Lingo Media Extends Term of Loan

Lingo Media Extends Term of Loan 
TORONTO, ONTARIO -- (Marketwired) -- 09/16/13 -- Lingo Media
Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the
"Company") an ESL industry acquisition company that is Changing the
way the world learns English, is pleased to announce that it has
negotiated a one year extension to the term of the $880,000 loan
financing (the "Loan") originally completed on September 8, 2010 with
a one year term and extended for further one year terms on September
8, 2011 and September 8, 2012. 
The new maturity date of the Loan is September 8, 2014 and continues
to bear interest at a rate of 9% per annum, payable monthly in
arrears and is secured by a charge over all of the Company's assets
and properties. Lingo Media may elect to prepay the Loan in whole or
in part at any time at its sole discretion without penalty.  
As additional consideration for the extension of the Loan by the
lenders, the Company will issue to the Lenders an aggregate of
880,000 common shares of Lingo Media (the "Bonus Shares"). The Bonus
Shares are subject to a four month statutory hold commencing from
closing.  
The insider participation consisted of three directors who advanced
an aggregate of $445,000 and one executive officer who advanced
$35,000. It is expected that the Loan will be repaid from the
Company's cash flow and any equity or debt financing completed by the
Company during the new term of the Loan. 
About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF) Lingo Media
Corporation (www.lingomedia.com) is an ESL industry acquisition
company that is Changing the way the world learns English, focused on
English language learning ("ELL") on an international scale through
its four distinct business units: ELL Technologies; Parlo; Speak2Me;
and Lingo Learning. ELL Technologies is a globally-established ELL
multi-media and online training company marketed under the Q Group
brand (www.elltechnologies.com). Parlo is a fee-based online ELL
training and assessment service (www.parlo.com). Speak2Me is a
free-to-consumer advertising-based online ELL service in China
(www.speak2me.cn). Lingo Learning is a print-based publisher of ELL
programs in China. Lingo Media has formed successful relationships
with key government and industry organizations, establishing a strong
presence in China's education market of more than 300 million
students. The Company continues to expand its ELL offerings and is
extending its reach globally.  
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
Contacts:
Lingo Media
Michael Kraft
President & CEO
(416) 927-7000 ext. 23 or Toll Free: (866) 927-7011
(416) 927-1222 (FAX)
mkraft@lingomedia.com
www.lingomedia.com
 
 
Press spacebar to pause and continue. Press esc to stop.