TORONTO, ONTARIO — (Marketwire) — 09/09/11 — Lingo Media Corporation (TSX VENTURE: LM)(OTCBB: LMDCF) (“Lingo Media” or the “Company”) a leader in online and print-based English Language Learning solutions announces that it has negotiated a one year extension to the term of the $1 million loan financing (the “Loan”) completed on September 8, 2010.
The new maturity date of the remaining $890,000 Loan is September 8, 2012 and continues to bear interest at a rate of 9% per annum, payable monthly in arrears and is secured by a charge over all of Lingo Media-s assets and properties. Lingo Media may elect to prepay the Loan in whole or in part at any time at its sole discretion without penalty.
About Lingo Media (TSX VENTURE: LM)(OTCBB: LMDCF)
Lingo Media Corporation () 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; Parlo; Speak2Me; and Lingo Learning. ELL Technologies is a globally-established ELL multi-media and online training company marketed under the Q Group brand (). Parlo is a fee-based online ELL training and assessment service (). Speak2Me is a free-to-consumer advertising-based online ELL service in China (). 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 is extending 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 or .
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.
Contacts:
Lingo Media
Michael Kraft
President & CEO
(416) 927-7000 Ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
Investor Contact: Alliance Advisors, LLC
Thomas Walsh,
Senior Vice President
(212) 398-3486
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