/EINPresswire.com/ -- TORONTO, ON--(Marketwired - August 25, 2017) - Lingo Media Corporation (TSX VENTURE: LM) (OTCQB: LMDCF) (FRANKFURT: LIMA) ("Lingo Media" or the "Company"),an EdTech company that is 'Changing the way the world learns English' through innovative online and print-based technologies and solutions, announces its financial results for the second quarter ended June 30, 2017. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.

"We are excited about the merger transaction with Schoold and embarking on a $550 billion new category in the US higher education industry for Lingo Media. We have identified significant opportunities to cross-sell our respective products and services. With the collaboration between the management of Lingo and Schoold, we are confident we can deliver revenue and costs synergies and deliver value for our shareholders. We look forward to closing the merger," said Michael Kraft, President & CEO of Lingo Media.

Operational Highlights

• entered into a strategic alliance with HP Inc. (NYSE: HPQ) for Latin American to market and sell ELL Technologies' suite of learning programs to HP's customer base, channel partners and through their education portal
• continued to market and sell, English For Success, a series of lessons and activities derived from ELL Library as a premium solution for governments and educational institutions
• completed the development of ELL Technologies' new online Mandarin course
• advanced the Spanish localization of English For Success program

Corporate Highlights

• appointed Gerbrand Nijman, who is the CFO and a member of the board of directors of Global Telecom Holding S.A.E. (a subsidiary of VEON Group) to the board of Lingo Media
• advanced due diligence and negotiations with Schoold on a merger transaction and a definitive merger agreement was signed post the quarter-end

"We have invested more than $1.5 million over the past six-months in our digital content library to drive sales growth. In addition, we are expanding our market reach within Latin America through our existing channel partners and our recent partnership with HP Inc.," added Michael Kraft.

Financial Highlights for the Second Quarter Ended June 30, 2017

• Income before amortization, share-based payments, depreciation, finance charges and taxes for Q2 2017 was $636,759
• Revenue for Q2 2017 totalled $1,068,915 as compared to $1,549,397 in 2016, is a result of delays in contracts signings
• Operating expenses for Q2 2017 totalled $432,156 compared to $495,282 in 2016, reflecting a reduction in direct costs
• Net profit for Q2 2017 was $43,122

Financial Highlights for the Six-Month Period Ended June 30, 2017

• Income before amortization, share-based payments, depreciation, finance charges and taxes was $965,118
• Revenue for the six months ended June 30, 2017 totalled $1,666,892 compared to $2,306,255 for the same period in 2016
• Operating expenses for the six months ended June 30, 2017 totalled $701,774 as compared to $758,204 for the same period in 2016
• Net profit for the six months was $47,067

Balance Sheet as at June 30, 2017

• Working capital as at June 30, 2016 totalled $2,068,187
• Current ratio improved to 5.5:1 for the period ended June 30, 2017 as compared to 5.07:1 as at December 31, 2016
• Total liabilities as at June 30, 2017 totalled $459,813 as compared to $731,159 as at December 31, 2016, an improvement of $271,346

The Company's shares were halt traded on August 9^th for regulatory review of the merger transaction. The shares will remain halted until the Company receives conditional approval from the TSX Venture Exchange which is expected within the next two weeks.

This press release should be read alongside Lingo's Media's unaudited Financial Statement and Management's Discussion and Analysis Report. Which can be found at www.sedar.com. Lingo's Media's unaudited Financial Statement and Management's Discussion and Analysis Report has been filed with Canadian Securities Regulators.

About Lingo Media

Lingo Media is a global EdTech company that is 'Changing the way the world learns English', developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China, and continues to both extend its global reach and expand its product offerings.

Follow Lingo Media On:

Facebook: https://www.facebook.com/LingoMedia
Twitter: @LingoMediaCorp
YouTube: https://www.youtube.com/lingomedialm
LinkedIn: https://www.linkedin.com/company/lingo-media-corporation
RSS: http://feeds.feedburner.com/LingoMedia

Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. 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. Lingo Media has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Lingo Media's expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 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.

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.