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For more info: http://www.realpennies.com/otc/lmdcf Lingo Media-2008 Year in Review (OTCBB:LMDCF) Lingo Media Corp.
TORONTO, ONTARIO -Jan 19, 2009 - Lingo Media Corporation ("Lingo Media" or the "Company") is pleased to report on milestones achieved during 2008 for each of its business segments.
Michael Kraft, President & CEO of Lingo Media, commented, "2008 was an evolutionary year for the Company as we achieved many key milestones and accomplishments, which established Lingo Media into a diversified online and print-based education company. We completed the integration of our newly acquired Speak2Me subsidiary including the conversion of its CD-ROM-based English language learning platform onto a web-based advertising supported platform. We believe our investment has positioned Speak2Me for significant growth through its Conversational Advertising platform. We expanded our product offerings available through Lingo Learning, our China-based publishing business. We successfully completed an equity financing of $5 million through a private placement of our common stock with Orascom Telecom." Online English Language Learning Speak2Me - Launched www.speak2me.cn website in Beta across 50 select universities in Beijing and Shanghai in April 2008. Since the launch almost 500,000 users registered on the site.
- Assembled a qualified local development team in Beijing to complete website development and build a social networking platform. Our experienced local team has strong background and knowledge to make use of existing relationships with educational institutions, governments and industry in China. By making the original CD-ROM products available online, Speak2Me is now accessible to China's more than 298 million Internet users.
- Secured partnership with a Chinese State Ministry of Education services provider to promote www.speak2me.cn to universities and colleges. Speak2Me deployed its online service on CERNET China's only nationwide Internet Service Provider making Speak2Me's learning program available nationwide to China's 24 million university and college students.
- Launched Version 1.0 with an expanded feature set based on feedback from our users in December 2008. The addition of the social networking tools combined with the expanding lesson library is expected to dramatically increase the user uptake and stickiness to generate commensurate revenue from our breakthrough Conversational Advertising platform.
- Secured first Conversational Advertising contract with Mercedes-Benz's smart car. This contract validates Speak2Me's services as an online English language learning platform as well as its Conversational Advertising business model.
Print-Based English Language Learning Lingo Learning - Lingo Learning has published more than 248 million units up to end June 2008.
- Completed revisions for the PEP Primary English and Starting Line programs for both Winter and Fall 2008 semesters.
- Initiated writing of new editions for both PEP Primary English and Starting Line programs. These new editions will replace the existing programs and will have a sales cycle of up to 8 years for PEP Primary English and up to 12 years for Starting Line. The first grade levels for both programs are expected to be completed by Summer 2009 and released for the Fall 2009 semester.
- Expanded its editorial and author team to work on the new editions and to create new program proposals for the China market.
Early Childhood Education A+ Child Development Due to the economic downturn and its negative effect on A+'s sales, combined with high operating costs, Lingo Media decided last month to propose a restructuring of A+'s operations, its 70.33% owned subsidiary. A+ will continue to service its clientele through its National Support Centre while the potential for reorganization and restructuring is examined.
Lingo Media Corporate Completed equity financing of $5 million from Orascom Telecom Holdings S.A.E., a major international telecommunications company that serves over 90 million mobile phone subscribers worldwide positioning Speak2Me to capitalize on its growth opportunity.
Lingo Media appointed several key individuals to its Board of Directors in 2008: - Anthony Lacavera, founder of Globalive Communications Corp. and telecom and new media industry veteran, has been assisting with strategic planning for Speak2Me and helping to maximize revenue growth throughout all of our product and marketing initiatives.
- Ashraf Halim, responsible for Strategic Marketing for Orascom Telecom Holdings S.A.E, has experience in market strategy, commercial budgeting, pricing, products and services roadmap and research for the mobile industry.
- Ashesh Shah, an entrepreneur and corporate advisor, has been leveraging his expertise in technology and education to explore the expansion of Speak2Me into new regions and into mobile applications.
The Year Ahead Our plans for 2009 include: Speak2Me - Hire President for Greater China Region to oversee operations and lead sales initiatives.
- Establish ad sales team to aggressively pursue Conversational Advertising sponsors
- Continue product development initiatives to enhance social networking features of www.speak2me.cn
- Evaluate development of mobile applications for English language learning
- Evaluate potential expansion beyond China into India and Middle East/Gulf Region About Lingo Media Lingo Media Corporation is a diversified online and print-based education product and services company.
Lingo Media's Speak2Me Inc. subsidiary is a new media company that focuses on interactive advertising in China via its Internet-based English Language Learning portal. Speak2Me offers a proprietary and groundbreaking online service designed to address the rapidly growing need for conversational English learning around the world. Using robust speech recognition technology, Speak2Me provides more than 350-targeted language lesson modules involving interactive conversations with a virtual teacher. A unique social-network infrastructure also allows students to form study groups, creating an environment that, along with contests and prizes, engenders co-operation and competition, just as in a conventional classroom.
Lingo Media continues to expand its legacy business via its subsidiary Lingo Learning Inc. , a print-based publisher of English Language Learning programs in China since 2001. Lingo Learning has an established presence in China's education market of 200 million students and has published 248 million units from its library of more than 340 program titles up to end June 2008.
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.
Profile for Lingo Media Corp.
Lingo Media Corporation operates as a diversified education products and services corporation. The company, through its wholly owned subsidiary, Speak2Me, Inc., a new media company, focuses on interactive advertising via its Internet-based English language learning portal in China. Speak2Me offers a proprietary online service designed to address the need for conversational English learning worldwide. It provides approximately 250-targeted language lesson modules involving interactive conversations with a virtual teacher. Lingo Media, through its other subsidiary, Lingo Learning, Inc., publishes English language learning programs in China. As of November 4, 2008, it has published 244 million ...
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