Lingo Media Signs LOI to Merge With Schooldhttps://www.marketwired.com/press-release/lingo-media-signs-loi-to-merge-with-schoold-otcqb-lmdcf-2205086.htm ORONTO, ON--(Marketwired - March 23, 2017) - Lingo Media Corporation (TSX VENTURE: 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 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 (LON: FFWD), 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."
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, Inc., in San Francisco, California.