Legible Enters Strategic Partnership Agreement with Metrolinx, Ontario’s Leading Transit Authority

Rhea-AI Summary

Legible Inc. (CNSX: READ, OTC: LEBGF) has entered a partnership with Metrolinx to provide ebooks on the GO Transit network, which serves over seven million people in Ontario. This collaboration allows Legible to supply ebooks for the GO Wi-Fi Plus entertainment portal and offer a quarterly ebook for the GO Transit Reads program, enhancing reading experiences for commuters. The North American ebook market is projected to grow at 7% annually until 2025, and Legible aims to capture significant market share, especially with its upcoming subscription service, Legible Unbound.

Positive

• Partnership with Metrolinx expanding ebook availability to GO Transit riders.
• Access to a large audience of over one million weekly customers through GO Transit.
• Projected 7% annual growth of the North American ebook market.
• Upcoming subscription service, Legible Unbound, expected to generate significant revenue in 2023.

Negative

• None.

Legible to be featured on the GO Wi-Fi Plus entertainment portal, as a strategic partner of the GO Transit Reads program, and across advertising assets on the Metrolinx network

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Legible Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) ("Legible” or the “Company”) announces that it has signed an agreement with Metrolinx, the Greater Toronto Hamilton Area (“GTHA”) transit authority, to become an official ebook partner of GO Transit.

Legible READ on the GO bus wrap mock up. Please note: this is a rendering and is subject to change. (Photo: Business Wire)

GO Transit is a division of Metrolinx and serves a population of more than seven million people in Ontario. GO Transit’s train and bus network covers more than 11,000 square km, helping approximately one million customers get where they need to be safely and reliably every week.

Legible will supply ebooks for reading on the GO Wi-Fi Plus entertainment portal and supply a quarterly ebook for the GO Transit Reads program that riders can access on Legible’s browser-based, mobile-first ebookstore. Partnering with major publishers, Legible will offer GO Transit readers curated ebook selections, access to its growing line-up of original rich media Living Books, and a seamless connection to its extensive catalogue of approximately two million books from both large and small publishers.

GO riders will access Legible’s ebooks via GO Wi-Fi Plus, GO Transit’s unique entertainment portal, and QR codes will be placed on GO train posters and windows. Legible’s agreement with Metrolinx also includes advertising assets across the GO Transit network that will showcase Legible and inspire riders to become readers who “READ on the GO.”

“We are very excited to provide so much fantastic and innovative reading material onboard and direct access to Legible’s browser-based, mobile-first bookstore to the daily commuters and weekend riders of GO Transit,” said Kaleeg Hainsworth, CEO of Legible. “This partnership also complements the upcoming launch of Legible Unbound, our ebook and audiobook subscription service, offering the GTHA further reading and listening options to enrich their days and delight their journeys. Working with an organization like Metrolinx will deliver outstanding exposure to Legible.com and the great publishers and authors we work with.”

According to the most recent data, of the $772.1 million generated by book sales in Ontario, $86.2 million went to ebooks, and market research firm Technavio projects that the North American ebook market will progress at a growth rate of 7% annually until 2025. Based on industry conversion rates and GO’s audience, Legible believes that its strategic partnership with Metrolinx will facilitate the Company securing significant market share in the GTHA. Additionally, Legible anticipates that its forthcoming subscription service, Legible Unbound, will further support significant revenue from the partnership in 2023.

About Legible Inc.

Legible is a book entertainment and media company with a mission: millions of books for billions of readers, globally. Legible has developed two high-value verticals: a browser-based accessible B2C ebook entertainment platform for the emerging web with high-growth potential called legible.com - a global ebook entertainment platform delivering beautiful, accessible & immersive reading for next-generation readers; and second, a global B2B ebook conversion and production service with high-revenue potential called Legible Publishing - a world-class high-volume digital conversion service for publishers and organizations and a remediation service of ebook content for the accessibility community. Legible Publishing creates multimedia ebooks, branded as Living Books, that empower authors and publishers to deliver dynamic and unique content.

Founded and led by a team of technologists, authors, ebook publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st century publishing and global reading experiences.

Legible provides innovative e-reading experiences to the masses through any browser-enabled device. Legible is committed to providing access to readers that value immersive entertainment experiences through well-constructed and dynamic books. Legible embraces sustainability, accessibility, and global literacy.

Please visit Legible.com and discover the place where ebooks come to life.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking ‎statements are not based on historical facts, but rather on current expectations and projections about future events, many ‎of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks ‎and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the ‎forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative ‎thereof or similar variations. These statements include forward looking statements regarding new revenue sources and growth plans for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the ‎Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those ‎projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, ‎including changes in the financial markets; changes in applicable laws; ‎and the diversion of management time. Should one or more of these risks, uncertainties or ‎other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, ‎actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or ‎expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-‎looking statements and forward-looking information. The forward-looking information contained in this release is made as of ‎the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-‎looking information that are incorporated by reference herein, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking ‎information contained herein. All subsequent written and oral forward-looking information and statements attributable to the ‎Company or persons acting on its behalf is expressly qualified in its entirety by this notice.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005049/en/

Deborah Harford

EVP, Global Strategic Partnerships

Legible Inc.

+1 (672) 514-2665

deborah@legible.com

Source: Legible Inc.

FAQ

What is the recent partnership between Legible Inc. and Metrolinx?

Legible Inc. has signed an agreement with Metrolinx to become an official ebook partner of GO Transit, providing ebooks for commuters.

How many people does GO Transit serve?

GO Transit serves over seven million people in Ontario.

What services will Legible provide through this partnership?

Legible will supply ebooks for the GO Wi-Fi Plus entertainment portal and a quarterly ebook for the GO Transit Reads program.

What is the expected growth rate of the North American ebook market?

The North American ebook market is projected to grow at a rate of 7% annually until 2025.

What revenue opportunities does Legible anticipate from the partnership and Legible Unbound?

Legible expects to secure significant market share in the GTHA and generate substantial revenue from its upcoming subscription service, Legible Unbound, in 2023.