November 23, 2012 17:10 ET
TORONTO, ONTARIO--(Marketwire - Nov. 23, 2012) - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), an ESL industry acquisition company that is Changing the way the world learns English, announces its financial results for the third quarter ended September 30, 2012. All figures are reported in Canadian Dollars, and are in accordance with International Financial Reporting Standards unless otherwise noted.
Revenue for the third quarter totalled $129,424 compared to $349,544 for the same period in 2011, a decrease of 63%. In the third quarter, the Company initiated the redevelopment of its Q Group product portfolio to meet market needs. During this development process, ELL Technologies sales efforts have been reduced to enable the development team to complete the product upgrade and redesign. The Company expects to complete the first phase of this redevelopment process by the year end and the sales efforts will resume in January 2013.
The financial statements for the nine months ended September 30, 2012 and accompanying Management Discussion & Analysis are available at www.sedar.com.
About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF)
Lingo Media Corporation (www.lingomedia.com) is an ESL industry acquisition company that is Changing the way the world learns English, focused on English language learning ("ELL") on an international scale through its four distinct business units: ELL Technologies; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.elltechnologies.com). Parlo is a fee-based online ELL training and assessment service (www.parlo.com). Speak2Me is a free-to-consumer advertising-based online ELL service in China (www.speak2me.cn). Lingo Learning is a print-based publisher of ELL programs in China. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The Company continues to expand its ELL offerings and is extending its reach globally.
NEITHER THE 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
Lingo Media CorporationMichael KraftPresident & CEO(416) 927-7000 ext. 23 or Toll Free: (866) 927-7011(416) 927-1222 (FAX)firstname.lastname@example.org
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