Lingo Media Signs LOI to Merge With Schoold
TORONTO, ON–(Marketwired – March 23, 2017) – Lingo Media Corporation (TSX VENTURE: LM) (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 it has entered into a letter of intent (the « LOI« ) with Vested Finance, Inc., the developer and operator of the leading, mobile college marketplace app in the US, Schoold (« Schoold« ), to complete a business combination (the « Transaction« ). The resulting entity, which will continue as Lingo Media, will also retain the name « Schoold » for use within the college marketing and counseling market.
The parties are working towards finalizing a definitive agreement within the next 30 to 60 days 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, based in San Francisco, California, is privately held by Silicon Valley and New York investment firms including Social Capital and University Ventures, as well as by FastForward Innovations Limited (FFWD.L), the London-based investment company led by Canadian entrepreneur Lorne Abony.
« Millions of learners across the globe aspire to learn English for the specific purpose of becoming qualified to study in English, » said Joe Ross, President and CEO of Schoold, which features profiles of over 3,000 universities and has served over one million students. « Together Schoold and Lingo Media will be the premier education technology company providing best-in-class English language learning resources and connecting students everywhere with higher education opportunities in the United States. »
« This merger opportunity positions Lingo Media to expand its international operations and its entry into the US higher education market, » said Michael Kraft, President & CEO of Lingo Media. « We look forward to joining forces with Schoold and benefiting from Joe Ross’s leadership and experience in the technology and education sectors. »
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.
Follow Schoold on:
LinkedIn: https://www.linkedin.com/schoold/Facebook: https://www.facebook.com/SchooldApp/Twitter: https://twitter.com/schooldappSnapchat: @schoold_app
About Lingo Media (TSX VENTURE: LM) (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.
Follow Lingo Media On:
YouTube: https://www.youtube.com/lingomedialmLinkedIn: https://www.linkedin.com/company/lingo-media-corporationRSS: http://feeds.feedburner.com/LingoMedia
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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