TORONTO, May 29, 2019 – Lingo Media Corporation (TSX-V: LM; OTC: LMDCF) (“Lingo Media” or the “Company”), an EdTech company that is ‘Changing the way the world learns English’ through innovative online and print-based technologies and solutions, announces its financial results for the first quarter ended March 31, 2019. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q1 2019 Operational Highlights
- Online English Language Learning:
- advanced development of the teacher methodology course
- completed development of chat functionality in the new Learning Management System (LMS)
- completed development of resource allocation functionality in the LMS for teachers
- initiated marketing and sales of the new LMS which includes access to the full content library configured to individual client needs or requirements
- entered into a distribution agreement with JPH Consultoria Academica in Guatemala
- Print-Based English Language Learning:
- expanded existing market for PEP Primary English program into one additional province in China
Financial Highlights for the First Quarter Ended March 31, 2019
|First Quarter Ended March 31st||2019||2018|
|Operating and development expenses||321,939||349,085|
|Loss before amortization, share-based payments, depreciation, finance charges and taxes||(267,696||)||(526,164||)|
|Amortization, share-based payments, and depreciation||32,168||25,061|
|Finance charges, taxes, foreign exchange||14,658||(7,132||)|
|Total comprehensive loss||(328,899||)||(543,724||)|
|Loss per share||$||(0.00||)||$||(0.02||)|
- Revenue for the period ended March 31, 2019 totalled $111,964 as compared to $80,355 in Q1 2018.
- Operating and development expenses for the period ended March 31, 2019 totalled $321,939 compared to $349,085 in Q1 2018
- Net loss for the period ended March 31, 2019 was $314,522 or $0.00 loss per share (basic) based on 35.5 million weighted number of common shares as compared to $544,093 for Q1 2018 or $0.02 loss per share (basic) on 35.5 million weighted number of common shares.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $267,696 compared to $526,164 in Q1 2018.
“Lingo Media continues to focus on developing innovative software and content in order to meet the growing global demand for English language learning products from government, academic institutions, and employers. The investment that we have been making in our new Learning Management System is positioning ELL Technologies for 2019 and beyond. As we look ahead to upcoming quarters, we are focused on driving the growth of our business through both existing and new customers,” said Gali Bar-Ziv, President & CEO of Lingo Media. “We will continue to foucs our efforts in Latin America and Asia via strategic distribution initiatives, and also continue to pursue merger and acquisition opportunities in the EdTech sector.”
The unaudited condensed interim financial statements for the quarter ended March 31, 2019 and Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX-V: LM; OTC: LMDCF)
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.
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