05:08:44 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Lingo Media Corp
Symbol LM
Shares Issued 35,529,192
Close 2017-03-22 C$ 0.305
Market Cap C$ 10,836,404
Recent Sedar Documents

Lingo to merge with Vested Finance

2017-03-23 16:04 ET - News Release

Mr. Michael Kraft reports

LINGO MEDIA SIGNS LOI TO MERGE WITH SCHOOLD

Lingo Media Corp. has entered into a letter of intent with Vested Finance Inc., the developer and operator of the leading, mobile college marketplace app in the United States, Schoold, to complete a business combination. The resulting entity, which will continue as Lingo Media, will also retain the name Schoold for use within the college marketing and counselling market.

The parties are working toward 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 per cent 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, Calif., is privately held by Silicon Valley and New York investment firms, including Social Capital and University Ventures, as well as by FastForward Innovations Ltd., 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 chief executive officer 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 U.S. higher education market," said Michael Kraft, president and chief executive officer 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."

About Schoold

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 in San Francisco, Calif.

About Lingo Media Corp.

Lingo Media is a global ed tech 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 on-line and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. 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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