Lingo Media Closes Acquisition of Speak2Me Inc.

Speak2Me has several years of experience in the developmentof speech recognition and avatar technology for spoken languagelearning and is now developing an online service for Englishlearners around the world. This service will address theongoing shortage of native English speaking teachers. Usingfacilities for social networking, Speak2Me is building anonline community of English learners that fosters competitionand co-operation between the users in their efforts to speakEnglish. The online service will provide an environmentthat is as much entertaining and fun as it is educational.

For the launch of this online service in China, its firstmarket, Speak2Me will take advantage of Lingo Media's marketpresence and extensive business relationships that havebeen established over the past eight years. The need formuch greater focus on spoken English is well recognizedby China's educational authorities. In August 2007, theShanghai Education Commission announced that their Englishlanguage learning program would now place much greater emphasison spoken English training.

While the Speak2Me service will be partially fee-based,it will also have many facilities and lessons availablefree of charge. This part of the service will be sponsoredby major brand advertisers, especially Western brands, whoare keen to reach young adults in China and other majoremerging economies.

In China, Speak2Me's initial target audience is the morethan 20 million university and college students. The nexttarget market will be the young professionals under 30 andother segments of China's 170 million Internet users. Theservice is currently being tested in select colleges inBeijing and will be rolled out nationally in stages overthe first six months of 2008.

The acquisition was completed by way of a share exchangeagreement entered into between Lingo Media, Speak2Me andthe shareholders of Speak2Me on the basis of a share exchangeratio of one post-consolidated common share of Lingo Mediafor each 3.975 common shares of Speak2Me. Under the termsof the acquisition, Lingo Media acquired all the issuedand outstanding common shares of Speak2Me in exchange for4,500,366 post-consolidated common shares of Lingo Media.Speak2Me is now a wholly-owned subsidiary of Lingo Media.

As part of the acquisition, the shareholders of Lingo Mediaalso approved the consolidation of all its common shareson a one-for-seven basis and the change of the Company'sname to "Lingo Media Corporation" by way of a special resolutionof the shareholders at the Company's Annual and SpecialMeeting held on October 5, 2007. The consolidation reducedthe number of common shares outstanding of the Company to5,113,443 common shares. Following the closing of the acquisition,Lingo Media has 9,613,809 common shares issued and outstanding.

Lingo Media also announced today that further to its previousnews release issued on October 18, 2007, it has completed,subject to regulatory approval, a second tranche of thesubscription receipt financing for an additional 37,500subscription receipts at a purchase price of $2.00 per subscriptionreceipt for an additional $75,000 gross proceeds under theoffering.

Michael Kraft, Lingo Media's President & CEO, said "Speak2Meprovides English language learners around the world witha much-needed service to practice spoken English and atthe same time provides major Western brand advertisers withan exceptional and powerful channel for reaching these youngadults." He added that "Speak2Me is coming to market atan opportune time in China, a time when great emphasis isbeing placed on spoken English, a time when the Internetin China is being heavily embraced, by educational authorities,and a time when online advertising expenditures are soaring."

About Lingo Media

Lingo Media is transitioning to a new media company in Englishlanguage learning for the world market and is currentlyfocused on China. As a publisher and distributor of educationalprograms in China since 2001, Lingo Media has an establishedpresence in the Chinese educational market of more than200 million English language students. To date, over 165million units from Lingo Media's library of more than 300program titles have been published and sold in China.

In Canada, Lingo Media specializes in the field of earlychildhood cognitive development, through A+ Child DevelopmentLtd., which distributes educational materials along withits unique curriculum. A+ has been operating in Canada forover ten years through its four offices in Calgary, Edmonton,Vancouver and Toronto. Lingo Media plans to introduce A+'slearning system and products to parents of pre-school childrenin China.

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