Everybody Loves Languages (TSXV:ELL) reports Q3 results

• Everybody Loves Languages (ELL) announces its financial results for the third quarter ended September 30, 2022
• ELL expanded its English language learning service offerings in Israel
• ELL launched a new English language learning course, English Teacher Prep (ETP), to its portfolio
• Gali Bar-Ziv, President & CEO of Everybody Loves Languages, sat down with Daniella Atkinson to discuss the company’s results
• ELL is an ed-tech language-learning and content-development company
• Everybody Loves Languages Corp. (ELL) opened trading at C$0.105

Everybody Loves Languages (ELL) announced its financial results for the third quarter ended September 30, 2022. 

Q3 2022 corporate highlights:

• Everybody Loves Languages (“ELL”) entered a joint venture partnership with Row 9-Digital to develop and sell language learning programs based on Hollywood movies, incorporating the learning into the movie player. The Hollywood content is branded under the name Academe+. The joint venture partnership is structured on a 51 per cent ownership by ELL and 49 per cent by Row 9-Digital
• The Directors held a board meeting after the Annual Meeting and re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Financial Officer.
• Shareholders approved the name change of Lingo Media Corporation to Everybody Loves Languages Corp.
• The company now trades on the TSX Venture Exchange under the new trading symbol “ELL” and continues to trade on the OTC Market under the trading symbol “LMDCF” and on the Frankfurt Stock Exchange under the trading symbol “LIMA.”
• Online English Language Learning:
  • ELL expanded its English language learning service offerings in Israel. Everybody Loves Language courses are now being marketed and sold by CES Israel, an online learning company that services corporations, educational institutions, and families across Israel.
  • ELL launched a new English language learning course, English Teacher Prep (ETP), to its portfolio of products and service offerings. The ETP course provides an essential professional growth opportunity for teachers looking to strengthen their English proficiency and delivers critical methodologies for teaching English as a foreign language. The program was created by experts in curriculum design and features 120 hours of learning content.
  • ELL was selected as the official English language learning partner for Colsubsidio schools in Colombia to provide a complete suite of digital education products. Colsubsidio is implementing ELL’s proprietary learning management system and its Campus English course and testing suite.
  • ELL won a contract with Sophia Educational Group, a leading language training and test-prep education provider in Colombia. The ELL language-learning system will be offered to students from preschool to grade 11.
  • After the period ended on September 30, 2022, the company signed an exclusive distribution agreement with Unlimited Educational Service, the largest language learning digital and print content developer and distributor in Turkey. As part of the distribution agreement, UES will market ELL’s full suite of products, including its movie-based lessons.
• Content-Based English Language Learning:
  • Continued the development of content and material for its Grade 3 and 4 textbooks.

Q3 2022 financial highlights:

• Revenue for the third quarter ended September 30, 2022, totalled $181,014 as compared to $163,493 in Q3 2021.
• Operating and development expenses for the quarter ended September 30, 2022, totalled $453,616 compared to the expenses of $433,209 in Q3 2021. Included as a reduction of selling, general and administrative expenses are government grants of $55,000 relating to the company’s publishing and software projects and $15,000 relating to the funding of developing accessible audiobooks.
• Net loss for the quarter ended September 30, 2022, was $117,148 or $0.00 loss per share (basic) based on 35.6 million shares or $0.00 loss per share (diluted) based on 36.8 million shares as compared to a net loss of $282,095 for Q3 2021 or $0.01 loss per share (basic) based on 35.5 million shares or $0.01 loss per share (diluted) based on 38.5 million shares.
• Loss before amortization, share-based payments, depreciation, finance charges and taxes was $272,602 in Q3 2022 compared to the loss of $269,716 in Q3 2021.

Gali Bar-Ziv, President & CEO of Everybody Loves Languages, sat down with Daniella Atkinson to discuss the company’s results.

“We have hit a number of key milestones this year, which positions us for a strong value proposition and a competitive advantage. Getting certified for our assessment platform by the Ecuadorian Government enables us to start a new business and revenue center. In addition, incorporating the Academe+ Hollywood movie-based lessons as part of our offering and the initial excitement and reaction from the marketplace provides us with a strong momentum which we look to exploit in 2023.”

ELL is an ed-tech language-learning and content development company. It empowers language educators to easily transition from traditional teaching methods to digital learning.

ELL integrates education, edutainment, and technology. Its programs provide innovative SaaS-based eLearning solutions, including online and offline content. The products include a learning management system, assessments, real-time reports, speech recognition technology, and white-label tools.

Everybody Loves Languages Corp. (ELL) opened trading at C$0.105.