Lingo Media, which specialises in online and print-based English language learning products in China, has closed a non-brokered private placement of $5,000,000 at $1.75 per unit from Orascom Telecom which is a subsidiary of Weather Investments.
Weather Investments is a telecommunications company with over 90 million subscribers in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan and Tunisia.
The proceeds from the financing will be used for Lingo Media’s on-going development, maintenance and operation of Speak2Me’s web portal and general working capital.
The Speak2Me product has been on beta test with 250,000 users for the past give months. The final product will be released at the end of the month to coincide with the launch of the qualifying round of its English Speech Contest in China.
Speak2Me uses speech recognition for 250 languages involving interactive conversations with a virtual teacher. Beta was launched in April 2008 in China — the largest market in the world for English Language Learning.
Speak2Me is a free, advertising-based portal and is available at www.speak2me.cn. Checking it out one finds the spoken English clear and easy to follow. Sadly, the illustrations seem to be of a speaker with a multi-language option so that the lips are not in synchronization with the words, which makes it an audio, rather than an audio-visual experience.