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Scientific Learning Reports First Quarter 2020 Financial Results

OAKLAND, Calif., May 20, 2020 /PRNewswire/ --A Scientific Learning Corp. (OTC PINK:SCIL), a leading SaaS service provider that delivers neuroscience-based educational technologies, today announced it has released its unaudited financial results for the period ending Mar. 31, 2020. Details of the annual results can be found at https://www.otcmarkets.com/stock/SCIL/disclosure.The company started 2020 with a strong K-12 sales quarter achieving 20% sales increase over the first quarter of 2019.A  While the first quarter is historically its smallest in terms of dollar sales volume, the company achieved 75% increase in renewal sales, driven by two large customers that have typically renewed in the fourth quarter.By the end of the quarter, the company, like the rest of the world, was focused on COVID-19 and how to navigate its way through the pandemic.A  The company undertook several immediate actions to address the K-12 learner including providing free access to its Reading Assistant Plus program to help students continue to learn in a non-traditional environment.A  In addition, the company engaged with parents and paraprofessionals through new webinars to help students navigate our product offerings.On April 20th, the company received a loan from the Small Business Administration through their Paycheck Protection Program ("PPP") in the amount of $1.9 million. This capital has enabled the company to operate during this critical period of business restrictions and lockdowns, while it pivots to focus on what schools, teachers, and students need right now.A  The company expects a significant majority of the loan will be forgiven pursuant to the PPP's loan forgiveness provisions. "While COVID-19 poses challenges for many companies, including our own," said Jeff Thomas, CEO of Scientific Learning, "we are pleased with the educator interest we have seen from our offering of free access to Reading Assistant Plus.A A  Providing the product in this way has introduced us to new potential customers and demonstrates the company's commitment to helping every student achieve their potential a?? especially during difficult times like we've seen in the pandemic."
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