NEW YORK, NEW YORK and LOS ANGELES, CALIFORNIA and SAN MATEO, CALIFORNIA and TORONTO, ONTARIO--(Marketwire - 06/06/11) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX-V:INT - News)(OTCQX: ITMTF)(Frankfurt:I4T - News) announces that it has signed an initial agreement to purchase DealFrenzy.com, creating a next generation Groupon-like revenue platform. Intertainment will acquire all the turn-key assets of DealFrenzy.com including the backbone technology, deal pipeline, including preferred deals with major brands and an experienced sales and support team. The acquisition combines cash and Intertainment Media common stock with $500,000 in cash and $200,000 in Intertainment common stock at $1 CDN per common share and is subject to regulatory and board approval. The acquisition is expected to close by late June 2011.DealFrenzy.com is scheduled to go live in early July 2011. All members who register ahead of the initial launch will be entitled to special VIP offers. DealFrenzy has aligned partnerships with strategic national and multi-national brands including Yogen Fruz, Yogurty's, Things Engraved, Jamba Juice Canada and other major brands. Over the past year, Groupon sold in excess of $4 Million with these partner programs. Moving forward, DealFrenzy strategic partnership opportunities will provide members with preferred value programs not found anywhere else."The simple promise of helping local merchants find new customers who are ready to jump at a bargain could broaden the reach of e-commerce and open up a trillion-dollar marketplace," according to Brian Jackson, senior writer at itbusiness.ca. In 2011, the US Group Buying market alone is expected to grow to $2.66 Billion wrote Social Media Today.DealFrenzy.com will launch in select cities in 2011 and plans international, multi-language expansion based on Intertainment's Ortsbo experiential language platform. It has been recently reported that Groupon has begun the filing process for an IPO offering with an expected valuation in excess of $20 Billion.The partnership also has preferred relationships with numerous key franchise operations world-wide, providing DealFrenzy with a strong long-term pipeline of name brand offers, which will be supplemented with unique, value based local deals.In addition to consumer deals, DealFrenzy will be offering small and medium sized businesses access to commercial products and services further defining the group buying market."We are very excited to be integrating with Intertainment Media," said Alon Amouyal, President of DealFrenzy.com "Intertainment has the expertise, resources and unique differentiators, like Ortsbo, KNCTR and Ad Taffy that will allow DealFrenzy to quickly increase its presence to the market, create unique cultural offers and significantly enhance revenue opportunities."DealFrenzy's next generation Groupon-like model will employ the social media tools of VoIP communications and real time multiple language technology developed by Intertainment. Integrating its client communications systems with Intertainment's Ortsbo, real time experiential translation platform, allows offers to be communicated in over 50 languages, bringing a multi-lingual resonance to the group- buying market. DealFrenzy believes that this will provide a disruption event within the market and further define DealFrenzy's unique value proposition.Intertainment's KNCTR platform will provide registered DealFrenzy members with FREE voice communications and other social media tools providing members with ability to become further engaged in the group-buying process.DealFrenzy enhanced group-buying platform together with Intertainment's Ad Taffy platform will provide registered members location based services and offerings through permission based multi-lingual communications and open up the ability to interact with emerging consumer markets and demographics within North America and globally."The acquisition of DealFrenzy is part of Intertainment's merger and acquisition strategy for strategic investment and acquisition of immediate and near-term revenue programs that fit into Intertainment's existing suite of services and technology," said David Lucatch, CEO Intertainment Media "With the integration of Intertainment's programs into DealFrenzy, we have effectively taken the group-buying, revenue rich platform, and enhanced it to make it not just socially engaging, but also to make it available to all cultural markets with no impediment of language communications."About Intertainment Media Inc. - www.intertainmentmedia.comConnecting people with brands, Intertainment Media Inc. is a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement.Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers. Intertainment owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.Intertainment Media owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo and Magnum. For more information on the Company and its properties, please visit www.intertainmentmedia.com.Headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol "INT" (TSX-V:INT - News) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe, on the Frankfurt Exchange 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.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.