TORONTO, April 28,
2023 /CNW/ - Everybody Loves Languages Corp.
("ELL") (TSXV: ELL) (OTC: LMDCF) (FSE: LIMA), www.everybodyloveslanguages.com, an
edtech language learning edutainment and content development
company, announces its financial results for the fourth quarter and
year ended December 31, 2022. All
figures are reported in Canadian Dollars and are in accordance with
International Financial Reporting Standards unless otherwise
noted.
Corporate Highlights
- The Company entered a joint venture strategic partnership with
Row 9-Digital to develop and sell language learning programs based
on Hollywood movies, incorporating
the learning into the movie player. The Hollywood content is branded under the name
Academe+. The strategic partnership is structured on a 51%
ownership by ELL and 49% by Row 9-Digital.
- The Company entered into an agreement with Oak Hill Financial
to provide business, capital markets, and investor relations
advisory services.
- On October 6, 2022, ELL held its
Annual and Special Meeting of Shareholders (the "Annual
Meeting"). At the Annual Meeting, the shareholders re-elected
Messrs. Gali Bar-Ziv, Khurram Qureshi, Robert
Martellacci, Laurent Mareschal, and Tommy Weibing Gong as directors of the Company.
In addition, shareholders also approved the re-appointment of RSM
Canada LLP, Chartered Professional Accountants as auditors. The
Directors held a board meeting after the Annual Meeting and
re-appointed Gali Bar-Ziv as
President & CEO and Khurram
Qureshi as Chief Financial Officer.
At the Annual Meeting, shareholders approved the
name change of Lingo Media Corporation to Everybody Loves Languages
Corp. As part of the name change, effective at the start of trading
on October 17, 2022, Everybody Loves
Languages Corp. commenced trading on the TSX Venture Exchange under
the new trading symbol "ELL" and continued to trade on the OTC
Market under the trading symbol "LMDCF" and on the Frankfurt Stock
Exchange under the trading symbol "LIMA".
Operational Highlights
- Online English Language Learning:
-
- Completed development of Levels 2 & 3 of its new primary
school solution
- Developed Learning Tools Interoperability (LTI) - which is an
education technology specification developed by the IMS Global
Learning Consortium. It specifies a method for a learning
management system to communicate with external system, including
ELL's LMS. Added SSO to LTI in later of the year
- Showcased ELL products at BETT 2022 EdTech conference in
London
- Presented at GESS EdTech conference in Dubai
- Initiated development of lesson exercises for ELL's Ola
APP
- Expanded its English language learning service offerings in
Israel. Everybody Loves Language
courses are now being marketed and sold by CES Israel, an online
learning company that services corporations, educational
institutions, and families across Israel.
- Launched a new English language learning course, English
Teacher Prep (ETP), to its portfolio of products and service
offering. The ETP course provides an essential professional growth
opportunity for teachers looking to strengthen their English
proficiency and delivers critical methodologies for teaching
English as a foreign language. The program was created by experts
in curriculum design and features 120 hours of learning
content.
- ELL was selected as official English language learning partner
for Colsubsidio schools in Colombia to provide a complete suite of
digital education products. Colsubsidio is implementing ELL's
proprietary learning management system and its Campus English
course and testing suite.
- Signed an exclusive distribution agreement with Unlimited
Educational Service, the largest language learning digital and
print content developer and distributor in Turkey. As part of the distribution agreement,
UES will market ELL's full suite of products including its
movie-based lessons.
- ELL Testing platform was approved by the Ministry of Education
of Ecuador as a certified
proficiency test for Ecuador.
- Signed a sales contract with the University of La Guajira
(Uniguajira) in Colombia, one of
the country's largest public, coeducational institutions with six
satellite campuses across the country.
- Print-Based English Language Learning:
-
- Expanded existing market for PEP Primary English program
into one additional province in China
- Initiated the development of content and material for its Grade
3 textbooks for China market
Financial Highlights for the Year Ended December 31, 2022
|
Year Ended December
31st
|
2022
|
2021
|
|
Revenue
|
$
2,272,764
|
$
2,639,850
|
|
Operating and
development expenses
|
2,020,607
|
1,596,845
|
|
Bad debt expense
(recovery)
|
-
|
-
|
|
Income before
amortization, share-based
payments, depreciation,
finance charges and
taxes
|
252,157
|
1,043,005
|
|
Share-based
payments and depreciation
|
93,584
|
55,932
|
|
Finance charges, taxes
and foreign exchange
|
345,175
|
185,636
|
|
Net income
(loss)
|
(186,602)
|
779,093
|
|
Loss for the year
attributable to:
|
|
|
|
Non-controlling
interest
|
(100,221)
|
-
|
|
Shareholders of
Everybody Loves Languages
Corp.
|
(86,381)
|
-
|
|
Total comprehensive
income
|
61,807
|
726,573
|
|
Total comprehensive
income for the year
attributable to:
|
|
|
|
Non-controlling
interest
|
(100,221)
|
-
|
|
Shareholders of
Everybody Loves Languages
Corp.
|
162,028
|
-
|
|
Earnings per share
(basic)
|
$
(0.00)
|
$
0.02
|
|
Earnings per share
(fully diluted)
|
$
(0.00)
|
$
0.02
|
- Revenue for the year ended December 31,
2022, totalled $2,272,764 as
compared to $2,693,850 in 2021.
- Operating and development expenses for the year ended
December 31, 2022, totalled
$2,020,607 compared to $1,596,845 in 2021.
- Net loss for the year ended December 31,
2022, totalled $186,602 or
$0.00 loss per share (basic and fully
diluted) based on 35.6 million shares as compared to a net profit
of $779,093 for 2021 or $0.02 earnings per share (basic) based on 35.5
million shares and $0.02 earnings per
share (fully diluted) based on 36.7 million shares.
- Income before amortization, share-based payments, depreciation,
finance charges and taxes was $252,157 compared to $1,043,005 in 2021.
Financial Highlights for the Fourth Quarter Ended
December 31, 2022
|
Fourth Quarter Ended
December 31st
|
2022
|
2021
|
|
Revenue
|
$
951,940
|
$
1,296,759
|
|
Operating and
development expenses
|
720,758
|
367,073
|
|
Income before
amortization, share-based
payments, depreciation,
finance charges and
taxes
|
231,182
|
929,686
|
|
Share-based payments,
depreciation
|
24,213
|
55,223
|
|
Finance charges, taxes
and foreign exchange
|
494,525
|
101,159
|
|
Net income
(loss)
|
(287,556)
|
773,304
|
|
Loss for the year
attributable to:
|
|
|
|
Non-controlling
interest
|
(100,221)
|
-
|
|
Shareholders of
Everybody Loves
Languages
Corp.
|
(187,335)
|
-
|
|
Total comprehensive
income
|
3,530
|
769,822
|
|
Total comprehensive
income for the year
attributable
to:
|
|
|
|
Non-controlling
interest
|
(100,221)
|
-
|
|
Shareholders of
Everybody Loves
Languages
Corp.
|
103,751
|
-
|
|
Earnings per share
(basic)
|
$
(0.00)
|
$
0.02
|
|
Earnings per share
(fully diluted)
|
$
(0.00)
|
$
0.02
|
- Revenue for the fourth quarter ended December 31, 2022, totalled $951,940 compared to $1,296,759 for the same period in 2021.
- Operating and development expenses for the quarter ended
December 31, 2022, totalled
$720,758 as compared to $367,073 in 2021.
- Net loss for the quarter was $287,556 or $0.00
loss per share (basic and fully diluted) as compared to
$773,304 for the same period for 2021
or $0.02 earnings per share (basic)
on 35.6 million shares and $0.02
earnings per share (fully diluted) based on 36.7 million shares
Income before amortization, share-based payments, depreciation,
finance charges and taxes was $231,182 compared to $929,686 in 2021.
"We have entered into key partnerships which will result with an
expanded portfolio and a distinct competitive advantage by offering
learners Hollywood movies-based
learning lessons and activities. We continue to increase our
investment in product development and strengthen our sales team
which we expect to further enhance our position in the
marketplace." said Gali Bar-Ziv,
President & CEO of Everybody Loves Languages. "We continuously
pursue strategic partnerships to expand our reach and gain market
expansion for the upcoming years."
The audited financial statements for the year ended
December 31, 2022, and Management
Discussion & Analysis are available at www.sedar.com.
About Everybody Loves Languages
Corp. (TSX-V: ELL; OTC: LMDCF; FSE: LIMA):
Everybody Loves Languages Corp. is an edtech language-learning
and content development company empowering language educators to
easily transition from traditional teaching methods to digital
learning by integrating education, edutainment, and technology.
The company provides online and print-based solutions through
two distinct business units: Everybody Loves Languages Inc.
and Lingo Learning Inc. Everybody Loves Languages is a
state-of-the-art technology platform that delivers personalized
learning experiences in classrooms and online. Its programs provide
innovative SaaS-based eLearning solutions, including online and
offline content, a learning management system, assessments,
real-time reports, speech recognition technology, and white-label
tools. At the same time, Lingo Learning is the content
development arm and co-publishes print-based English language
learning materials in China.
Everybody Loves Languages has established successful
relationships with key government and industry organizations
internationally, with a presence in LATAM and China, and continues to expand its product
offerings and extend its market reach.
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: twitter@elltechnologies
YouTube: Everybody Loves Languages (ELL)
LinkedIn:
https://www.linkedin.com/company/elltechnologies
|
Portions of this
press release may include "forward-looking statements" within the
meaning of securities laws. These statements 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. Everybody Loves Languages 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. Everybody Loves
Languages' expectations depend 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 and other uncontrollable or
unknown factors. No assurance can be given that the
actual results will follow the forward-looking statements.
Except as otherwise required by securities laws, Everybody Loves
Languages undertakes no obligation to publicly update or revise any
forward-looking statements, whether because 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 securities regulators available on
www.sedar.com.
|
|
|
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
|
SOURCE Everybody Loves Languages Corp.
