TORONTO, CANADA--(Marketwire - Jan 11, 2013) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(ITMTF)(I4T.F) is pleased to provide an update on its business and financing activities.
Lexifone - The Company is pleased at this time with the progress that Lexifone has made and continues to make. Intertainment feels that its present ownership of 25% of the outstanding equity is in line with its current investment and management mandate and has elected not to exercise its option to purchase a further interest in Lexifone.
Ortsbo - Ortsbo continues to accelerate its business strategy and has begun rolling out its commercial programs with Global Customer Care operators, Commercial Communication programs and Gamification platforms. Intertainment recently promoted Mr. Patrick Bultema to Chief Executive Offer of the division in addition to his duties as President of Ortsbo. The Company and its clients are working to release information on the programs as soon as possible.
Itibiti - Intertainment continues to move towards the finalization of the sale of Intertainment''s interest in the itiBiti platform to a joint venture for an aggregate total of $3.5 Million CDN with a private, Toronto based technology firm. The Company will provide further updates as they are available.
Poynt - Intertainment and its partner have jointly made a bid for the assets of Poynt Corporation and the Company will provide additional information as it becomes available.
Financing Activities - the Company is preparing to begin the closing, in part or in whole, of its $2.5 Million Private Placement previously announced on December 14, 2012 as it has received significant interest in excess of the amount of the current placement.
US Activities - The Company and its counsel are continuing to work on its program to pursue a potential US Listing for Intertainment Media Inc. and Ortsbo. The Company will provide further information as it becomes available.
Recently, as part of their tax and estate planning process, management and insiders have sold a portion of their holdings in Intertainment and from time to time will continue to both purchase and sell securities in Intertainment. All transactions are reported in accordance with SEDI reporting procedures. Additionally, both David and Jana Lucatch have exercised a total of 2,150,000 commons share warrants at $0.13 for a total purchase price of $279,500 CDN.
The Company, subject to regulatory approval has issued 8,635,000 common share purchase options at a price of $0.17, exercisable for 2 years. 5,175,000 options were granted to insiders. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.
Intertainment Media Inc. - www.intertainmentmedia.com
Intertainment is one of Canada''s leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo, Deal Frenzy, The Sweet Card and Magnum, with investments in leading edge technologies and social media platforms including theaudience.com. For more information on Intertainment and its properties, please visit www.intertainmentmedia.com.
Intertainment is headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Market under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulated Unofficial Market) of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company''s disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This release may contain forward-looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management''s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Intertainment Media Inc. does not assume any obligation to update any forward looking information contained in this news release.