Sprylogics International Corp (TSXV:SPY) signed a letter of intent to acquire the assets of Poynt Inc. from Intertainment Media Inc. (TSXV:INT) and Avenza Holdings Inc. for CAD 3 million on May 31, 2013. Under the terms of deal, consideration consists of the issuance of a two year note of CAD 2.5 million by Sprylogics with an annual interest rate of 6.5% payable quarterly in cash and/or stock and the issuance of up to CAD 0.5 million in Sprylogics shares. Sprylogics will assume liabilities and fees associated with the purchase transaction as well as costs associated with management of the assets. Sprylogics, Intertainment Media and Avenza have further agreed that under certain circumstances within the deal structure, payment of the CAD 2.5 million may be accelerated. The current owners of Poynt will retain a 10% interest in the exploitation of Poynt patents. Anthony R. Pearlman, subject to finalizing the agreements, will assist with the transition to Sprylogics and will remain the President and Chief Operating Officer of Intertainment. The letter of intent is subject to necessary board and regulatory approval and the deal is expected to close by June 30, 2013.

Sprylogics International signed a definitive share purchase agreement to acquire Poynt Inc. on June 28, 2013. The transaction is expected to close on or before July 15, 2013. As announced on July 17, 2013, the transaction is expected to close on July 31, 2013. Rick Moscone of Fogler, Rubinoff LLP acted as a legal advisor to Sprylogics International Corp.