Missed opportunities mostly LOL This release made me think of it...
Lingo Media to JV with Liaoning Publishing in China
2005-08-16 13:11 ET - News Release
Mr. Michael Kraft reports
LINGO MEDIA SIGNS LETTER OF INTENT WITH LIAONING PUBLISHING GROUP -- JOINT VENTURE FOR EDUCATIONAL PRODUCTS & SERVICES
Lingo Media Inc. has signed a letter of intent (LOI) to establish a joint venture with a Chinese publishing giant, Liaoning Publishing Group, through its subsidiary, Liaoning Dianya Culture Book Distribution Co. Ltd. (LPG) in Shenyang, Liaoning. LPG is a 3.645 billion renminbi, roughly $450-million (U.S.), Chinese publishing conglomerate that consists of 11 publishing houses, a state-of-the-art distribution centre, a retail chain of 17 massive bookstores, an e-bookstore with over 600,000 available titles, several printing houses, and an audio-video publishing arm.
The joint venture will be headquartered in LPG's facilities in Shenyang and will operate an educational product development business and an educational services business in China. "We are very excited by this partnership's potential for both Lingo Media and LPG. This perfectly melds Lingo Media's expertise in developing English-language learning materials for China with LPG's vast distribution channels. It should allow both parties to significantly expand their share of the fast-growing market for educational learning products and services. This partnership with Lingo Media is another example of LPG's aggressive pursuit of international joint ventures as we become a world-class publisher. After recently completing a joint venture with Bertelsmann Publishing Group for trade book distribution, we are looking forward to concluding our agreements with Lingo Media and launching this joint venture," said Xiaoqun Yu, director and vice-general manager of Liaoning Publishing Group. Michael Kraft, president and chief executive officer of Lingo Media, added, "We are excited to be partnering up with a publishing powerhouse like LPG, a partner who provides Lingo Media with additional access to the China market through their national distribution network."
The proposed joint venture is subject to satisfactory due diligence by Lingo Media, the parties entering into a definitive agreement as well as Chinese regulatory approvals. Lingo Media has extended its brokered private placement offering to Sept. 14, 2005 (see Stockwatch news dated June 14, 2005).
