Shares of Interactive Games Inc. (OTCBB: IGAM) ballooned up 33 percent today after news of the “spin-off” of its subsidiary surfaced. In mid-day trading, the stock was up 2 cents (33 percent) to 8 cents per share on volume of 313,370 shares.IGAM announced that its board of directors have established July 10, 2007 as the “record date” for determining the record holders of company common stock for purposes of receiving a pro rata spin-off distribution of the shares of capital stock of the company’s wholly-owned operating subsidiary, to all of the company’s shareholders.
This spin-off of the company’s current business was previously announced as part of the Agreement and Plan of Reorganization for the share exchange with Nuvo Solar Energy Inc. announced on April 26, 2007. All Interactive shareholders of record at the close of business on July 10, 2007 will be eligible to receive the newly created spin-off company common stock, on a pro rata basis, for each share of IGAM common stock owned as of the “record date” on the “distribution date.”
The distribution date of the spin-off shares will be determined at a later date subject to completion of certain legal and regulatory requirements and conditions, and will be announced at such time as the specific date can be determined in the discretion of IGAM’s board of directors. The company’s intent is to make the newly created spin-off company publicly traded subject to filing of the necessary documentation and required regulatory approval.
IGAM is presently a developer and licensor of interactive casino technologies and redemption gaming applications. IGAM has entered into a share exchange agreement with Nuvo Solar Energy Inc. whereby the two companies will be merged. Nuvo Solar Energy is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology.
