IRVINE, Calif. – Interactive Television Networks Inc., a Nevada based corporation, has entered into a contract to sell the assets of its wholly owned subsidiary ITVN Inc. to BroadShift Inc. of Ontario, Canada. The price tag for the sale stands at roughly $11 million U.S., which will be paid in cash and shares of BroadShift stock.
Details about the deal were filed with the Securities Exchange Commission on July 17, just five days after BroadShift filed a preliminary prospectus for a proposed initial public offering of its common shares.
Interactive Television Networks conducts substantially all of its operations through ITVN, and substantially all of the operating assets related to the operations of its digital video Internet distribution business (formerly known as XTV) are owned by ITVN.
BroadShift is a Canadian aggregator and distributor of narrowcast Internet protocol television.
The sale is subject to a number of conditions, including the release of all liens on ITVN’s assets and the completion of BroadShift’s public offering.