Toronto, Canada and San Francisco, US, June 30, 2017 – Lingo Media Corporation (TSX-V: LM; OTCQB: LMDCF) (“Lingo Media” or the “Company”), an EdTech company that is Changing the way the world learns English, and Vested Finance, Inc., the developer and operator of the leading, mobile college marketplace app in the US, Schoold (“Schoold”), have agreed to further extend the term of their previously announced letter of intent (“LOI”) regarding a business combination between Lingo Media and Schoold (the “Transaction”) until July 31, 2017. The extension is required to provide sufficient time to complete the definitive agreements between the parties.
“Both companies have each recently achieved significant commercial milestones, including two long-term university contracts for Schoold and the strategic alliance between HP and Lingo Media,” said Schoold Chairman and controlling shareholder Lorne Abony. “With the focus that was required to close these high-priority deals for each company now behind us, we look forward to concluding the merger.”
Michael Kraft, CEO of Lingo Media, said: “With these exciting commercial developments, spanning Latin America and the United States, we are positioning the merged entity for greater cross-selling opportunities and synergies.”
As disclosed in press releases of March 23, 2017 and June 1, 2017, the parties are working towards finalizing a definitive agreement with respect to the Transaction, which is anticipated to be a merger of equals in which shareholders of each party will acquire 50% of the resulting entity. Upon execution of a definitive transaction agreement, Lingo Media will issue a subsequent press release containing more specific details of the Transaction, including a private placement financing to be completed concurrently with the closing of the Transaction.
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 Schoold 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. Schoold is proudly built by Vested Finance, Inc., in San Francisco, California.
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For further information, contact:
Joe Ross, CEO
Tel: (650) 665-9676
Learn more about Schoold online
About Lingo Media (TSX-V: LM; OTCQB: LMDCF; FSE: LIMA)
Lingo Media is a global EdTech company that is ‘Changing the way the world learns English’, developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.
Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.
Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China, and continues to both extend its global reach and expand its product offerings.
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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.
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
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