Sonic Foundry Begins Construction on First Global Learning Exchange™ Hub in the Bahamas
Sonic Foundry (NASDAQ: SOFO) announced the launch of its innovative Global Learning Exchange™, a solution aimed at providing flexible and cost-effective access to higher education. The construction of the first hub in the Bahamas is underway, with completion expected in July 2022. This hub will offer local support, admissions assistance, tutoring, and a collaborative learning environment, unlike existing online education platforms. Sonic Foundry has partnered with the Bahamas Institute of Business and Technology to facilitate enrollment. The initiative aims to democratize education globally and expand university partnerships.
- Launch of Global Learning Exchange™ to enhance access to education in the Bahamas.
- Construction of the first hub in Bahamas with completion expected in July 2022.
- Partnership with the Bahamas Institute of Business and Technology for local enrollment support.
- Initiative to establish agreements with universities in the US, UK, and Australia.
- Dependence on the successful completion of construction by July 2022 for initial operations.
- Potential risks associated with securing future partnerships with additional universities.
MADISON, Wis., April 12, 2022 (GLOBE NEWSWIRE) -- Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, today announced critical first steps in the launch of Global Learning Exchange™, an innovative solution to provide students worldwide with access to higher education in flexible, cost effective, locally supported environments.
Earlier this month, Sonic Foundry began construction of its first-of-its-kind Global Learning Exchange™ hub in the Bahamas. Conveniently located in central Nassau and scheduled for completion in July 2022, the facility will provide students with an unprecedented level of support relative to other online learning solutions – including in-person admissions and enrollment assistance, a positive study environment, tutoring, and other academic resources – while also serving as a hub for social and collaborative learning activities. No remote learning program in today’s higher-education market currently offers students the combination of online classes and locally supported resources.
To support the Bahamas initiative, Sonic Foundry also announced a partnership agreement with the Bahamas Institute of Business and Technology (BIBT), which will partner with Sonic Foundry to begin enrolling students this summer.
“Having dedicated my career to preparing Bahamians for success in the global marketplace, I am excited about the opportunity to partner with Global Learning Exchange,” said BIBT President, Dr. Deswell Forbes. “Together we can make a significant impact on the future of our youth and our country by providing world-class, affordable online educational opportunities in a local environment with all of the necessary study support and resources. This is a significant step toward enabling Bahamians to succeed personally and professionally at every conceivable level nationally and internationally. I have great confidence that this innovative educational model can disrupt barriers to achieving a fulfilling higher education experience for students.”
Additionally, Sonic Foundry is in the process of securing agreements to provide students with a wide variety of public and private university choices from around the world. As of today, the company has MOUs in place with five universities in the US, UK, and Australia, which it intends to move to contract this spring. In the months ahead, Global Learning Exchange™ will focus on partner-led hub development projects in a number of emerging global markets. This disruptive model will provide unprecedented levels of access, choice, and support – as well as relevant local pricing - to students in many countries where demand for higher education is rapidly growing amid constrained enrollment opportunities.
“Millions of students do not have access to higher education, despite the tremendous amount of online educational content,” said Joe Mozden, Jr., CEO of Sonic Foundry. “Global Learning Exchange allows us to democratize education by providing students with access to world-class education in a locally supported, affordable, community-centric environment. This is the future of global education.”
You can obtain more information on Global Learning Exchange™ here. For the latest on Sonic Foundry's new growth initiatives, listen to the most recent shareholders meeting here.
About Sonic Foundry
Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by thousands of educational institutions, corporations, health organizations and government entities in over 65 countries, Sonic Foundry’s solutions include Mediasite®, Mediasite Connect, Vidable™ and Global Learning Exchange™. Learn more at www.sonicfoundry.com.
© 2022 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Forward Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results, and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
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