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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.71 points to 593.83 Tuesday. Benoit Chotard's second capital pool shell, Orletto Capital II Inc. (OLT: halted), plans to acquire a tech firm in Brooklyn called MiMedia Inc. for the shell's qualifying transaction. The terms are not yet available, but the shell and its target plan to raise between $3-million (U.S.) and $12-million (U.S.).

MiMedia offers a cloud storage service for photos, videos, songs and other files. Users may store up to 10 gigabytes worth of files for free and then access their files on any Internet-connected device. Ten gigabytes are enough for storing about 2,500 photos, 2,000 songs or 10,000 documents. Beyond that, MiMedia charges subscription fees for greater storage space.

The cheapest subscription plan is for 500 GB at either $8 (U.S.) a month or $85 (U.S.) a year. This storage space is enough for 125,000 photos, 100,000 songs or 500,000 documents. The most expensive subscription plan is for two terabytes at either $16 (U.S.) a month or $160 (U.S.) a year. This space is enough for 500,000 photos, 400,000 songs or two million documents.

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