Learning Resources Agrees to Acquire Educational Insights; Acquires Well-Regarded Line of ''Hands-On'' Educational Products for School and Home Markets.VERNON HILLS Vernon Hill II (born circa 1946) is the founder and former chairman, president, and chief executive officer of Commerce Bancorp and Commerce Bank of Cherry Hill Township, New Jersey. , Ill. -- Learning Resources, Inc., a leading manufacturer of innovative, hands-on educational materials for classrooms and learning toys for the home, announced today that its Board of Directors has approved a cash merger in which Educational Insights, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :EDIN EDIN Economic Democracy Information Network EDIN Eating Disorder Information Network EDIN Electronic Data Interchange Notification .PK) will become a wholly-owned subsidiary of an affiliate of Learning Resources (LRI LRI Laboratoire de Recherche en Informatique LRI Long-range Research Initiative LRI Legal Resource Index LRI Leicester Royal Infirmary (hospital in Leicester, UK) LRI Lower Respiratory Infection ). As a result, LRI and EDIN signed a definitive Merger Agreement reflecting this cash merger on September 8, 2006. Educational Insights is a leading California-based designer, developer, and marketer of innovative learning products dedicated to teaching children the fundamentals of geography, math, reading, science, and other subjects. Under the terms of the agreement, LRI will acquire all the outstanding common stock of Educational Insights for $1.97 per share in cash less transaction expenses estimated at $.07 per share, or total estimated shareholder consideration of $24.2 million. The companies expect to close the transaction by October 31, 2006. Educational Insights will continue to maintain its headquarters in Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Dominguez, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and operate independently after the acquisition. "With its track record of successful and award-winning products, Educational Insights is a natural fit for Learning Resources. Both companies are committed to developing innovative hands-on products that make learning faster, easier and more fun," said Richard Woldenberg, Chief Executive Officer of Learning Resources. "We believe that the addition of Educational Insights to our corporate family, following our recent acquisition of the Safe-T Products and Extra Measures companies, offers our dealers and consumers access to the most extensive hands-on learning product line in the world." "Educational Insights is well-known for its educational products with a "hands-on" approach. The Company is also a highly successful developer and marketer of popular electronic learning aids including GeoSafari(R) Talking Globe and Classroom Jeopardy jeopardy, in law, condition of a person charged with a crime and thus in danger of punishment. At common law a defendant could be exposed to jeopardy for the same offense only once; exposing a person twice is known as double jeopardy. !(R), as well as best sellers like the popular Blokus(R) strategy games, CoinStruction(R) building sets and The Amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. Live Sea-Monkeys(R) Activity Sets," said Etienne Veber, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Learning Resources. "We are pleased to welcome the Educational Insights team and to support the future growth of their highly regarded brands and products." "Learning Resources is known for its unparalleled service levels, product leadership, innovation, and its long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment to the Education market. The companies share the same core values and operating principles," says G. Reid Calcott, Chief Executive Officer of Educational Insights. "We are delighted that the Educational Insights products and brands will become part of such a dynamic organization and we are all looking forward to contribute to the future growth of the group." About Educational Insights Educational Insights, Inc. is a leading designer, developer, and marketer of innovative learning products dedicated to teaching children the fundamentals of geography, math, reading, science, and other subjects. Educational Insights' award winning product line comprises more than 750 educational products and includes electronic learning aids, strategy games, activity books, science kits, manipulatives and learning toys for use in both schools and homes. Educational Insights, Inc. was founded by Burt Cutler in 1962 and is based in Rancho Dominguez, California. More information on Educational Insights can be found at www.EducationalInsights.com. About Learning Resources Learning Resources, Inc. is a leading manufacturer of innovative, hands-on educational materials for classrooms and learning toys for the home. For more than 20 years, educators and parents have trusted the company as a source for quality, award-winning educational products teaching language and reading, math, science and early childhood. Headquartered in Vernon Hills, Illinois Vernon Hills is a village in Lake County, Illinois, United States. The population was 20,120 at the 2000 census, and estimated to be 23,957 as of 2005. Vernon Hills serves as a retail hub for its surrounding area (Libertyville, Lake Forest, Mundelein, Lincolnshire). , Learning Resources markets and distributes its products to over 80 countries around the globe. For more information about Learning Resources, visit http://www.LearningResources.com. |
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