Global Telecom Holding S.A.E.

December 23, 2014 16:36 ET

Acquisition of Options of Lingo Media Corporation

TORONTO, ONTARIO--(Marketwired - Dec. 23, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Global Telecom Holding S.A.E. (formerly Orascom Telecom Holding S.A.E.) ("GTH") has acquired ownership and control of an option to purchase up to 55,000 common shares of Lingo Media Corporation (the "Company") at a price of $0.13 per common share on or before September 9, 2017 and an option to purchase up to 55,000 common shares of the Company at a price of $0.14 per common share on or before November 17, 2017. Immediately after the foregoing transactions, GTH had ownership and control over 12.98% of the issued and outstanding common shares of the Company, assuming the exercise by GTH of the option to purchase 55,000 common shares of the Company that was immediately exercisable. As of the date hereof, GTH has ownership and control over 13.03% of the issued and outstanding common shares of the Company, assuming the exercise by GTH of options to purchase 68,750 common shares of the Company that are exercisable within 60 days.

The Options were issued to GTH by the Company pursuant to the stock option plan of the Company. The securities described herein are being held for investment purposes only. Depending on market and other conditions, GTH and any joint actor may from time to time in the future increase or decrease its ownership of or control over, or exercise its current right to acquire, common shares or other securities of the Company, through market transactions, private agreements or otherwise.

A copy of the report relating to this acquisition may be found on the Company's profile at www.SEDAR.com or may be obtained from Ola Tayel at 011 20 (2) 2461 5161.

The filing of this report is not an admission that an entity named in the report owns or controls any described securities or is a joint actor with another named entity.

Contact Information

  • Ola Tayel
    011 20 (2) 2461 5161