Provides Update On Merger
Toronto, Canada – October 17, 2017 – Lingo Media Corporation (“Lingo Media” or the “Company“) (TSX V:LM) (OTC:LMDCF) (FSE:LIMA), a global provider of digital and print-based English language learning (“ELL”) solutions, announces its stock will resume trading at market open Tuesday, October 17th. The Company is also providing a corporate update with respect to its previously announced merger with Kickwheel Company (formerly Schoold/Vested Finance, Inc.).
The all-stock transaction, originally announced August 11, 2017, is progressing on schedule and moving towards completion. The merger of equals brings together the proven student-focused English language learning capabilities of Lingo Media and the must-have, app-based mobile messaging and coaching services of Kickwheel. The combination of the two companies creates a global platform for engaging, recruiting and coaching students, as well as helping colleges to ensure international students succeed in an English academic environment.
“The combination of these two complementary companies creates a global platform for engaging, recruiting and coaching students. The resulting operational efficiencies and scale are abundant, including numerous opportunities to cross-sell and market both companies’ products and services to their respective client bases. For example, we will be able to market our ELL Technologies’ English language learning resources to students in Kickwheel’s network of 3,000 plus colleges and universities.”’ said Michael Kraft, President & CEO of Lingo Media. “As a result, we expect to expand Lingo’s footprint into the United States, driving adoption of our products in the US post-secondary education market.”
The business combination will be well-positioned in the US and global market. Below are some market statistics with direct relevance to the space that Lingo-Kickwheel will be operating in:
– Global postsecondary education market size is $1.5T global (GSV)
– U.S. postsecondary market size is $591B and growing to $690B by 2020 (GSV)
– U.S. four-year tuition spend is $120B (USDOE)
– U.S. postsecondary marketing & recruiting spend is $14B and growing to $18B by 2020 (GSV)
– Global digital language learning spend is $4.5B and growing to $9B by 2020 (GSV)
– Education industry is 9% of U.S. GDP (second largest only to healthcare) (GSV)
– 87% of millennials say “my smartphone never leaves my side, night or day” (Zogby)
Originally launched as the Schoold app in 2016 and newly branded as The College Fair powered by Kickwheel, the app continues to gain momentum with 1.2 million downloads. It has also been generating growing recognition and media coverage in respected outlets like the Wall Street Journal: https://www.wsj.com/article_email/college-search-quandary-theres-an-app-for-that-1505832484-lMyQjAxMTE3NjEzOTgxMDkyWj/
Lingo Media is focused on growing its market share in Latin America and China by leveraging well-established relationships with business, government and educational institutions. In addition, the Company is expanding its global footprint through strategic partnerships with Gale-Cengage, HP and regionally with Telefonica in Peru.
About Kickwheel (www.kickwheel.com):
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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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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