Lingo Media Inc.
OTC Bulletin Board : LNGMF
TSX VENTURE : LMD

Lingo Media Inc.

May 02, 2007 18:44 ET

Lingo Media's Annual Financial Statements Delayed

TORONTO, ONTARIO--(CCNMatthews - May 2, 2007) - Lingo Media Inc. (TSX VENTURE:LMD)(OTCBB:LNGMF) ("Lingo Media" or the "Company"), announces that it will be late in filing its annual consolidated financial statements for its fiscal year-end of December 31, 2006. The year-end financial statements are required to be filed no later than April 30, 2007. The late filing of the financial statements is due to the recent acquisition of A+ Child Development (Canada) Ltd. ("A+") and delays caused by the first time audit of A+ for years ended December 31, 2005 and 2006. Based on the work completed to-date, management anticipates that the annual consolidated financial statements will be filed by May 15, 2007.

As a result of this delay in filing, Lingo Media has requested the Ontario Securities Commission and other Canadian securities regulatory authorities to issue a temporary order that prohibits directors, officers and other insiders of the Company from trading in securities of Lingo Media until the 2006 annual consolidated financial statements are filed. The issuance of such cease trade order would generally not affect the ability of persons who are not directors, officers or other insiders to trade Lingo Media shares. The Company intends to provide information in accordance with Ontario Securities Commission Policy 57-603 - Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports as long as the 2006 annual consolidated financial statements are not filed. In the event that the 2006 annual consolidated financial statements are not filed by June 30, 2007 or bi-weekly status update reports are not filed on a timely basis, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding shares of Lingo Media.

About Lingo Media (TSX VENTURE:LMD)(OTCBB:LNGMF)

Lingo Media is a publisher and distributor of educational program in China and Canada.

In China, the Company publishes print, audio/video cassette and CD-based English language learning programs for students and teachers from pre-school through university. Lingo Media has an established presence in the Chinese educational market of more than 200 million English language students. To date, over 165 million units from Lingo Media's library of more than 300 program titles have been published and sold in China. While Lingo Media remains focused on its royalty-based educational publishing business, it is advancing its China Expansion Plan to establish itself as a distributor of educational print media including books, newspapers and magazines in China.

In Canada, Lingo Media specializes in the field of early childhood cognitive development, through its recent acquisition of A+, which distributes educational materials along with its unique curriculum. A+ has been operating in Canada for over ten years through its four offices in Calgary, Edmonton, Vancouver and Toronto. Lingo Media plans to introduce A+'s learning system and products to parents of pre-school children in China.

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