Intertainment Media Not to Proceed with Synchronic
ntertainment Media Inc. (TSX-V: INT; OTCQX: ITMTF; FRANKFURT: I4T) today provided updates on the previously announced strategic agreement with Synchronica plc (LSE-AIM: SYNC; TSX-V: SYN).
Under a letter of intent (LOI) announced on February 8, 2012, Synchronica would integrate Intertainment’s Ortsbo into Synchronica’s Mobile Gateway.
On February 27, 2012, Synchronica announced the release of its new Unity Platform featuring Ortsbo’s translation technology.
Intertainment said Intertainment/Ortsbo and Synchronica will continue to move forward on other initiatives outlined in the LOI to jointly create value and develop profitable programs.
The second part of the LOI involved a potential investment by Intertainment Media of up to CDN $10 million for up to 18% interest in Synchronca.
Intertainment has informed Synchonica that the investment would only move forward once the current take over discussions with Myriad Group AG (SIX: MYRN) were voted on by its shareholders.
Upon further discussion with Synchronica and Myriad Group, Intertainment has decided to hold off any potential investment. Intertainment said Myriad’s offer and direct financial support would provide the best solution for the long-term success of Synchronica.
Intertainment Media said it 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.