eChalk Secures $3 Million Financing From MMV Financial

Investment Reinforces eChalks' Commitment to K12 Education

    New York, NY – April 22, 2009 – eChalk, a leading provider of internet solutions for the K12 education market, announces the completion of a US $3.0 million venture loan from Toronto based MMV Financial. The venture loan will support eChalk’s continued expansion and strengthen the company’s reach to improve communication and technology for K12 schools nationwide. eChalk is privately held company with investment from Edison Venture Fund.

    "eChalk was founded over 10 years ago with the mission to improve education. We are thrilled with the MMV partnership, because it affords us the ability to continue to make investments in technology, product enhancements and sales and marketing that will benefit schools and students all over the nation.” said Martin Brutosky, Chief Executive Officer and Chief Operating Officer of eChalk. “MMV has been very responsive to work with and this partnership continues their long history of providing financing solutions to Edison portfolio companies.”

    “eChalk represents an opportunity to invest in a well managed, later stage market leader. We believe the Company will continue to grow, penetrating the K12 market with its flexible, user friendly and easily customizable solutions.” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “We were impressed with the depth of knowledge of the team at eChalk and their dedication and responsiveness to their clients.”

    About eChalk Inc.

    Founded in 1999 and headquartered in New York City, eChalk offers K-12 schools web-based systems that transform teaching, learning, and leadership by creating communities in which all stakeholders can easily communicate, collaborate, and connect. Today’s students have been raised in a digital environment and eChalk enables this culture to be leveraged in instruction and learning. Each community is customized to meet the needs of each school and district.

    For more information, visit the company's web site at: ͭwww.echalk.com

    About MMV Financial Inc.

    MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de depot et placement du Qubec, Fonds de Solidarite des Travailleurs du Quebec, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com

    Contacts:

    Martin Brutosky 
    CEO & COO
    eChalk Inc.
    (212) 809-8400
    mbrutosky@echalk.com  

    Greg Dimmer
    Senior Vice President
    MMV Financial Inc.
    (416) 977-9718
    gdimmer@mmvf.com