Broadband Learning Corporation

Broadband Learning Corporation

April 29, 2008 19:12 ET

Broadband Learning Corporation Reports 2007 Results

SALT LAKE CITY, UTAH--(Marketwire - April 29, 2008) - Broadband Learning Corporation ("Broadband Learning") (TSX VENTURE:BLC), a participant in the rapidly expanding distance learning market, today reported its audited financial results for the 12 months ended December 31, 2007 and its unaudited financial results for the three months ended December 31, 2007.

Twelve months ended December 31: 2006 2005
($000s, except per share amounts) ------- --------
Sales $2,305 $2,243
Gross Profit $866 $1,072
Loss from continuing operations ($3,882) ($2,242)
Net income (loss) ($3,381) ($2,158)
Earnings (loss) per share ($0.12) ($0.08)

Three months ended December 31: 2006 2005
-------- -------
Sales $122 $551
Gross Profit $113 $283
Loss from continuing operations ($2,350) ($697)
Net income (loss) ($1,873) ($667)
Earnings (loss) per share ($0.07) ($0.02)

Revenues for the twelve months of 2007 have not significantly increased over 2006, reflecting the fact that over the greater portion of 2007 the Company's full efforts have been focused on entering into its previously announced business relationship with i-vu, and executing the initial roll-out phase of installation of the i-vu systems. The Company and i-vu have agreed to install systems that will allow advertising content to be delivered on 7,000 screens during the first half of 2008. At year end, 2,202 screens were installed. As of today's date, the 7,000 screen milestone has been met. Although very substantial efforts and costs have been invested in this project, revenue recognition criteria are not expected to be met until the 2008 fiscal year. This impact has been particularly pronounced in fourth quarter revenues.

Operating loss and net loss for the three and twelve month periods in 2006 both increased significantly from 2006 primarily because very substantial efforts and costs have been invested in the i-vu project, while revenues are not expected to commence until the 2008 fiscal year.

"Once the i-vu systems installations have become established, BLC expects to return more of its attention to pursuing opportunities and sales in its more traditional areas of distance learning" said John Yarnell, Chairman of Broadband Learning.

Bob Dameron, CEO, added, "with the signing of a Definitive Collaboration Agreement with i-vu in early 2008, the Company believes its outlook has improved markedly with the prospect of significant recurring revenue through its share in the i-vu system's advertising revenue base. We are very pleased to have fulfilled our initial system installation commitments and look forward to revenues starting to flow from the i-vu side of the project."

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.

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