TORONTO - Technology investor Intertainment Media Inc. (TSXV:INT) has signed a deal to spin off its Yappn multilingual online chat business to Plesk Corp. of Brooklyn, N.Y.
Based in Richmond Hill, Ont., Intertainment's primary business is the Ortsbo real-time language translation system, which will continue to serve Yappn.
Under the deal, Intertainment will receive about 70 million shares of Plesk, or at least a 60 per cent stake in the company, valued at about $7 million.
Intertainment also said Friday it was working on U.S. listing opportunities for its other assets including Ortsbo.
"Management is also exploring various options, such as a special dividend, for the distribution of a portion of the shares it receives from the Yappn sale to Intertainment shareholders," the company said.
Intertainment shares were unchanged at 11 cents on the TSX Venture Exchange.