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Technology Stocks : edusoft (EDUSF) -- Ignore unavailable to you. Want to Upgrade?

To: Mark[ox5] who wrote (153)	11/18/1997 9:14:00 AM
From: John Hayman	Read Replies (1) \| Respond to of 272

All, Tuesday November 18, 8:24 am Eastern Time Company Press Release EduSoft Joins With Heinle & Heinle to Develop and Market Multimedia ESL for Children TEL AVIV, Israel--(BUSINESS WIRE)--Nov. 18, 1997--EduSoft Ltd. (Nasdaq/NMS: EDUSF - news) today announced that it has signed a Memorandum of Understanding with Heinle & Heinle of Boston, Massachusetts, a division of The Thomson Corporation, for the joint development and marketing of a new ESL multimedia series for children. The memorandum will be replaced by a definitive agreement to be signed no later than February 1st, 1998. According to the memorandum, both companies have agreed to join in the development of English Kid(c), a series of multimedia products to teach English as a Second language (ESL) to children aged 5-12 (K-5). English Kid(c) will be released in both consumer and school versions, making extensive use of the latest-state-of-the-art 3-D animation, speech recognition and Internet connectivity. The companies will share in the ownership of English Kid(c) at the same ratio of their respective investments in its development. Presently, EduSoft anticipates investing approximately 70% of the costs of this development effort. The development of English Kid(c) has already commenced with the first CD-ROM of the series scheduled for release in mid 1998. Heinle & Heinle and EduSoft have agreed to divide the world-wide distribution of English Kid(c) so that Heinle will distribute the product in North America and EduSoft in the rest of the world, paying to each other royalties on sales. The companies have jointly applied to the Israeli-American BIRD Foundation for a grant to assist in financing a portion of the cost of the development project, as EduSoft successfully accomplished when developing its best selling English Discoveries. Menachem Hasfari, President and CEO of EduSoft commented: ''Over the last three years, EduSoft has been leading successful distribution operations in over 35 countries with its best selling ESL for adults multimedia series, English Discoveries. Based on this success and on our intimate knowledge of the global ESL market, we believe that English Kid(c) and the international market of ESL for children present a strong promise for success. We are confident that Heinle & Heinle, a major player in the North American K-12 market with their ESL products, is the perfect partner for such an endeavor. Coupled with EduSoft's expertise in developing multimedia ESL products, which is demonstrated by our current English Discoveries series, we look forward to an alliance with Heinle & Heinle that will be mutually beneficial to both companies. Highly encouraging is Heinle's marketing abilities in North America, which are enhanced by the sales force of its parent company, Thomson Corporation.'' Stan Galek, Heinle & Heinle's Vice President and Publisher said: ''We are committed to the ESL market and have been active in the development and marketing of ESL products for the last 15 years. We believe that the cooperation with EduSoft, whom we find to excel in the development of multimedia educational applications, will assist us in introducing the latest technology into our range of products and extend our penetration into the K-5 market.'' Heinle & Heinle is a major American publisher, specializing in the field of foreign and second language learning. The company is recognized as the U.S. leader in the development of innovative ESL and EFL print and electronic products. Certain matters discussed in this news release are forward-looking statements, as it is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties including, but not limited to, product and technology development, rapid technological changes, product demand, impact of competitive products and pricing, market acceptance, lengthy and unstable sales cycle, changing economic conditions, as well as availability of human and financial resources, which may cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of EduSoft. EduSoft develops, publishes and markets multimedia educational titles, as well as integrated educational systems. EduSoft specializes in four product lines - English learning, Early Childhood, science, and technological training. EduSoft's products are used in over 40 countries by homes, schools, governments and corporations. Obtain more information about EduSoft by visiting our Web site at www.edusf.com in the USA, or at www.edusoft.co.il elsewhere. John