SALT LAKE CITY, UTAH -- (MARKET WIRE) -- 09/29/06 -- Broadband Learning Corporation ("Broadband Learning") (TSX VENTURE: BLC), a participant in the rapidly expanding distance learning market, has closed a C$1 million private placement of a 5% Convertible Unsecured Debenture with a term of five years (the "Convertible Debenture"). The Convertible Debenture is convertible by the holder at any time, in whole or in part, into Common Shares at a conversion price of C$0.10 per Common Share and upon conversion, the 10,000,000 shares issuable under the Convertible Debenture would represent approximately 25.8% of the shares then outstanding based on the number of Broadband Learning shares currently outstanding.

The Convertible Debenture was placed with a single investor, CarEm Enterprises Inc., (the "Investor") that has had no previous involvement with Broadband Learning. As a result of this investment, the Investor has been granted specific rights under an Investor Rights Agreement, including:

1. Pro-rata board representation,

2. Governance rights (approval of debt incurrence/giving of security, share issuance, M&A (buy, sell or JV), fundamental changes requiring special resolution, and non arm's length contracts,

3. Pre-emptive rights (to maintain current pro-rata ownership through further stock purchases).

The Investor Rights Agreement is subject to alternative dispute resolution should any disputes arise between the Investor and Broadband Learning under the agreement; and its provisions terminate on expiry of the 5-year term or the conversion (in full) of the Convertible Debenture pursuant to its terms, subject to earlier termination in certain events. The Investor is controlled by David Kassie.

"Broadband Learning now has the needed financial resources to pursue vigorously its plans to expand its distance learning initiatives," said Ed Giles, CEO of Broadband Learning.

About Broadband Learning Corporation

Broadband Learning Corporation produces, delivers, supports and manages distance-learning content needed by professionals, corporations and, ultimately, consumers. The distance learning market is experiencing rapid expansion; particularly in the area of continuing education for licensed professionals where Broadband Learning has a particular focus. Using proprietary technology and nationwide distribution capabilities, Broadband Learning provides the professional development market with a patented Internet-based learning system with on demand flexibility, rich multimedia educational resources, and administrative management capabilities. This enables training companies, instructors and content providers to protect their intellectual properties and realize a significant expansion of their reach. Broadband Learning serves North America and many points around the world from its offices in Salt Lake City, Utah. Many of Broadband Learning's products are delivered under the "Broadband University" trade name.

This press release may contain forward-looking statements relating to, among other things, Broadband Learning's expectations concerning future product demand and growth opportunities and customer acceptance of its products. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Broadband Learning disclaims any obligation to publicly update or revise any such statements.

This news release will not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contacts:
Broadband Learning Corporation
Edwin Giles
CEO
(801) 281-2266 x 215
Website: www.broadbandlearning.com

Investor Cubed Business Development Corp.
Neil Simon
CEO
(647) 258-3310
Website: www.investor3.ca