The Vancouver-based company said it is targeting overseas markets as internet access expands worldwide, and discussions are on the table to push into Mexico, Brazil, the Philippines, South Korea, Vietnam, China and India.
Cloud Nine has resellers in Mexico and the Philippines, and discussions continue to advance with representation in South Korea that would facilitate expansion throughout Asia.
Investors responded well Thursday, sending Cloud Nine stock nearly 16% higher in Toronto to C$0.22.
"We believe that the time for comprehensive cloud-based technology in this sector is now,” CEO Allan Larmour said in a statement. “Never before has the global market been so ripe with opportunity in consideration of the emergence of cloud technology making education a universally viable resource."
The ESL program functions essentially as a business-to-business model, which is designed for teachers to implement the curriculum to students in a classroom environment. That said, the company is exploring a business-to-consumer model that would focus on self-paced instruction.
"Our goals are to leverage partners in each of our dominant territories, utilizing the strong resources developed and our reputation for excellence in the education marketplace, coupled with referral-based marketing and direct sales," Larmour said.
The program itself contains 520 hours of instruction spanning five difficulty levels of English and is integrated with Google Classroom, which the company said enables teachers to better incorporate individualized material.
Cloud Nine's stock recently traded up 16% to C$0.22 in Canada.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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