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by Stockwatch Business Reporter
The TSX Venture Exchange closed up a fraction to 776.12 Thursday. Two capital pool shells have listed: Sheldon Pollack's first shell, OV2 Investment 1 Inc. (OVO: $0.20), and Wilson Jin's first shell, Transcontinental Gold Corp. (TCG: $0.10).
OV2 Investment sold a $500,000 initial public offering at 10 cents, through Canaccord Genuity Corp. Today, the shell traded 380,000 shares at 20 cents. Its founder, Mr. Pollack, is a tech promoter in Toronto. In 2000, he listed an enterprise software company, OnX Inc., on the Toronto Stock Exchange, with a $40-million IPO at $10.50. Within 10 months, the stock had dropped below $1. It remained near the bottom of the barrel until 2009, when Mr. Pollack took the company private for 22 cents a share or $14.43-million. Two months ago, Cincinnati Bell Inc. (CBB: $20.20 (U.S.)), a telephone service provider in Ohio, announced a plan to acquire OnX, now called OnX Enterprise Solutions Inc., for $201-million (U.S.) cash. As well as being the chief executive officer of OV2 Investment, Mr. Pollack is also a director of VersaPay Corp. (VPY: $1.85), which is an invoicing and payment processing company, and of AcuityAds Holdings Inc. (AT: $2.08), a digital advertising company.
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