Broadband Learning Corporation

Broadband Learning Corporation

March 29, 2006 12:57 ET

Broadband Learning Corporation Acquires Rehab Training Network Video Library, Appoints New CFO and Two Operating Officers, Grants Options

SALT LAKE CITY, UTAH--(CCNMatthews - March 29, 2006) - Broadband Learning Corporation ("Broadband Learning") (TSX VENTURE:BLC), a leader in distance learning, is pleased to announce that it has entered into an agreement with Christine Rohe Martier to acquire the Rehab Training Network Video Library (the "Video Library") consisting of over 150 titles representing approximately 600 hours including a Nursing Training Library, a Rehabilitation Training Library and a Motivational Training Library (including associated workbooks, photographs and marketing materials). Broadband Learning is paying US$600,000 to Christine Rohe Martier for the Video Library, consisting entirely of common shares of Broadband Learning Corporation issued at a price of C$0.30 per common share. The shares are subject to any sale restrictions imposed by the TSX Venture Exchange.

Broadband Learning is also pleased to announce the following appointments:

Byrne C. Hopkin, CPA, has been appointed as Broadband Learning's CFO, replacing Michael Ben who was acting on an interim basis. For over 20 years Byrne has worked in finance, accounting and management of Bonneville International Corporation, a major US media company. Most recently he was the Vice President of Finance for Bonneville Intermountain Radio, a division of Bonneville operating 15 radio stations. Previously he was the Vice President/Controller for that company. Byrne played an integral role in the acquisition and divestiture of radio stations as the US FCC rules allowed increased concentration of ownership in markets. He is experienced in designing financial systems that maximize operations and is a member of the American Institute of Certified Public Accountants (AICPA) and the Utah Association of Certified Public Accountants (UACPA). Byrne has served in various capacities in educational organizations of the UACPA and Broadcast Cable Financial Managers (BCFM), and has held a seat on the Board of Directors of the BCFM. He graduated cum laude from the Marriott School of Management at Brigham Young University with a Bachelor of Science degree in accounting and finance.

Jack Crutchfield has been appointed Vice President of Sales at Broadband Learning's operating subsidiary, Broadband Learning Inc. Jack has been an industry leader in Business TV and Distance Learning applications for satellite communications since 1981. He has held sales positions for Bonneville Satellite (now known as Globecast), and as Vice President for Williams Global Access, Loral and Vista Satellite Communications. His background includes acquisition of collegiate curriculum and educational materials for McGraw-Hill. Jack has overseen the successful sale, installation, management, and operation of some of the most intensively used corporate satellite distance learning and corporate communications networks in North America and around the world. Jack is recognized by corporate communications professionals at many of the Fortune 500 as the source to turn to for expertise and management of their distance learning and corporate broadcast requirements. Jack is a graduate of Amherst College and is a member of the Society of Satellite Professionals and numerous other professional societies. In his position at Broadband Learning, Jack is based in New York City.

Christine Rohe Martier has been appointed Vice President of Business Development and Strategy at Broadband Learning's operating subsidiary, Broadband Learning Inc. Christine is a pioneer in distance learning, and her accomplishments include:

- Ernst and Young Entrepreneur of the Year award winner,

- Negotiating distribution of proprietary content on various multimedia channels,

- Facilitating partnership agreements with professional associations, television talent, political leaders and healthcare organizations, and

- Producing over 300 accredited continuing professional education seminars.

Christine is a former principal of Rehab Training Network, a highly successful Nursing and rehabilitation practitioner training organization that has trained over 100,000 licensed healthcare professionals.

Broadband Learning has also granted options to these new employees, to Investor Cubed Business Development Corporation (its investor relations firm, as disclosed in a press release dated March 10, 2006) and to directors that were not included in the option grants at the time of the Qualifying Transaction, as follows (subject to TSX Venture Exchange approval):

Byrne C. Hopkin 100,000
Jack Crutchfield 50,000
Christine Rohe Martier 50,000
David Molinaro 25,000
David Peterson 100,000
Andy Wilson 100,000
John Yarnell 100,000
Investor Cubed Business Development Corporation 255,000

All of these 780,000 options were issued on the same terms as the options issued at the time of the qualifying transaction, being an exercise price of C$0.30 per share, expiry 5 years after the date of grant, and subject to vesting conditions. Following this option grant, a total of 151,704 options remain unissued and reserved for future issue.

"We are pleased with the addition of such experienced management as Byrne, Jack and Christine and with the acquisition of the Rehab Training Network Video Library that was developed by Christine" said Ed Giles, CEO of Broadband Learning Corporation. "It has been our intention all along to move the CFO function to Salt Lake City, which is the primary site of our operations. The further strengthening of our sales and business development roles also bodes well for Broadband Learning's revenue growth. Now that these organizational changes are in place we can focus our efforts on delivering the growth potential available in our market" Giles said.

About Broadband Learning Corporation

Broadband Learning Corporation produces, delivers, supports and manages distance-learning content needed by professionals, corporations and, ultimately, consumers. Broadband Learning uses 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

  • Broadband Learning Corporation
    Edwin Giles
    (801) 281-2266 x 215
    5936 South 350 West, Murray, Utah 84107
    Investor Cubed Business Development Corp.
    Neil Simon
    (416) 366-0010 x 203
    49 Front St. East, 4th Floor, Toronto, Ontario, M5E 1B3