Zi Corporation Sells its Minority Ownership Stake in Archer Education Group
Zi Corporation (TSX:ZIC)(NASDAQ:ZICA) (“Zi” or the “Company”), a leading provider of intelligent interface solutions for mobile devices, today announced the sale of the minority ownership stake held by Zi and one of its subsidiaries in privately-held Archer Education Group Inc., a Vancouver-based international education company (“Archer”), for CDN$736,800 in cash, or approximately US$629,300.
The book value of the Archer shares sold had previously been reduced to zero by Zi; therefore, the Company expects to record a gain on the sale in the first quarter of this year of approximately US$629,300.
Zi’s President and Chief Executive Officer Milos Djokovic said, “With the completion of this sale, we no longer have any ownership interest in Archer and the e-Learning business segment. The funds we received from this transaction will be combined with our other resources and invested in growing our core Zi Technology business, which we believe is well positioned to capitalize on the many near and longer-term opportunities we see in the expanding mobile handset and gaming markets worldwide.”
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