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The Letter of Intent also provided a provision whereby the parties had agreed, subject to due diligence, to a potential CDN $10 Million investment by Intertainment Media into Synchronica by way of a private placement. Intertainment together with investment partners, who were interested in a minimum of CDN $5 Million of the total placement, were potentially prepared to move forward with this investment. Intertainment informed Synchonica that this placement would only move forward once the current take over discussions with Myriad Group were voted on by its shareholders.
Upon further discussion with Synchronica and Myriad Group, Intertainment has decided at this time to hold off any potential investment by way of a private placement. Intertainment feels that this position is in the best interest of Intertainment and Synchronica shareholders. At this time Intertainment also feels that Myriad's offer and direct financial support provides the best solution for the long-term success of Synchronica.
Intertainment and Synchronica will continue to work together to develop new initiatives, and Intertainment is confident, that should Myriad Group be successful in its endeavors to acquire Synchronica, it will be "business as usual" and the parties will work to develop leading solutions for a global, mobile market.