Intertainment has received 70 million common shares of Yappn Corp. as consideration for the transaction. Under its previously announced partnership program, Intertainment will control a minimum of 60% of the received shares of Yappn Corp. The existing shareholders of Yappn Corp. will control approximately 30 Million shares.
1 - Int gets 70 million common shares of Yappn Corp.
2- Yappn Corp gets 30 million shares
Total Yappn Corp shares = 100 million
Caveat : INT will only control 60% of the 100 million shares but has actually received 70 million shares or 70% of the total transaction.
Conclusion where did the 10 million Yappn shares go to drop INT control of Yappn down to 60%.
Were they sold to insiders as preferred voting shares or were they sold in a separate undisclosed transaction to arms length parties???
This press release does not explain the discrepancy in to total shares received versus total percent of control in Yappn Corp. This is fishy and does not add up. I believe this press release needs to be reported to the BC Securities Commission to be clarified by INT.
I've been optimistic with INT's strategy to introduce their own social media platform and quite frankly I find it incredibly incompetent of management to have wasted so much money p***ssing it down a rat hole to realize they needed to change their approach and actually build a progressive social media site to promote ortsbo. What a bunch of idiots!!!! I honestly thought this would have been their approach years ago???