Broadband Learning Corporation

Broadband Learning Corporation

April 30, 2009 18:47 ET

Broadband Learning Corporation Reports 2008 Q4 Results and Full Year-Previous Operations Classified as Discontinued

SALT LAKE CITY, UTAH--(Marketwire - April 30, 2009) - 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, 2008 and its unaudited financial results for the three months ended December 31, 2008.

Twelve months ended December 31: 2008 2007
(C$000s, except per share amounts)
Sales $- $-
Gross Profit - -
Loss from continuing operations (930) (1,147)
Net income (loss) ($14,642) ($3,381)
Earnings (loss) per share ($0.51) ($0.12)

Three months ended December 31: 2008 2007
Sales $- $-
Gross Profit - -
Loss from continuing operations 772 50
Net income (loss) ($8,961) ($2,092)
Earnings (loss) per share ($0.31) ($0.07)

In light of the ongoing dispute with its business partner on the i-vu project, it is unlikely that this project will become economic. Accordingly, the Company has discontinued the operations related to the i-vu project, with all inventory and deferred charges related to the discontinued operations being written off as impaired during 2008. The results of operations and financial position of the i-vu project have been segregated and presented separately as discontinued operations in the Company's consolidated financial statements. Results for 2007 also segregate other operations discontinued by the Company during that period. As a result, no revenues, cost of goods sold, gross profit or selling and marketing expenses are presented in the Company's income statement for 2008 or 2007.

Loss from discontinued operations was $13,711 thousand in 2008 versus $2,233 thousand in 2007. While the assets related to the i-vu project were written off in 2008, criteria had not been met as at December 31, 2008 to extinguish a liability of $10,851 thousand related to this project, management considers it unlikely that the Company will have to fulfill this other liability; and the other liability may be taken into income in a future period.

"The Company is currently focused on redeploying its remaining assets in a manner that creates long term value and gets the Company to the point where sufficient cash flow is generated from operations" said Bob Dameron, President and CEO.

About Broadband Learning Corporation

Broadband Learning Corporation produces, delivers, supports and manages distance learning content for professionals, corporations and consumers. The Company is addressing the professional development market by providing an Internet or digital media-based learning system with on-demand access, multimedia educational resources, and administrative management capabilities. The Company provides wide area network and satellite services across North America and other parts of the world. The Company 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.

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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