St. Louis, MO—Siboney Corporation (OTC: SBON—news) today announced that Siboney Learning Group, its wholly owned subsidiary, has signed a letter of intent to purchase the publishing assets of Teacher Support Software.
Teacher Support Software, based in Gainesville, Florida, is a twenty year old company with a strong reputation in the school software industry for publishing educational software that helps teachers help struggling students. Best known for its Worksheet Magic tool program and its Word Works vocabulary program, Teacher Support Software’s product line complements current titles offered in Siboney Learning Group’s growing line of reading and writing educational software titles for K-12 schools and adds a new category of teacher tool products. Teacher Support Software’s revenues for the 12 months ended April 30, 2000 were $634,540.
Teacher Support Software will become the third product line in Siboney Learning Group’s portfolio of educational software products. The Company’s GAMCO product line provides highly motivating and managed single titles and series sold through school software dealers and a direct sales force. The Company’s Orchard: Teacher’s Choice Software product line offers schools a comprehensive curriculum-based solution with universal management which is sold through a network of territorial dealers. Siboney Learning Group will retain the Teacher Support Software name and sell its titles through all of its sales channels to schools.
Tim Tegeler, Chairman of Siboney Corporation, commented “Siboney Learning Group has produced outstanding results during the past two years based upon its impressive growth in sales and profits. We have built a strong base from which we can now explore and execute acquisition opportunities. Acquiring the assets of a company as well regarded as Teacher Support Software represents a major step in the continued growth of our Company.”
Bodie Marx, President of Siboney Learning Group, added, “I have admired the publishing success of Teacher Support Software for twenty years. We look forward to building upon their tradition of creating practical and effective solutions for teachers and to expanding their sales through our many sales channels to schools. Our entire team looks forward to working with their product line.”
Siboney Corporation expects to sign a definitive agreement shortly and anticipates the closing on or about July 1, 2000, subject to the fulfillment of customary conditions.
Contact:
Siboney Corporation, St. Louis
Tim Tegeler, 314/725-6141
Any forward-looking statement is necessarily subject to significant uncertainties and risks. The words “believes”, “anticipates”, “intends”, “expects” and similar expressions are intended to identify forward-looking statements. Actual results could be materially different due to various factors, including the level of education funding provided by federal and state governments, regulatory developments, product development and pricing strategies undertaken by our competitors and our ability to attract and retain key personnel. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.