EntrePort Left at the Altar
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E-learning company EntrePort Corp., its stock trading at 8 cents a share, took a punch while down as health products marketer Infotopia Inc. called off a complex merger and reorganization deal that was first announced last June.
"After taking into consideration the time, expense and shareholder dilution that would be involved in completing the transaction with EntrePort, we have decided that terminating the transaction would be in the best interest of both companies and its shareholders," said Daniel Hoyng, chairman and CEO of < a href="http://www.infotopia.tv/">Infotopia Inc.
Infotopia, whose stock is trading in the 60- to 70-cent range, apparently had been looking for a way to become listed on the American Stock Exchange and get off the OTC Bulletin Board.
What's changed? Infotopia now thinks it can make the leap on its own.
Earlier this month the company said it has exceeded $72 million in revenues so far this year and has achieved a positive cash-flow on a monthly basis. Infotopia said it has recorded a net income of $3.5 million so far this year. Comparisons with last year are not relevant due to a reverse merger.
Infotopia, based in Ohio with a corporate parent in Nevada, produces and markets a line of health, fitness and consumer products to consumers through marketing channels that include infomercials, distributor alliances and e-commerce. Products include exercise and fitness equipment such as Body by Jake, Bun and Thigh Rocker, the Total Tiger and the Six Week Body Makeover.
Vista, Calif.-based EntrePort operates several real estate-oriented education sites. There was no immediate word on whether EntrePort would pursue another merger partner.