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.
“Infotopia is still fully committed to getting on the American Stock
Exchange,” said Hoyng. “The company is currently having the first and second
quarter results fully audited and upon successful completion of the audits,
Infotopia intends to file its own application with the American Stock
Exchange and believes by that time it will meet all the major listing
qualifications…”
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.
