Feature News

DALLAS, Oct. 23 /PRNewswire-FirstCall/ -- Voyager Learning Company (OTC Bulletin Board: VLCY) ("the Company"), a publisher of education materials and provider of education solutions in the K-12 market, will hold a conference call on Thursday, November 5, 2009, at 4:00 p.m. Eastern Time. The call will address the Company's unaudited financial results for the three-month period ended September 30, 2009, as well as Amendment No. 1 to the Registration Statement on Form S-4 (the "Amended Form S-4") filed by Cambium-Voyager Holdings, Inc., in connection with the Company's proposed business combination with Cambium Learning, Inc. Cambium-Voyager Holdings, Inc. filed the Amended Form S-4 with the Securities and Exchange Commission on October 9, 2009.

To listen to the Company's upcoming conference call, please dial (888) 688-0384 and enter ID # 36039794 at 4:00 p.m. Eastern Time on Thursday, November 5, 2009. The call will be recorded and archived until November 19, 2009, and can be replayed by calling (800) 642-1687 and entering ID # 36039794. The conference call will also be webcast and archived on the Company's website at www.voyagercompany.com under the heading "Investor Relations" and then under the tab "Events and Company Presentations."

About Voyager Learning Company

Voyager Learning Company (OTC: VLCY.PK) is based in Dallas, Texas, and is a publisher of education materials and provider of education solutions serving the K-12 market. Through its product lines, which include Voyager Expanded Learning, ExploreLearning and Learning A-Z, the Company is a leading provider of K-12 curriculum products, in-school core reading programs, reading and math intervention programs, and professional development programs for school districts throughout the United States.

Additional Information

On August 6, 2009, Cambium-Voyager Holdings, Inc. filed with the SEC a registration statement on Form S-4 (the "Form S-4") containing a preliminary proxy statement/prospectus regarding the proposed business combination of the Company and Cambium Learning, Inc. On October 9, 2009, Cambium-Voyager Holdings, Inc. filed Amendment No. 1 to the Form S4. This material is not a substitute for the final proxy statement/prospectus regarding the proposed business combination. Investors and stockholders are urged to read carefully the preliminary proxy statement/prospectus and the final proxy statement/prospectus when available because they contain and will contain important information about Cambium-Voyager Holdings, Inc., Cambium Learning, Inc., the Company, the business combination and related matters. The Company will mail the final proxy statement/prospectus to each of its stockholders. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain documents filed by the Company with the SEC regarding this transaction, free of charge, from the Company's website (www.voyagercompany.com) under the heading "Investor Relations" and then under the tab "SEC Filings."

Cambium-Voyager Holdings, Inc., the Company, Cambium Learning, Inc. and their respective directors, executive officers and various other members of management and employees may be soliciting proxies from the Company's stockholders in favor of the merger agreement entered into in connection with the proposed business combination. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the Company's stockholders is included in the preliminary proxy statement/prospectus described above and will be included in the final proxy statement/prospectus when available.