Foundation 9 Entertainment announced today that it has spun off its Prince Edward Island-based studio.
The new entity will be known as Other Ocean Interactive. Andrew Ayre, one of the founders of Foundation 9 Entertainment, will become majority shareholder and CEO of Other Ocean; F9E will not retain any interest in the studio.
F9E CEO Jon Goldman said, "As F9E's growth strategy has evolved, we have recognized the need to focus on larger studios, both our current ones and potential future additions to the company."
"I'm looking forward to growing game development in Atlantic Canada and further establishing the region as an up-and-coming location where top games are produced," said Ayre.
The spin-off is expected to be completed by early June 2007. Terms of the transaction were not disclosed.