Intac International secures $50 million from private placement of stock

By Sheri Kasprzak

New York, Jan. 31 - Intac International, Inc. said that its majority shareholder has agreed to fund $16 million in a stock purchase agreement and that other investors agreed to buy another $34 million in shares, for total proceeds of $50 million.

The full terms of the offering were unavailable Wednesday.

Proceeds will be used for the growth and development of the company's business in emerging markets like China and Brazil.

A previous stock offering for $10 million between subsidiary HSW International, Inc. and High River LP reached in April 2006 has been terminated.

Hong Kong-based Intac provides educational and career development services and software products to educational institutions in China.

On Wednesday, the stock gave up 1.85%, or 14 cents, to settle at $7.43 (Nasdaq: INTN).

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