EVERYBODY LOVES LANGUAGES REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2022

TORONTO, Nov. 28, 2022 /CNW/ – Everyone Loves Languages Corp. . (“ELL”)  (TSXV: ELL) (OTC: LMDCF) (FSE: LIMA), www.everybodyloveslanguages.com, an edtech language studying edutainment and content material growth firm publicizes its monetary outcomes for the third quarter ended September 30, 2022.  All figures are reported in Canadian {Dollars} and are in accordance with Worldwide Monetary Reporting Requirements until in any other case famous.

Q3 2022 Company Highlights

• Everyone Loves Languages (“ELL”) entered a three way partnership strategic partnership with Row 9-Digital to develop and promote language studying packages primarily based on Hollywood films, incorporating the training into the film participant. The Hollywood content material is branded below the title Academe+. The three way partnership partnership is structured on a 51% possession by ELL and 49% by Row 9-Digital

• After the quarter finish, ELL held its Annual and Particular Assembly of Shareholders (the “Annual Assembly”). On the Annual Assembly, the shareholders have re-elected Messrs. Gali Bar-Ziv, Khurram Qureshi, Robert Martellacci, Laurent Mareschal and Tommy Weibing Gong as administrators of the Firm. As well as, shareholders additionally permitted the re-appointment of RSM Canada LLP, Chartered Skilled Accountants as auditors.

  The Administrators held a board assembly after the Annual Assembly and re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Monetary Officer.

  On the Annual Assembly, shareholders permitted the title change of Lingo Media Company to Everyone Loves Languages Corp. As a part of the title change, efficient in the beginning of buying and selling on October 17, 2022, Everyone Loves Languages Corp. commenced buying and selling on the TSX Enterprise Trade below the brand new buying and selling image “ELL” and continued to commerce on the OTC Market below the buying and selling image “LMDCF” and on the Frankfurt Inventory Trade below the buying and selling image “LIMA”.

Q3 2022 Company Highlights

Q3 2022 Monetary Highlights

• Income for the third quarter ended September 30, 2022 totalled $181,014 as in comparison with $163,493 in Q3 2021.

• Working and growth bills for the quarter ended September 30, 2022 totaled $453,616 in comparison with the bills of $433,209 in Q3 2021. Included as a discount of promoting, normal and administrative bills are authorities grants of $55,000 regarding the Firm’s publishing and software program tasks and $15,000 associated to the funding of growing accessible audio books.

• Web loss for the quarter ended September 30, 2022 was $117,148 or $0.00 loss per share (fundamental) primarily based on 35.6 million shares or $0.00 loss per share (diluted) primarily based on 36.eight million shares as in comparison with a web lack of $282,095 for Q3 2021 or $0.01 loss per share (fundamental) primarily based on 35.5 million shares or $0.01 loss per share (diluted) primarily based on 38.5 million shares.

• Loss earlier than amortization, share-based funds, depreciation, finance fees and taxes was $272,602 in Q3 2022 in comparison with the lack of $269,716 in Q3 2021.

Monetary Highlights for the 9-Month Interval Ended September 30, 2022

• Income for the nine-month interval ended September 30, 2022 totalled $1,20,824 in comparison with $1,343,091 for a similar interval in 2021.

• Working and growth bills for the nine-month interval ended September 30, 2022 totaled $1,229,772 as in comparison with $1,229,772 for a similar interval in 2021.

• Web revenue for the nine-month interval was $100,954 as in comparison with web revenue of $5,789 for a similar interval in 2021.

• Earnings earlier than amortization, share-based funds, depreciation, finance fees and taxes was $20,975, as in comparison with $113,319 for a similar interval in 2021.

“We now have hit various key milestones this yr which positions us for a robust worth proposition and a aggressive benefit. Getting licensed for our evaluation platform by the Ecuadorian Authorities permits us to begin a brand new enterprise and income middle. As well as, incorporating the Academe+ Hollywood film primarily based classes as a part of our providing and the preliminary pleasure and response from {the marketplace} offers us with a robust momentum which we glance to take advantage of in 2023″, mentioned Gali Bar-Ziv, President & CEO of Lingo Media.

The unaudited condensed interim monetary statements for the quarter ended September 30, 2022 and Administration Dialogue & Evaluation can be found at www.sedar.com.

About Everyone Loves Languages Corp. (TSX-V: ELL; OTC: LMDCF; FSE: LIMA)

Everyone Loves Languages Corp. (ELL) is an edtech language-learning and content material growth firm empowering language educators to simply transition from conventional instructing strategies to digital studying by integrating training, edutainment, and know-how.

The corporate offers on-line and print-based options by means of two distinct enterprise models: Everyone Loves Languages Inc. and Lingo Studying Inc. is a state-of-the-art know-how platform that delivers personalised studying experiences in school rooms and on-line. Its packages present progressive SaaS-based eLearning options, together with on-line and offline content material, a studying administration system, assessments, real-time stories, speech recognition know-how, and white-label instruments. On the identical time, Lingo Studying Inc. is the content material growth arm publishing print-based English language studying supplies in China.

Everyone Loves Languages has established profitable relationships with key authorities and business organizations internationally, with a presence in LATAM and China, and continues to increase its market attain and broaden its product choices.

Observe Everyone Loves Languages on social media:                                                                        

Fb: https://www.fb.com/everybodyloveslanguages
Twitter:      twitter@elltechnologies
YouTube:  Everyone Loves Languages (ELL)
LinkedIn:   https://www.linkedin.com/firm/elltechnologies

To be taught extra, go to us at www.everybodyloveslanguages.com

Parts of this press launch could embody “forward-looking statements” throughout the which means of securities legal guidelines. These statements contain recognized and unknown dangers, uncertainties or different components that might trigger precise outcomes to vary materially from the outcomes, efficiency, or expectations implied by these forward-looking statements. These statements are primarily based on administration’s present expectations and contain sure dangers and uncertainties.  Precise outcomes could fluctuate materially from administration’s expectations and projections and thus readers mustn’t place undue reliance on forward-looking statements.  Everyone Loves Languages has tried to determine these forward-looking statements through the use of phrases comparable to “could,” “ought to,” “count on,” “hope,” “anticipate,” “consider,” “intend,” “plan,” “estimate” and related expressions. Everyone Loves Languages’ expectations rely on normal financial situations, the continued and progress in demand for its merchandise, retention of its key administration and working personnel, its want for and availability of extra capital and different uncontrollable or unknown components. No assurance could be on condition that the precise outcomes will comply with the forward-looking statements. Besides as in any other case required by securities legal guidelines, Everyone Loves Languages undertakes no obligation to publicly replace or revise any forward-looking statements, whether or not due to new info, future occasions, modified circumstances or every other motive.  Sure components that may have an effect on the Firm’s skill to attain projected outcomes are described within the Firm’s filings with the Canadian securities regulators obtainable on www.sedar.com.

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SOURCE Everyone Loves Languages Corp.

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