Lingo Media Corporation
TSX VENTURE : LM
OTC Bulletin Board : LMDCF

Lingo Media Corporation

August 31, 2009 20:03 ET

Lingo Media Reports Second Quarter Results

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2009) - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, announces its financial results for the six months ended June 30, 2009. All figures are reported in Canadian Dollars, and are in accordance with Canadian Generally Accepted Accounting Principles.

Business Highlights

- Signed a second contract between Speak2Me and Mercedes-Benz (China) to develop additional Conversational Advertising™ lessons to further support the smart fortwo launch in China

- Completed a Letter of Intent between Speak2Me and Shanghai Yangpu Government to support English language learning in China. The Shanghai Yangpu Government plans to launch Speak2Me's new subscription-based customized training platform.

- Successfully co-published Lingo Media's 300 millionth unit through Lingo Learning Inc. subsidiary with People's Education Press

- Strengthened management team with the addition of Gali Bar-Ziv as Chief Operating Officer of Lingo Media. Mr. Bar-Ziv brings more than 10 years of management and entrepreneurial experience, including strategic planning, business and corporate development, financing, and mergers and acquisitions. He holds a Bachelor of Law degree from the University of London and an MBA in Strategic and Entrepreneurial Studies from the Schulich School of Business in Toronto

Michael Kraft, President & CEO of Lingo Media said, "We're pleased with the progress we have made towards our continuing mission of changing the way the world learns English. From the ongoing success of our publishing division, to Speak2Me's recent milestones with Mercedes Benz (China) and the Shanghai Yangpu Government, we are well on our way. We plan to continue this momentum by offering English language learning programs suited for corporations, governments and educational and training institutions, which will be ready for launch before the end of this year."

Financial Highlights

Second quarter revenue from continuing operations was $654,358 compared to $393,709 in Q2 2008, a 66% increase over same period last year. Loss from continuing operations for the quarter ended June 30, 2009 was $691,389 or $0.06 per share compared to a loss from operations of $392,010 or $0.04 per share for the quarter ended June 30, 2008. Loss from discontinued operations from the quarter ended June 30, 2009 was $nil or $nil per share compared to a loss from discontinued operations of $99,219 or $0.01 per share for the quarter ended June 30, 2008. Net loss for the quarter ended June 30, 2009 was $691,389 or $0.06 per share compared to a net loss of $491,229 or $0.05 per share for the quarter ended June 30, 2008. Net loss for the quarter ended June 30, 2009 includes non-cash amortization expense of $492,000 and stock-based compensation expense of $47,000.

The Financial Statements for the six months ended June 30, 2009 and Management Discussion and Analysis thereon are available at www.sedar.com.

About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF)

Lingo Media Corporation (www.lingomedia.com) is a diversified online and print-based education products and services corporation focused on English language learning ("ELL") on an international scale through its Lingo Learning Inc. subsidiary, a print-based publisher of ELL programs in China, and Speak2Me Inc. (www.speak2me.com/advertising), an online ELL community. Lingo Media has formed successful relationships with key government and industry organizations, establishing a presence in China's education market of 250 million students. Since 2001, the Company has published more than 300 million units in China from its library of 340 program titles, and 350 online speaking lessons and 250 eZines. Lingo Media continues to expand its ELL offering and extend its reach on a global scale.

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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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