Business
Educational Development Corporation Announces Strategic Acquisition of Learning Wrap-Ups
Tulsa, Oklahoma--(Newsfile Corp. - November 1, 2021) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", or the "Company") today announced that the
About this update from Educational Development Corporation
[{"type":"text","content":"Tulsa, Oklahoma--(Newsfile Corp. - November 1, 2021) - Educational Development Corporation (NASDAQ: EDUC) (\"EDC\", or the \"Company\") today announced that the Company has executed a Letter of Intent to purchase Learning Wrap-Ups, Inc.\n\"We are pleased to acquire Learning Wrap-Ups and have their leadership team, Ron and Rich Stuart, join our EDC family. The supplemental products of Learning Wrap-Ups were initially created over 35 years ago and we have sold these high-quality educational tools through our UBAM division for over 25 years. Learning Wrap-Ups products, including the Learning Palette product line, have a long sales history and continue to appeal year after year to pre-school and school-aged children. This makes them a natural fit into our current Usborne and Kane Miller product lines, which offer titles that continue to stand the test of time,\" said Craig White, President and Chief Executive Officer of EDC.\n\"We have worked with EDC and the White family for almost three decades and are excited to be part of the company. EDC has a long history of providing quality learning products to both schools and homes. We are confident that the unique sales and distribution methods utilized by EDC will increase the sales of Wrap-Up products significantly,\" said Ron Stuart, owner of Learning Wrap-Ups.\nMr. White concluded, \"Learning Wrap-Ups has annual sales of approximately $1.5 million and the purchase price, resembling the value of the net assets acquired, will not materially impact the Company's financials. We expect to increase the overall sales of Learning Wrap-Up products through EDC's existing Publishing and UBAM sales channels while also capitalizing on improved margins by owning Learning Wrap-Ups exclusively.\"\nAbout Educational Development Corporation (EDC)\nEDC is a publishing company specializing in books for children. EDC is the exclusive United States trade co-publisher of the line of educational children's books produced in the United Kingdom by Usborne Publishing Limited (\"Usborne\") and we also exclusively publish books through our ownership of Kane Miller Book Publisher (\"Kane Miller\"); both international award-winning publishers of children's books. EDC's current catalog contains almost 2,000 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 4,000 retail outl...