Broadband Learning Corporation

Broadband Learning Corporation

May 15, 2006 07:00 ET

Broadband Learning Corporation Comments on Lifting of Cease Trade Order

SALT LAKE CITY, UTAH--(CCNMatthews - May 15, 2006) - Broadband Learning Corporation ("Broadband Learning" or the "Company") (TSX VENTURE:BLC), a participant in the rapidly expanding distance learning market, was recently the subject of a cease trade order from the Ontario Securities Commission due to an unexpected delay in the completion of its 2005 audit which resulted in a filing deadline for the 2005 financial statements being missed. This delay occurred despite Broadband Learning's best efforts to have the audit completed, and the audit report was released and the filings made on the same day the cease trade order was made. The cease trade order was immediately lifted; however trading in the shares of the Company has remained suspended pending completion of a reinstatement review being conducted by the TSX Venture Exchange.

Pursuant to the reinstatement review, the TSX Venture Exchange has asked for clarification of two press releases previously issued by Broadband Leaning:

- The March 21, 2006 press release titled "Broadband Learning Corporation receives first purchase order on 3-year program to deploy distance learning solution for up to 4,000 sites" referred to Broadband Learning's expectation that "The total value of the three year program will be up to US$12 million, of which approximately half is expected to be completed in the first year of the program". While this expectation is based on a Master Services Agreement between Broadband Learning and its customer that states that the 3-year program is expected to cover 4,000 sites, and the pricing per site leads to the US$12 million revenue number, there is no guarantee under the Master Services Agreement that the 4,000 site goal will be attained.

- The April 3, 2006 press release titled "Broadband Learning Corporation signs agreement with Northeast Seminars Inc." states that "Under the five year arrangement, Northeast Seminars Inc. guarantees a minimum sales level of approximately US$775,000 per year." The Company wishes to clarify that Northeast Seminars Inc. is required to meet minimum sales levels of $US 775,000 under the agreement and should its minimum sales levels not be met the penalty to be incurred is the loss of its exclusive license to Broadband Learning content covered by the agreement.

The Exchange has now completed its review and has advised the Company that trading of the Company's shares will be reinstated effective the opening Tuesday, May 16, 2006.

Edwin Giles, CEO of Broadband Learning Corporation, stated "We are very disappointed and displeased that this interruption has occurred in the trading of Broadband Learning's stock. This is not how we intend to carry on business. I want to personally apologize to our stockholders and clients to whom this was an inconvenience."

About Broadband Learning Corporation

Broadband Learning Corporation produces, delivers, supports and manages distance-learning content needed by professionals, corporations and, ultimately, consumers. The distance learning market is experiencing rapid expansion; particularly in the area of continuing education for licensed professionals where Broadband Learning has a particular focus. Using proprietary technology and nationwide distribution capabilities, Broadband Learning provides the professional development market with a patented Internet-based learning system with on demand flexibility, rich multimedia educational resources, and administrative management capabilities. This enables training companies, instructors and content providers to protect their intellectual properties and realize a significant expansion of their reach. Broadband Learning serves North America and many points around the world from its offices in Salt Lake City, Utah. Many of Broadband Learning's products are delivered under the "Broadband University" trade name.

This press release may contain forward-looking statements relating to, among other things, Broadband Learning's expectations concerning future product demand and growth opportunities and customer acceptance of its products. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Broadband Learning disclaims any obligation to publicly update or revise any such statements.

This news release will not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information