Lingo Media Corp expects Scoold deal within 30 days

Lingo Media Corp (CVE:LM) expects to finalise terms of its merger with college app Schoold with thirty days, according to Michael Kraft, chief executive.

Framed as a ‘merger of equals’, the combination brings together Schoold’s profiles of over 3,000 universities together with Lingo Media’s English language learning platform.

“We anticipate entering into definitive deal terms over the next 30 days,” he added.

“We believe we are on the right track with a very deep and active sales pipeline combined with market acceptance of our products achieved over the past 18 months,” said Kraft.

Lingo posted a loss of C$36,000 |(C$633,000 profit ) in the final quarter of 2016 on revenues of C$736,000 (C$1.28mln).

For the full year, there was a profit of C$64,000 (C$2.52mln) on sales of C$3.2mln (C$4.9mln).

Story by ProactiveInvestors