LESSONWARE COMPLETES INITIAL PUBLIC OFFERING
LESSONWARE COMPLETES INITIAL PUBLIC OFFERING DALLAS, Texas, June 30 /CNW/ - Chris S. Tyler, president and
chief executive officer of Lessonware Ltd., announced that the company has completed its initial public offering on the Vancouver Stock Exchange. The company received net proceeds of Cdn. $2,081,250 through the issuance of 1.5 million shares at Cdn. $1.50 per share. Proceeds from the underwriting will be primarily used for marketing, advertising and new product development. To date, the company has raised over Cdn. $8,500,000 and has no bank loans or long-term debt.
Lessonware Ltd., through its Dallas-based subsidiary, Lessonware, Inc., creates and distributes high quality educational and personal development products to consumers of all ages. The Company will market its products throughout North America utilizing direct response television programs (infomercials), retail distribution and corporate sales. The company's infomercial is hosted by celebrated actor, James Earl Jones, Presidential Award winning teacher, Rene Maule and Dr. Linus Wright, former Under-Secretary of Education and current presidential advisor. Education has been identified as a top priority by political decision-makers in the United States and Canada and is becoming one of the top investment categories in the 1990's. Lessonware is positioned to capitalize on the growing consumer-based educational product market through the development and sale of inter-active, multi-media products. Lessonware has the ability to significantly exploit this opportunity through its recent development of a world class education-based organization and products. Lessonware's first product, The Study Game (TM), is targeted towards students at three age levels: Ages 8 - 14 Years; High School and College. Each of the three versions of The Study Game(TM) has been designed by specialists in education and psychology to teach fundamental study skills not typically taught in the school curriculum. The Study Game(TM) presents information to students in a format which is both educational and entertaining. Parental involvement is also included as an integral part of the program. Through the assembly of some of North America's top educators, marketing and financial partners, the foundation has been put into place to create a successful entity. The celebrity roster includes athletes Wayne Gretzky, Magic Johnson, Joe Montana and Chris Evert along with renowned educators Dr. Robert Ballard, Mrs. Marva Collins, astronaut Dr. Sally Ride, author George Plimpton, noted financier T. Boone Pickens and International Management Group, the world's largest celebrity, corporate and trademark licensing company. To assist in the execution of its marketing program, Lessonware has formed strategic alliances with some of North America's leading marketing, advertising and financial management firms. With a perceived crisis in North America's failing public education systems, billions of public and private dollars are being appropriated to finance improvements in the education sector. Consumers have demonstrated a clear trend towards the purchase of home-based products to supplement their children's educational process. Lessonware recognizes today's realities in education and the need to assist consumers in personal development. In addition to building its national sales base and distribution network for The Study Game(TM), the Company is continuing to develop new products. Under current development is a product for the retirement planning market, featuring professional experts in that field and celebrity golfer, Raymond Floyd. Future products being considered will be in the areas of parenting and adult illiteracy. -0- 6/30/92 /CONTACT: Lessonware Ltd. Corporate Communications, U.S. Toll-Free, 800-663-9533; or in Canada 604-688-8003/ (LWL.) CO: Lessonware Ltd. ST: Texas IN: CPR SU: CH -- LA010 -- 5205 06/30/92 13:18 EDT
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|Date:||Jun 30, 1992|
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