Toronto, Canada and San Francisco, United States – November 3, 2017 – Lingo Media Corporation (TSX VENTURE: LM; OTC: LMDCF; FRANKFURT: LIMA) (“Lingo Media” or the “Company”), a global provider of digital and print-based English language learning solutions, and Kickwheel Company (formerly Schoold/Vested Finance, Inc.) (“Kickwheel”), the developer and operator of the leading mobile college marketplace app, reported that their merger, announced August 10, 2017, will not be proceeding.
While the two companies will not formally combine, they still expect to work closely together to benefit from the strong cross-selling opportunities that would result from tapping into each other’s respective networks. Kickwheel’s network includes over 3,000 universities and colleges in the US, while Lingo Media has a growing client base of government, educational institutions and business organizations in Latin America and Asia.
“Based on current market conditions, both parties decided not to proceed with the merger as planned. However, we still expect to continue to work closely with Kickwheel to broaden the reach of our best-in-class English language learning products throughout their network of US-based universities and colleges,” said Michael Kraft, President & CEO of Lingo Media. “At the same time, we plan to continue to strengthen our growing presence in Latin America and Asia, as we secure new sales contracts, gain traction and grow market share.”
“We look forward to continuing our relationship with Lingo Media and still believe strongly in the potential cross-selling opportunities available to both companies,” said Joe Ross, CEO of Kickwheel.
Kickwheel’s flagship College Fair app (formerly Schoold) is the leading mobile app for getting trusted advice on applying to university in the United States. With over one million served and thousands of rave reviews, The College Fair app functions as a higher education marketplace, connecting prospective students with colleges and universities. Recognized by U.S. News & World Report as a must-have app for international students, Schoold is democratizing access to higher education and helping students everywhere get smart about investing in their future. Schoold is available worldwide on iPhone, Android and Kindle devices. Kickwheel’s operations are based in San Francisco, California.
About Lingo Media
Lingo Media is a global provider of best-in-class digital and print-based English language learning solutions that are ‘Changing the way the world learns English.’
Developed for learners of English at every level, Lingo Media’s ELL Technologies products combine a vast content library with proprietary technology. ELL Technologies’ intuitive dashboards enable students to track and manage their progress, and allow teachers to organize and interact with students, providing ongoing support. Lingo Media’s Lingo Learning division is a print-based publisher of English language learning programs in China.
Lingo Media’s product and program are marketed through established sales channels to key education, government and business organizations in Latin America and China and continues to extend its global reach and expand its product offerings.
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For further information, contact:
President & CEO
Tel: (+1) 416-927-7000 Ext. 23
Toll Free: 1-866-927-7011
To learn more, visit us at www.lingomedia.com
Joe Ross, CEO
Tel: (650) 665-9676
To learn more, visit us at www.kickwheel.com
Portions of this press release may include “forward-looking statements” within the meaning of securities laws. These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. 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. Lingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 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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