online and print-based English language learning products in China is pleased to announce the terms of a non-brokered private placement financing (the "Financing") of $5,000,000 by Orascom Telecom Holding S.A.E. (ORTEq.L, OTLD LI, ORTE.CA, ORAT EY) ("Orascom Telecom"). Orascom Telecom is a subsidiary of Weather Investments S.p.A, a leading international telecommunications company offering mobile, fixed, internet and international communication services to over 90 million subscribers in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan and Tunisia and has acquired in early 2008 a license to operate mobile services in North Korea.
The Financing will consist of the issuance of 2,857,143 special warrants ("Special Warrants") at a price of $1.75 per Special Warrant for gross proceeds of $5,000,000. Each Special Warrant is convertible for no additional consideration into units ("Units"), with each Unit consisting of one common share ("Common Share") and three-quarters (0.75) of one share purchase warrant ("Warrant").
Each whole Warrant is exercisable to acquire one further Common Share for a period of 24 months from the Closing Date (as defined below): (i) at a price of $4.00 for a period of 12-months from the Closing Date, (ii) at a price of $6.00 per Common Share if exercised between 12-18 months from the Closing Date, and (iii) at a price of $8.00 per Common Share if exercised between 18-24 months from the Closing Date. The Warrants are callable, 120 days after the Closing Date, at the option of Lingo Media, in the event the Common Shares of the Company trade at or over 50% above the strike price of the Warrant for 10 consecutive trading days.
Upon the automatic conversion of the Special Warrants into Units, Orascom Telecom will become a new control person of Lingo Media, holding 22.96% of the issued and outstanding Common Shares of the Company (or 34.28% on a fully diluted basis). Pursuant to applicable securities laws and TSX Venture Exchange rules regarding new control persons, the Company will seek shareholder approval of the Financing ("Shareholder Approval") at its annual and special meeting scheduled for October 14, 2008.
Lingo Media anticipates that payment and delivery of the Special Warrants (the "Closing") will occur on or about September 9, 2008, or such other date as may be determined by the Company and Orascom Telecom ("Closing Date"). At Closing, the Special Warrants will be deposited with an escrow agent and the gross proceeds of the Financing (the "Escrowed Funds") will be deposited in escrow in an interest bearing account. The Special Warrants will only become convertible, and the Escrowed Funds will only be released from escrow, one business day following the date (the "Shareholder Approval Date") Lingo Media receives Shareholder Approval.
In the event the Shareholder Approval Date does not occur by 5:00 p.m. on the date that is four months and one day from the Closing Date, the Company will repurchase the Special Warrants issued to Orascom Telecom at a purchase price equal to $1.75 per Special Warrant and the interest earned on the Escrowed Funds.
Lingo Media will pay a Finders Fee of 7% of the gross proceeds raised under the Financing and will also issue Compensation Warrants equal to 6% of the total number of Special Warrants issued, exercisable to acquire Common Shares at $2.00 per share for a period of 12 months from the Closing Date.
The proceeds from the Financing will be used for on-going development, maintenance and operation of Lingo Media's Speak2Me web portal and for general working capital purposes.
All securities issued pursuant to the Financing have a four-month hold period from the Closing Date. The Financing is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
About Orascom Telecom
Orascom Telecom is a leading international telecommunications company operating GSM networks in six high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 450 million with an average mobile telephony penetration of approximately 41% as of March 31st, 2008. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"), Egypt ("Mobinil"), Tunisia ("Tunisiana"), Bangladesh ("Banglalink"), Zimbabwe ("Telecel Zimbabwe"), and has acquired in early 2008 a license to operate mobile services in North Korea. Orascom Telecom had over 74 million subscribers as of March 31st, 2008.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
In China, Lingo Media through its wholly-owned subsidiary Speak2Me Inc. ("Speak2Me"), a new media company, focuses on interactive advertising via its Internet-based English Language Learning portal. Speak2Me offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 250-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Beta launched in March 2008 in China - the largest market in the world for English Language Learning - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning") is a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 219 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, May 14, 2008 - Lingo Media Corporation (TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in English language learning products for print and online media in China is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), astate-of-the-art online English language learning service has been endorsed and adopted by the Beijing Municipal Government. Speak2Me will help prepare over 300,000 civil servants and service sector workers to speak English as they welcome tens of thousands of international visitors to the 2008 Olympic Games in Beijing.
"Over the next few months, we expect that a significant number of Beijing residents will be introduced to Speak2Me's unique language learning site, including our Conversational Advertising lessons." said Speak2Me President Jonathan Brody. "The Company expects sustained revenue growth from multinational brand advertisers wishing access to this extremely desirable consumer demographic."
In 2003, the Beijing Speaks Foreign Languages Program (BSFLP) under the Foreign Affairs Office was established with the goal of making English and other foreign languages widely spoken within the capital. Following extensive testing, the BSFLP decided to roll out Speak2Me to all 300,000 of its learners starting in late May.
"Spoken English is a particular challenge," said Liu Yang, Deputy Director of the Beijing Municipal Government Foreign Affairs Office, and a leading proponent of foreign language learning in Beijing. "To truly learn conversational English, you need to have someone to speak to. I am especially grateful to Speak2Me for creating this excellent program to help us achieve this goal and to build on it in the future."
"Beijing has tens of thousands of civil servants and service sector workers, who need to be able to communicate in simple English in time for the Games," said Brody. "Trying to teach them all to speak English in a classroom environment is logistically and economically prohibitive. To address this challenge, we have created interactive simulations, which will assist these workers to speak English to foreigners in appropriate contexts."
Speak2Me's advertising supported web-based instructional solution works by creating a free, virtual one-on-one instructional setting. The site uses state-of-the-art speech recognition software to help learners develop English speaking and listening skills by engaging in a series of situational simulations and role play exercises. Students have unlimited opportunities to speak to a virtual native speaker, directly addressing the prohibitive costs related to the critical scarcity of native English speaking teachers.
About Speak2Me
Speak2Me Inc. offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 300-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Recently launched in China - the largest market in the world for English Language Learning (ELL) - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified print and online education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal.
In China, where the Company has extensive industry and Government contacts built up over the past decade, Lingo Media continues to expand its legacy business via its subsidiary Lingo Media Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd. ("A+"), which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext. 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite 703 Toronto, Ontario Canada M5S 1S4 T: 416 927 7000F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, April 30, 2008 - Lingo Media Corporation (TSX-V:LM; OTC BB: LMDCF) ("Lingo Media") a leader in the development of proprietary print-based and online language learning products announces its financial results for the fiscal year ended December 31, 2007.
2007 and 2008 year-to-date Business Highlights:
- Revenue increased 154% during the fiscal year 2007.
- Expanded into new media through the acquisition of Speak2Me Inc. ("Speak2Me"), the world's first digital English language speaking tutor. The Company has now converted Speak2Me's CDs to the Internet and created an online service that combines advanced speech recognition technology and a social networking platform. Speak2Me's Conversational AdvertisingTM platform takes product placement to a new level, by allowing brand marketers to have advertising-based lessons included in Speak2Me's library of more than 300 English conversational lesson modules.
- Speak2Me assembled an experienced local development team in Beijing and completed website development in 2007.
- Tested Speak2Me's online service in three Beijing universities in Q1 2008.
- Speak2Me initiated a roll out of its service to 50 universities in greater Beijing and Shanghai in March 2008
- Entered into an agreement to deploy its online service on China's only nationwide Internet Service Provider serving the education market, China Education and Research NETwork (CERNET) in April 2008.
- On April 24th 2008, the Company announced the appointment of an industry veteran Anthony Lacavera to the Board of Directors. Mr. Lacavera co-founded Globalive Communications Corp., in 1998 and became President & CEO in 1999. Most recently he served as director and principal executive officer of Yak Communications (NASDAZ:YAKC) acquired by Globalive in 2006. Mr. Lacavera received his B.A.Sc. (Honours) in Computer Engineering from the University of Toronto in 1997.
Financial Highlights
The 2007 year-end results compared with 2006, reported in Canadian dollars are as follows:
-
Revenues
The Company's overall revenue increased from $1.5 million in 2006 to $4.0 million in 2007, a 154% increase. This increase is primarily attributed to the full inclusion of A+ Child Development (Canada) Ltd. acquired in October 2006. -
Total Assets
In 2007, the Company's total assets increased to $7.6 million from $2.9 million in 2006. This increase is due to software and web development as a result of the Speak2Me acquisition. -
Working Capital
As at December 31, 2007, the Company improved its working capital to $576,657 from a deficit of ($347,127) in 2006. -
Cash Flow from Operations
The Company used $1.8 million in its operations primarily because of an increase in its accounts receivable and incremental investment in software and web development.
The audited annual financial statements for the year ended December 31, 2007 and Management Discussion & Analysis are available at www.sedar.com.
SUMMARY OF FINANCIAL INFORMATION:
LINGO MEDIA CORPORATION
Consolidated Balance Sheets
(Expressed in Canadian dollars)
As at December 31 | 2007 | 2006 | |||
Assets | |||||
Current assets: | |||||
Cash | $ | 343,338 | $ | 73,169 | |
Short term investment (note 8) | 150,000 | 150,000 | |||
Accounts and grants receivable (note 2) | 1,110,151 | 304,924 | |||
Inventory | 121,323 | 154,276 | |||
Prepaid and sundry assets | 131,869 | 130,573 | |||
1,856,681 | 812,942 | ||||
Investment and advances (note 3) | 182,520 | 182,520 | |||
Deferred costs (note 3) | 157,419 | 157,419 | |||
Property and equipment, net (note 4) | 89,325 | 77,304 | |||
Development costs, net (note 5) | 267,910 | 343,308 | |||
Software and web development costs, net (note 6) | 4,212,564 | - | |||
Future income taxes (note 11) | - | 189,534 | |||
Goodwill (note 7) | 1,121,131 | 1,121,131 | |||
$ | 7,887,550 | $ | 2,884,158 | ||
Liabilities and Shareholders' Equity Current liabilities: | |||||
Bank loans (note 8) | $ | 230,000 | $ | 485,000 | |
Accounts payable (note 14) | 822,818 | 526,491 | |||
Accrued liabilities | 227,206 | 148,578 | |||
Less current portion of long term debt | 228,674 | - | |||
1,508,698 | 1,160,069 | ||||
Loans payable (note 9) | 203,031 | 347,541 | |||
Future income taxes (note 12) | 290,145 | - | |||
1,711,729 | 1,507,610 | ||||
Shareholders' equity: | |||||
Capital stock (note 10 (a)) | 10,335,707 | 5,028,656 | |||
Contributed surplus (note 10 (b)) | 452,411 | 325,293 | |||
Warrants (note 10 (f)) | - | - | |||
Deficit | (4,902,441) | (3,977,401) | |||
5,885,677 | 1,376,548 | ||||
Commitments (note 19) | |||||
$ | 7,887,550 | $ | 2,884,158 | ||
Lingo Media CORPORATION
Consolidated Statements of Operations
(Expressed in Canadian dollars)
For the years ended December 31 | 2007 | 2006 | 2005 | |||||
Revenue (note 16 & 17) | $ | 4,004,357 | $ | 1,574,337 | $ | 906,357 | ||
Direct costs | 758,076 | 319,277 | 123,107 | |||||
Margin | 3,246,281 | 1,255,060 | 783,250 | |||||
Expenses: | ||||||||
General and administrative (note 12) | 3,745,276 | 1,417,867 | 855,118 | |||||
Amortization of property and equipment | 117,386 | 222,306 | 267,819 | |||||
Interest and other financial expenses | 113,369 | 57,097 | 42,869 | |||||
Stock-based compensation | 156,395 | 193,819 | 42,869 | |||||
4,132,426 | 1,891,089 | 1,380,143 | ||||||
Loss before income taxes and other taxes | (866,145) | (636,030) | (596,893) | |||||
Income taxes and other taxes (note 12) | 38,895 | 112,895 | 128,839 | |||||
Net loss for the year | $ | (925,040) | (748,924) | (725,732) | ||||
Loss per share (note 11 (g)) | $ | (0.16) | $ | (0.18) | $ | (0.21) | ||
Weighted average number of | ||||||||
common shares outstanding (note 10 (g)) | 5,655,792 | 4,060,331 | 3,530,231 | |||||
About Lingo Media (TSX-V:LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified print and online education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on online advertising in China via its Internet-based English Language Learning portal.
In China, where the Company has extensive industry and Government contacts built up over the past decade. Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development (Canada) Ltd. ("A+"), which publishes and distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO
Tel: 416 927 7000 ext. 23
Toll Free Tel: 866 927 7011 ext 23
Fax: 416 927
1222
Email: investor@lingomedia.com
To learn more, visit www.lingomedia.com
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151 Bloor St West
Suite 703
Toronto, Ontario
Canada
M5S 1S4
T: 416 927 7000
F: 416 927 1222
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Building 17, Suite 601
Jianwai SOHO
39 East 3rd Ring Road Dong San Huan Zhong Lu Beijing, 100022, China
T: +86 10 5900 1800
F: +86 10 5900 1801
|
Toronto, Canada, April 24, 2008 - Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") a leader in the development of proprietary print-based and online language learning products is pleased to announce the appointment of industry veteran Mr. Anthony Lacavera as a Director of the Company and Chairman of Lingo Media's wholly-owned subsidiary, Speak2MeInc., which designs and markets astate-of-the-art online English language learning portal.
In 1998, Mr. Lacavera co-founded Globalive Communications Corp., becoming President and Chief Executive Officer in 1999.
"Tony is a well-respected pioneer and a true visionary in the web-based technologies, software and telecom sectors," said Michael Kraft, CEO of Lingo Media. "His wealth of knowledge and expertise will be instrumental in the commercialization of our interactive Speak2Me platform and in the execution of our aggressive business plans. His responsibilities will include strategic planning for Speak2Me and to help maximize revenue growth throughout all of our product and marketing initiatives."
Under Mr. Lacavera's leadership, Globalive has successfully launched more than 18 products in over 30 countries and earned several prestigious recognitions including being ranked the fastest-growing company in Canada in the 16th annual rankings of Profit Magazine.
"This is an exciting time for Lingo Media and Speak2Me," said Mr. Lacavera. "I am thrilled to be part of the global commercialization of Speak2Me's unique platform. The recent online launch in China, already one of the fastest growing online communities, targets that country's tremendous growth and revenue potential. Plans are in place to access other global growth markets."
Mr. Lacavera also serves as co-founder and Chairman of several of Globalive's present and past portfolio companies, including Enunciate Conferencing, OneConnect Services, Cohere Conferencing, Cellwand Communications, and most recently as the initial director and principal executive officer of Yak Communications (NASDAQ: YAKC) acquired by Globalive in November 2006. In 2006, Lacavera was named to the celebrated Top 40 Under 40 list. Mr. Lacavera received a B.A.Sc. (Honours) in Computer Engineering from the University of Toronto in 1997.
Globalive was also named one of Canada's 50 Best Managed Companies for three consecutive years, being ranked in the Deloitte Technology Fast 50, and winning a place in Canadian Business Magazine's Top 30 Workplaces in Canada.
About Speak2Me
Speak2Me Inc. offers a groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 300-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Recently launched in China - the largest market in the world for English Language Learning (ELL) - Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media Corporation is a diversified print and online education product and services corporation.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Media Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd. ("A+"), which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite 703 Toronto, Ontario Canada M5S 1S4 T: 416 927 7000F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, April 7, 2008 - Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media"), is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), hasentered into an agreement to deploy its online English language learning service on CERNET (China Education and Research NETwork) China's only nationwide Internet Service Provider.
This means Speak2Me's breakthrough conversational English language learning program is set to be available nationwide to China's 24 million university and college students.
"Based on the results of beta testing on three Beijing-area campuses from January to March, we know Speak2Me is a service that appeals strongly to university students, and CERNET enables us to reach those students," said Michael Kraft, CEO of Lingo Media, Speak2Me's parent company.
CERNET is a national Internet backbone founded by China's State Ministry of Education ("MoE") as the exclusive ISP for the country's vast network of universities, colleges and research institutes. With data centers strategically placed throughout China, CERNET is a dedicated network, with a mandate from the MoE to provide high speed Internet access to power the country's education system,
National policy divides China's commercial broadband network between two state-owned telecom companies: China Netcom is dominant in northern provinces, while China Telecom dominates the southern half of the country. With data centers in all 34 of China's provinces and major cities, CERNET is unique in providing not only a complete nation-wide hosting service, but also in providing uninterrupted last-mile service to all schools and universities.
"Launching our service on CERNET is absolutely critical in ensuring ease of access for China's university students," said Kraft.
"As an arm of the MoE, our mandate is to serve China's educational requirements," said Han Wenzhong of CERNET. "Therefore, we apply very high standards to the external educational content and services we agree to host on our network. Speak2Me has an obvious value to China's university students and we hope that this service will enable China's students to learn conversational English and to speak more effectively."
About Speak2Me
A wholly-owned subsidiary of Lingo Media, Speak2Me offers a groundbreaking online service designed to address the needs of English learners around the world, with particular focus on spoken English learning. Using speech recognition technology and an avatar, Speak2Me provides lessons involving conversations with a virtual teacher. An added dimension of the service is a social-network infrastructure that allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. Recently launched in China, the service is free and available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
Its Speak2Me Inc. subsidiary is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite703 Toronto, Ontario Canada M5S 1S4 T: 416 927 7000F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, March 25, 2008 - Lingo Media Corporation(TSX-V: LM; OTC BB: LMDCF) ("Lingo Media") is pleased to announce that its wholly-owned subsidiary, Speak2Me Inc. ("Speak2Me"), has successfully completed beta tests of its online service for conversational English at three Beijing universities.
These beta tests, with students at Capital Normal University, Beijing Union University and the National Geology University, bring Speak2Me one step closer to a full scale China-wide rollout of the commercial version of its online service for English language learners.
Students at the three universities had invitation-only access to the conversation-based English lessons that are the focal point of the Speak2Me web portal. The service allows them to develop their oral English and pronunciation skills through simulated conversations using speech-recognition technology and an animated avatar. The reaction from students has been overwhelmingly positive, with many of the students asking how they can invite their friends to join them on Speak2Me.
"Speak2Me is exactly what our students need to succeed in their careers," said Professor Wang Ying, Dean of the College of Information Technology at Beijing Union University. "Our graduates leave school with excellent technical skills and a strong foundation in English reading, so they can access news and information related to their jobs. But to compete and participate in the global marketplace, they also need to be able to converse in English. They need to speak the language", he continued.
The uniqueness of Speak2Me's learning solution is that it provides an immersive language experience - the closest thing students in China can have to the experience of living and working abroad. It allows students to develop their spoken English skills in highly practical contexts, without the pressure of having to speak to a real person. They can develop their skills and confidence to the point where they are comfortable speaking to native English speakers.
Speak2Me will begin to roll out its service at 50 universities in the greater Beijing and Shanghai areas next month. That will be followed by a rollout to universities in other major cities in June, with plans to grant access to all of China's 24 million university and college students over the next 12 months.
Speak2Me's revenue model is unique and highly compelling. Its patent-pending Conversational Advertising platform takes product placement to a new level, by allowing brand marketers to have advertising-based lessons included in Speak2Me's library of more than 300 English conversational lesson modules. The Speak2Me service, which includes a Facebook-like social network that aids in the creation of study-groups among friends, can be found at www.speak2me.cn.
About Speak2Me
A wholly-owned subsidiary of Lingo Media, Speak2Me offers a groundbreaking online service designed to address the needs of English learners around the world, with particular focus on spoken English. Using speech recognition technology and an avatar, Speak2Me provides lessons involving conversations with a virtual teacher. An added dimension of the service is a social-network infrastructure that allows students to form study groups, creating an environment that, engenders co-operation and competition, just as in a conventional classroom. To be first launched in China, the service will be free and available at www.speak2me.cn.
About Lingo Media (TSX-V: LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
Its Speak2Me Inc. subsidiary is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite 703 Toronto, Ontario Canada M5S 1S4 T: 416 927 7000F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
Toronto, Canada, March 6, 2008 Lingo Media Corporation(TSX-V:LM; OTC BB: LMDCF) ("Lingo Media"), is pleased to announce that its wholly-owned subsidiary Speak2Me Inc.'s("Speak2Me")online service for conversational English lessons will be available to China's more than 210 million Internet users. The service combines education and highly engaging contextual advertising.
"Since being acquired by Lingo Media in October 2007, we have consistently achieved our Speak2Me development milestones,"stated Michael Kraft, CEOof Lingo Media. "Most important among these was the technically arduous task of preparing our suite of CD-ROM English learning products and speech recognition technology for use on the Internet. That achievement allows Speak2Me to offer an online English learning service in China at www.speak2me.cn."
At Speak2Me's new Internet portal, students can have conversation-based English language lessons with a virtual language tutor - called Lucy. The lessons employ speech-recognition and animated avatar technology to converse and interact with the learner on a wide range of practical topics.
From a commercial perspective, Speak2Me's newly developed patent pending Conversational Advertising™platform takes product placement to a new level, by allowing advertisers to place their products in Speak2Me's library of more than 300 English conversational lesson modules.
Instead of watching a commercial or seeing a banner ad, with Conversational Advertising™ students learn to converse in English in real-life situations in the context of an advertiser's product or service. For example, in one English lesson students could learn how to order a major international brand's café latte, or how to select a branded skin-care product.The result is that the sponsor's message is literally coming out of the user's mouth for an unprecedented level of message imprinting. Three of the most-respected global advertising agencies have reviewed this technology and find it a very attractive and innovative approach to brand building.
Conversational Advertising™ provides consumer brands an exceptional opportunity to engage Chinese consumers with products and services while not compromising the educational integrity of the Speak2Me service.
Speak2Me also features a strong social networking element. It brings friends together for conversational study groups, and re-creates some of the social dynamics of a traditional classroom, while delivering the economy and flexibility of a software solution.
Speak2Me will first target China's 24 million university and college students.As a leading publisher of English as a Second Language programs in China's education market, Lingo Media has a well-known and trusted presence and is working on strategic partnerships with China's State Ministry of Education for Speak2Me.
"We are excited to be first to market with this breakthrough interactive advertising platform. Speak2Me is not just the next generation of online advertising, it addresses the real market need for learning to speak English in China and across the globe" said Lingo Media's CEO, Michael Kraft.
About Speak2Me
A wholly-owned subsidiary of Lingo Media, Speak2Me will offer a groundbreaking online service designed to address the needs of English learners around the world, with particular focus on spoken English learning. Using speech recognition technology and an avatar, Speak2Me provides lessons involving conversations with a virtual teacher. An added dimension of the service is a social-network infrastructure that allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom. To be launched in China, the service will be free and available at www.speak2me.cn.
About Lingo Media (TSX-V:LM; OTC BB: LMDCF)
Lingo Media is a diversified education products and services corporation.
Its Speak2Me Inc. subsidiary is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal.
In China, Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. ("Lingo Learning"), a print-based publisher of English language learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students. To date, it has published 197 million units from its library of more than 300 program titles in China.
In Canada, Lingo Media focuses on early childhood cognitive development, through its subsidiary A+ Child Development Ltd., ("A+") which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Toronto and Vancouver. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.
For further information, contact:
Lingo Media
Michael Kraft, President & CEO Tel: 416 927 7000 ext. 23 Toll Free Tel: 866 927 7011 ext 23 Fax: 416 927 1222 Email: investor@lingomedia.com To learn more, visit www.lingomedia.com | 151 Bloor St West Suite 703 Toronto, Ontario Canada M5S 1S4T: 416 927 7000 F: 416 927 1222 | Building 17, Suite 601 Jianwai SOHO
39 East 3rd Ring Road T: +86 10 5900 1800 F: +86 10 5900 1801 |
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.
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