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Einstein Channel buys training provider T.E.N


Einstein Channel Plc, the digital TV channel and website devoted to science and technology has bought ailing distance learning company Television Education Network Ltd ('T.E.N') from the receivers for £500,000. T.E.N produces video based training for the professions of accountancy, law, surveying and engineering and its services are used meet the continuing professional development (CPD) requirements of those sectors.

T.E.N has been trading in the UK for nine years delivering its services by means of video cassettes accompanied by printed study notes but the growth of CD-ROMs and more recently the Internet as a route for delivering training had put pressure on the company's business model.

The business was acquired from the receivers of T.E.N for an initial consideration of £500,000, comprising £100,000 in cash and the issue of 1,000,000 new Einstein Channel ordinary shares. Einstein Channel, whose shares are listed on the Alternative Investment Market, intends to continue the business activities of T.E.N under the brand name The Education Network.

Commenting on the acquisition Steve Timmins, CEO of Einstein Channel said: "Purchasing T.E.N’s business provides us with a platform to deliver TV programmes in a business-to-business environment. Combine that with a turnover of £3m per year and a client base of over 3,000 companies and we believe we have a superb revenue-building business opportunity for the Einstein Channel group that complements our brand."

TrainingZONE's Russell Holt said, "This move seems to suit both parties very well. T.E.N should get the investment it needs to deliver services via the Internet while Einstein Channel gains a lot of expertise in producing and delivering niche business programming."


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