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

Lingo Media Corporation

September 27, 2010 10:39 ET

Lingo Media Shareholders Elect New Directors at Annual & Special Meeting

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), is pleased to announce the election of Tommy Weibing Gong and the Honourable Jerry S. Grafstein, Q.C. to its Board of Directors at the Company's Annual and Special Meeting of Shareholders (the "Meeting") held in Toronto on September 23, 2010.

Tommy Weibing Gong holds an Electrical & Mechanics engineering degree from Huazhong University of Science and Technology in China, and professional IT certifications through his North America education. He started his IT career in 1996 in Silicon Valley and was the founder of Polar Bear Energy Inc., a business in the energy saving cleantech/greentech sector in both Canada and China. Mr. Gong is now a leading commercial property developer in Shanghai. He is principal shareholder and Chairman of Zysteq North America Corporation, Shanghai Tommy Real Estate Development Co., Ltd, Shanghai Green Town Plaza Development Co., Ltd, Shanghai Canada-China Property Management Co., Ltd, and Shanghai Tommy & Hua Investment Co., Ltd.

The Honourable Jerry S. Grafstein, Q.C. holds degrees from the University of Western Ontario and the University of Toronto and has taught the Bar Admission Course at Osgoode Hall. He has wide-ranging legal and business experience in all aspects of media. Mr. Grafstein was a co-founder of a range of media companies, focusing on broadcasting, cable, communications, and publication enterprises in Canada, the US, the UK and South America. He has served as an advisor to several key government ministries, including Transportation, External Affairs, Consumer and Corporate Affairs and Justice. Mr. Grafstein was appointed to the Senate of Canada in 1984 by then Prime Minister Pierre Elliott Trudeau. He has served on all Senate Committees, including the Foreign Affairs and the Legal and Constitutional Affairs Committees. Mr. Grafstein served as Chairman of the Senate Banking, Trade and Commerce Committee. While in the Senate, he was a long serving Co-Chair of the Canada-United States Inter-Parliamentary Group, and a long serving senior officer of the Organization for Security and Co-Operation in Europe Parliamentary Assembly (OSCE PA). Mr. Grafstein retired from the Senate on January 1, 2010. He continues his law practice in corporate finance and communication law as counsel to Minden Gross LLP in Toronto and remains active in local affairs in Toronto.

At the Meeting, the shareholders also re-elected Michael Kraft, Anthony Lacavera, Ashesh Shah, Ashraf Halim, Sanjay Joshi and Scott Remborg as directors of the Company increasing the number of board directors from eight to nine. Nereida Flannery did not stand for re-election and the Company wishes to thank her for all her contributions to Lingo Media during her term as a board director.

In addition, shareholders also approved the following:

  • the reappointment of Collins Barrow Toronto LLP, Chartered Accountants as auditors;
  • an amendment to Lingo Media's 2005 Stock Option Plan increasing the maximum number of common shares reserved for issuance pursuant to the 2005 Stock Option Plan to 2,703,171, approximately 20% of its issued and outstanding common shares as at the record date, removal of required vesting provisions and increasing the maximum term to 10 years; and
  • an amendment to By-Law No. 2 of the Company to lower the minimum number of Canadian residents that are required to be on the board of directors and its committees from at least a majority to one quarter

More specific details of the matters approved at the Meeting are set forth in Lingo Media's Information Circular dated August 27, 2010 and posted on SEDAR 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 company focused on English language learning ("ELL") on an international scale through its four distinct business units. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (www.qgroupplc.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.com/advertising). 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 in China and plans to extend its reach globally.

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.

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