Before bad became worse for beleaguered Calgary-based company Poynt, it borrowed $1.5-million at an 8% interest rate and issued six million non-transferable bonus warrants to Intertainment Media (TSXV:INT) at a price of 11.5 cents per share.
The move was largely overshadowed by the hope, not to say expectation, that Poynt would somehow recover. As late as October of last year, then Poynt CEO Andrew Osis told Cantech Letter he was working hard towards a solution. But it was not to be; just days later the company announced that its stay of proceedings had been terminated, and it had been assigned to bankruptcy.
Yesterday, it was revealed that one-time TSX Venture Exchange darling Intertainment Media was now the proud owner of half the assets of Poynt. Intertainment, along with privately held mobile mapping company Avenza Holdings Inc., will form a new 50/50 venture that will operate the asset.
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In a press release yesterday Intertainment Media said Poynt has a strong user base and an emerging patent portfolio. The release said the new entity will focus on “geographic based localization opportunities for consumers and businesses”. It them went on to say the respective companies would bring “additional core functions and capabilities to the Poynt platform from their own respective company divisions and integrate new and strategic functionality across the products of all three organizations.”
Could Intertainment’s wildly popular translation platform Ortsbo be integrated to add functionality to Poynt’s GPS enabled location-based search application? The combination is intriguing, what with Poynt’s base of nearly 20 million unique international users. Find a restaurant in Milan and ask for the specials in Italian? Locate a dry cleaner in Bejing and tell them you want extra starch on your shirt, in Mandarin?
Of course executing on such a plan would require some acumen, if indeed it is part of the plan at all. But the combo might just be enough to breathe some new life into two once high flying Canadian tech juniors.