Lingo Media is set to merge with college app Schoold

Lingo Media Corp (TSE:LM) revealed it is set to enter the US higher education market via a merger with Vested Finance Inc – the developer of the huge mobile college marketplace app, Schoold

The firms are  working to finalise a definitive agreement within the next 30 to 60 days, which is anticipated to be a ‘merger of equals’, it told investors.

Joe Ross, chief executive officer of Schoold, which features profiles of over 3,000 universities and has served over 1mln students, said: “Millions of learners across the globe aspire to learn English for the specific purpose of becoming qualified to study in English.

A premier Edtech company..

“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.”

Michael Kraft, of Lingo Media, added: “We look forward to joining forces with Schoold and benefiting from Joe Ross’s leadership and experience in the technology and education sectors.”

The Schoold app connects prospective students with colleges and universities and is available worldwide on iPhone, Android and Kindle devices.

Details to come..

Upon completion of a definitive agreement, Lingo will issue more specific details of the deal, including a private placement financing to be completed concurrently with the closing of the transaction.

Lingo shares closed the day (Thursday) in Toronto 21% higher to stand at $0.37.

Story by ProactiveInvestors