N🟁N

TORONTO, ONTARIO--(Marketwire - May 31, 2010) - Lingo Media Corporation (TSX VENTURE:LM)(OTCBB:LMDCF) ("Lingo Media" or the "Company"), a leader in online and print-based English language learning solutions, announces its financial results for the first quarter ended March 31, 2010. All figures are reported in Canadian dollars, and are in accordance with Canadian GAAP unless otherwise noted.

Business Highlights

• Lingo Learning co-published its 325 million^th unit with People's Education Press, the Chinese Government's State Ministry of Education's publishing arm

• Speak2Me.cn online service achieved its 1 million^th registered user in China

• Appointed Mr. Michael O'Connor to the Board of Directors, who has more than twenty years of experience in economics, finance and mergers and acquisitions

• Subsequent to Q1, Lingo Media unveiled Parlo, its fee-based online ELL training and assessment service. The Company also acquired all issued and outstanding shares of UK-based ELL Technologies Limited. This acquistion of a globally-established multi-media and online training ELL business expands Lingo Media's product line and extends its reach into 10 new countries, driving increased revenues

Michael Kraft, President & CEO of Lingo Media said: "Subsequent to the quarter, we unveiled Parlo, our fee-based training and assessment online service. This new training service, in addition to Lingo Learning and Speak2Me, will drive revenues combined with the recent acquisition of ELL Technologies Limited, a complementary fee-based ELL online training business. ELL Technologies expands our product portfolio and market presence beyond China into 10 new international countries including Korea, Malaysia, Mongolia, the Philippines, Vietnam, Denmark, the Netherlands, Slovakia, Turkey, and United States."

Financial Highlights

In the quarter ended March 31, 2010, Lingo Media earned revenues of $135,295 compared to the quarter ended March 31, 2009 of $55,320, an increase of 144%.

Total selling, general and administrative costs for the quarter was $528,881 compared to $434,691 for the same period in 2009. Increases are primarily attributed to increased administration fees of $82,921 compared to the quarter ended March 31, 2009 of $47,497.

For the first quarter ended March 31, 2010, the Company recorded a net loss $1,080,577 or $0.09 per share compared to a net loss of $455,135 or $0.04 during the same period last year. The increase in net loss is primarily attributed to the amortization of software and web development of $604,668 as compared to $nil for the same period in 2009. Total assets for the period ended March 31, 2010 were $5,292,555.

The financial statements for the three months ended March 31, 2010 and Management Discussion & Analysis are available at [ www.sedar.com ].

About Lingo Media (TSX VENTURE:LM)(OTCBB:LMDCF)

Lingo Media Corporation ([ www.lingomedia.com ]) is a diversified online and print-based education products and services company focused on English language learning ("ELL") in China through four distinct business units. Lingo Learning is a print-based publisher of ELL programs. Speak2Me ([ www.speak2me.com/advertising ]) is a free-to- consumer advertising-based online ELL service. Parlo is a fee-based online ELL training and assessment service ([ www.corporate.parlo.com ]). ELL Technologies specializes in the development, production, and marketing of innovative ELL solutions under the brand Q Group. Lingo Media has formed successful relationships with key government and industry organizations, establishing a strong presence in China's education market of more than 300 million students. The company continues to expand its ELL offerings in China and plans to extend its reach globally.

Portions of this press release may include "forward-looking statements" within the meaning of securities laws. Forward-looking statements contained in this press release are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on [ www.sedar.com ] or [ www.sec.gov/edgar.shtml ].

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE