SANTA MONICA, Calif., July 14, 2003 (PRIMEZONE) -- Edulink, Inc (OTCBB:MYIQ) announced today that it has concluded two agreements, one with the Institute of Open Education (formerly Moscow Center for Teacher Training and Development) and the other with Learning Probe International LLC and its designated partner, the Moscow Institute of New Technologies.
Edulink has granted to Learning Probe and its partner, the Moscow Institute of New Technologies ("INT"), the license and the right to sublicense two of Edulink's collaborative learning tools to schools and educational institutions throughout Russia and the other territories of the former USSR. In addition to fees and shares of revenue, part of the consideration for the license includes Learning Probe's contribution of programming services through its partners in Russia to customize and translate the software applications. Learning Probe and its partner in this project, INT, are in the business of identifying software and other resources suitable for use by Russian educators and students, localizing and translating those resources and then sublicensing the localized versions to educational institutions in Russia and the Other Territories.
Edulink has also granted the right to sublicense Edulink's knowledge sharing system, now referred to as its eKnowledgeXchange, through a joint venture to be formed with Learning Probe under terms which shall include the payment to Edulink of license fees and a share of the joint venture's revenue. As an integral part of the joint venture agreement, the services of the programmers in Russia will be used to customize various portions of the software for use in Russia and The Territories. In each instance, the programming work of Learning Probe or its affiliates or partners will be performed in coordination with Edulink and its technology partner, SAIC. Edulink will own any modifications made to the software with the right to incorporate the modifications in advanced versions of its eKnowledgeXchange.
The Moscow Institute of Open Education is one of the Russia's leading education and teacher training organizations providing in service training to nearly 30,000 teachers a year from all 1,500 Moscow schools as well as from schools outside Moscow. The Institute has agreed to test Edulink's software applications and during the next few months will provide recommendations and reports. Additionally, the Institute has agreed to assist Edulink in the preparation of teacher and student materials necessary for the successful adaptation of Edulink's applications in Russian classrooms. Edulink has also agreed to test various software applications recommended by the Institute for use within Edulink's knowledge sharing system, eKnowledgeXchange.
Charlie Guy, Edulink's CEO, stated: "These agreements are very important to us and illustrate our very focused goal of introducing and implementing our products and services to education markets on a global basis and in the process accelerate our ability to generate revenue. In addition, obtaining the services of highly skilled technology programmers under the supervision of someone with the credentials of Boris Berenfeld, all with the assistance of our technology integrator, SAIC, is of great value as we customize and translate our software applications for use by people and institutions speaking different languages and working to satisfy many different standards and cultures."
Boris Berenfeld of Learning Probe and a significant member of Edulink's initial consulting team stated: "Having teachers and educators test and pilot EduLink's software applications through the Moscow Institute of Open Education is of great importance and a part of the overall plans of Learning Probe, INT and Edulink to facilitate an accelerated introduction of state-of-the-art education technologies into the education market throughout Russia and The Territories. The Institute is highly regarded by the Russian Ministry of Education as well as the Moscow City Government for it innovative works in the field of education technologies."
INT's CEO, Dr. Grigoriy Amirdjanov, said "We look forward to introducing to the Russian schools the localized versions of EduLink's innovative products. We are very selective in transferring best education technology practice to the large market of 68,000 Russian public schools and for that reason our products have been successfully implemented by the nation's best schools and are highly regarded by Russian teachers and educators. ."
ABOUT INT: The Moscow Institute of New Technologies was founded in 1989 by a group of prominent Soviet educators, scientists and mathematicians who came from the different branches of the Soviet Academy of Sciences and were previously involved with the Academy's Experimental School Project aimed to reform Soviet education system with technologies. INT works with the Russian Ministry of Education and Moscow State Department of Educations to develop strategies for the implementation and support of technology in Russian schools. In doing so INT identifies, translates and localizes the best education technologies developed by firms from many nations. INT works in the field of education technology innovations with the world's leading technology companies such Apple Computer and SIEMENS NIXDORF, and is an exclusive distributor in the Russian education market for such learning technologies companies as LEGO Dacta A/S, MEDIUM, ASK, Knowledge Revolution, Key Curriculum Press, LCSI, Spectra, Cornelson and others.
ABOUT EDULINK:
Edulink's current business focus is on the near and long term opportunities to implement a series of revenue generating products and services built upon its knowledge sharing system's core technologies known as the eKnowledgeXchange. The Company's focus is not limited to the US K-12 market, but includes implementation in the international education marketplace as well as the utilization of these same core technologies to deploy revenue generating models outside of the education market.
Edulink's core technology system, developed by its technology integration partner SAIC, and market tested over the last several years, is based on the integration of the three core foundations for digital asset or eknowledge management: Storage & Retrieval, Repurposing, and Distribution. The eKX will allow for the secure and managed delivery of enhanced digitized assets or eknowledge utilizing one of our four proprietary delivery systems: the Internet, CD-Rom, Traditional Print, or e-Print on Demand.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.