Educational software company Entellect Limited (ASX:ESN) has bought back the operating assets of its in-liquidation former subsidiary Virtual Communications International (VCI).
Entellect revealed it has paid $28,200 to buy the assets necessary to conduct the business that had been operated by VCI.
VCI's key product is vPublisher, a conversion tool to transfer PDF files into interactive e-book applications. Entellect originally acquired VCI in July 2008.
Now that it has acquired these assets, Entellect plans to take the VCI name for a new subsidiary that will operate this business.
In a market update, the company said vPublisher “represents an opportunity for Entellect to revive a significant piece of its prior business operations, in which it had significant development and intellectual property investment.”
The assets will also be used by Knowledge Nation, the new educational games joint venture between Entellect, its partner and part-owner Mooter Media, and Mooter partner Hot Shot Media.
The assets were purchased from VCI's liquidators.
Entellect also revealed it would soon announce the terms of a proposed recapitalisation, by way of a rights issue and placement, that will allow it to be reinstated to trading on the ASX.
The appointment of acting CEO James Kellett has also been extended to June 30.