Toronto, Canada, June 6, 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 through innovative online and print-based technologies and solutions, is pleased to announce that the Company and Vested Finance, Inc., the developer and operator of the leading, mobile college marketplace app in the US, Schoold (“Schoold”), have agreed to extend the term of their previously announced letter of intent (“LOI”) regarding a business combination between Lingo Media and Schoold (the “Transaction”) until June 30, 2017. The extension is required to provide sufficient time to complete the audited financial statements of Schoold, to complete due diligence by both parties, and for the negotiation of a final definitive agreement between the parties.
As disclosed in the press release of March 23, 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 completion and 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)
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 established 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. 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS 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