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Intertainment Media spinning off Yappn chat business to Brooklyn-based Plesk

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.