San Diego e-Learning Company Closes $5 Million Round of Financing
SAN DIEGO, April 26 /PRNewswire/ -- LearningFramework, the premier
e-learning software and service solution provider, today announced the close
of its Series B Round of financing. The San Diego based company closed the
round at $5 million, bringing total company funds raised to $8 million since
the company began operations one year ago. This amount includes a $500,000
commitment from its controlling shareholders to invest at terms at least as
favorable to the Company as the Series B round of financing at any time
LearningFramework requests after July 23, 2001. These funds will be used for
working capital, including repayment of interim advances and continuation of
the client acquisition, as well as further product development.
Since the company's inception in April 2000, LearningFramework has
continued to receive strong interest from customers and the investment
community in its innovative Web-based software and service solutions that
enhance client training programs by aligning learning objectives with business
goals. LearningFramework was founded by Brian Kenner, the former chief
technology officer and co-founder of INTERVU, Inc., and Dr. Isaac Willis, one
of the original financial backers of INTERVU, when they discovered the need
for a technology solution that would effectively solve the specific complex
training problems that exist both in corporate America and in traditional
educational settings.
"We are proud of the company milestones that have been reached in just one
short year, including our customer acquisition and product development. I am
very proud of the strong management team we have put in place to ensure that
LearningFramework stays on its path to being a leader in the e-learning
industry," states Brian Kenner, chief executive officer. "Our investors
believe in the company mission, our leadership team, and our ability to
execute on the strategy of building a solid company that will deliver the best
e-learning software and service solutions to our customers."
LearningFramework is building a successful company focused on the basics:
generating strong revenues while delivering real products and services that
meet specific client needs. "Our ability to complete the offering despite the
poor capital market conditions reflects the attractiveness of our business
model, including our people, technology, product and service offerings, as
well as the rapid growth opportunity that exists the e-learning industry,"
says Darryl Mazow, vice president of corporate development.
About LearningFramework
San Diego-based LearningFramework is the premier software and service
solution provider that utilizes standards-based technology and services to
leverage knowledge assets for its clients. The company's software and service
solutions and personal consultative approach enables clients to align training
objectives with business goals, empowering instructors to deliver dynamic
content that breaks through the communication barriers in today's marketplace
and traditional settings. LearningFramework's Web-based solutions assess
training effectiveness, allow for curriculum specialization to meet industry,
corporate and individual needs, and enable clients to realize new revenue
streams for content. For more information, please visit
http://www.learningframework.com or call 888-357-9410.
Note Regarding Forward Looking Statements
Except for the historical information contained herein, this media release
contains forward-looking statements and other speculative information that are
subject to risks and uncertainties that might cause actual results to differ
from those foreseen, including the market acceptance for LearningFramework
specialized services, technological change and intense competition, as well as
the other risks. This media release should be read carefully, because it
contains the Company's future expectations, projections of the Company's
future results of operations, "forward looking" or other speculative
information.
The securities offered in LearningFramework's Series B round of financing
have not been registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration of an
applicable exemption from registration requirements.
SOURCE LearningFramework
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Related links:
http://www.learningframework.com
CONTACT:
Leona Jungling, 858-642-4423,
ljungling@learningframework.com, or Denise Reinicke,
858-642-4441, dreinicke@learningframework.com, both of
LearningFramework,Inc.
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