Acquisition Corp., recently setup to acquire 100 percent of Informatix LLC, the company said on Monday.

Informatix intends to develop and market a dictation and transcription service aimed at the medical industry.

Upon closing, VDC will own about 17 percent of Informatix for a $750,000 investment to be used to develop and implement technology as well as repay debt and for working capital.

The deal is contingent upon VDC's investment.

As part of the transaction, Informatix will file a registration statement to publicly register certain of its shares, including those acquired by VDC, formerly The Van Diemen's Company Ltd., which will be spun-off to VDC shareholders.

VDC's registered offices are with International Corporate Management of Bermuda Ltd., a subsidiary of Bermuda Commercial Bank.