Fast Forward’s Schoold merging with Lingo Media – FastForward is pleased to announce that investee company, Vested Finance inc (trading as Schoold Inc) in which FastForward has an equity interest of 11.6%, has announced that it has now approved a definitive agreement dated August 10, 2017 to combine in a merger of equals through an all-stock transaction with Lingo Media Corporation.
Schoold is a privately held company, that is the leading mobile app for getting trusted advice on applying to university in the United States and Lingo Media is a global EdTech company involved in developing and marketing products for learners of English. Shareholders should note that the deal remains conditional on certain conditions being satisfied.
‘The merger brings together the proven student-focused English Language Learning capabilities of Lingo and the “must-have” app-based mobile messaging and coaching services of Schoold. The combination of the two complementary companies creates a global platform for engaging, recruiting and coaching students, as well as helping colleges to ensure international students succeed in English. The operational efficiencies and scale that are expected to result from the merger include the ability to provide best-in-class English language learning resources to students through Schoold’s network of over 3,000 universities.
“This deal will accelerate the individual commercial success of each company,” said Lorne Abony, Fast Forward’s CEO. “By combining technology platforms and the ability to engage a broad range of both domestic and international students, the new company will have even more to offer university programs that face increasing competition for applicants.”
“This is about enabling thousands of traditional, brick-and-mortar colleges and universities to focus on what they do best: instruction,” said Joe Ross, CEO of Schoold. “College applicants and undergrads today discover, communicate and inform themselves on mobile devices – and organize their days around apps and mobile messaging. When it comes to finding and retaining engaged learners – especially those for whom English is a second language – colleges need help of the kind Lingo and Schoold are best qualified to provide.”
The Mobile Marketplace for Higher Education
Schoold is the leading mobile app for getting trusted advice on applying to university in the United States. With over one million served and thousands of rave reviews, the Schoold app functions as a higher education marketplace, connecting prospective students with colleges and universities. Recognized by U.S. News & World Report as a “must-have” app for international students, Schoold is democratizing access to higher education and helping students everywhere get smart about investing in their future. Schoold is available worldwide on iPhone, Android, and Kindle devices. Schoold is a Delaware corporation with its head office in San Francisco, California.
Update 3 November 2017
Further to the 15 August 2017 announcement, FastForward announces that investee company, Vested Finance Inc (trading as Kickwheel (formerly “Schoold”) in which FastForward has an equity interest of 11.6%, has announced that the agreement for the proposed transaction with Lingo Media Corporation has expired and will not be extended.
Lorne Abony, CEO of Fast Forward commented; “After a long period of negotiation, the board of Kickwheel has concluded that the underlying commercial conditions of the deal have changed and the proposed merger will not create long term value for shareholders including Fast Forward. This is clearly a disappointment but I remain confident that Joe Ross, CEO of Kickwheel, and his team will move forward from this to grow a company which will create real value for Fast Forward.”
FFWD : Fast Forward’s Schoold merging with Lingo Media