Lingo Media Corporation (TSX-V: LM; OTCQB: LMDCF) has entered into a letter of intent for a merger of equals with Vested Finance, Inc., the developer and operator of the leading, mobile college marketplace app in the US, Schoold.
Based in San Francisco, California, Schoold is privately held and controlled by Social Capital and University Ventures, as well as by FastForward Innovations Limited (LON: FFWD), the London-based investment company led by Canadian entrepreneur Lorne Abony.
The combined entity will continue as Lingo Media and will also retain the name “Schoold” for use within the college marketing and counseling market.
The parties are working towards finalizing a definitive agreement within the next 30 to 60 days with respect to the transaction, in which shareholders of each party will acquire 50% of the resulting entity.
“Millions of learners across the globe aspire to learn English for the specific purpose of becoming qualified to study in English,” said Joe Ross, President and CEO of Schoold, which features profiles of over 3,000 universities and has served over one million students. “Together Schoold and Lingo Media will be the premier education technology company providing best-in-class English language learning resources and connecting students everywhere with higher education opportunities in the United States.”
“This merger opportunity positions Lingo Media to expand its international operations and its entry into the US higher education market,” said Michael Kraft, President & CEO of Lingo Media. “We look forward to joining forces with Schoold and benefiting from Joe Ross’s leadership and experience in the technology and education sectors.”
photo credit: Schoold