Aim-listed e-learning services and programme developer AdVal has formed a new joint venture company with FT Knowledge (part of the Pearson Group) in order to exploit the e-learning market. FT Knowledge is providing a licence to the new venture for the intellectual property and distribution rights to 'an extensive library' of its existing products for a seven year period initially. Meanwhile AdVal is to invest £1.5m to fund working capital and for investment in a new generation of products. £250,000 of this has already been paid and the remainder is to be paid by 1 July 2001. Should AdVal fail to make this payment, then FT Knowledge has an option to make AdVal buy its shares in the joint venture for a £1 and it will also be able to revoke its IPR and branding licences within 90 days of this date. The company intends to raise some cash for these funding requirements in the next couple of months. Interim figures for the six months to September were strong, with pre-tax profits boosted by 28% to £181,000 on turnover lifted by 42% to £2.12m.