Sprylogics International (TSX: V.SPY, Stock Forum) Friday announced that it has signed a Letter of Intent to acquire mobile applications provider Poynt, this according to a company news release. Intertainment Media (TSX: V.INT) acquired a 50% interest in Poynt earlier this year.
Sprylogics will provide the owners of Poynt with a two year note in the amount of $2.5 million with an annual interest rate of 6.5% payable quarterly in cash and/or stock, which will be secured against the assets of Poynt, as well as issue up to $500,000 in Sprylogics shares.
Poynt’s current owners will retain a 10% interest in the exploitation of Poynt patents. Sprylogics stock moved up 8% to 6.5 cents on Friday.