TORONTO, CANADA--(Marketwire - Oct. 31, 2012) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(ITMTF)(I4T.F) is pleased to provide an update to its corporate efforts that management has been working with counsel in Canada and the US as well as US private equity funds. The Intertainment Board of Directors have approved a plan to pursue US capital strategies, including an anticipated senior US listing for Intertainment Media Inc. as well as the follow along anticipated spin-outs of divisional companies. The Company has engaged Los Angeles and New York based Richardson & Patel, as its US counsel.
The Company has been introduced to key US advisory, investor relations and private investors which it believes will aid in maximizing the benefits from the initial interest the Company has received from numerous groups for investment banking. Due to the strategic engagement of Richardson & Patel as noted above, the Company no longer has an exclusive relationship with Maxim Group LLC and is in the process of finalizing its advisory group, lead agent and syndicate partnership which will support a US senior listing application.
The anticipated US senior listing of Intertainment will provide the Company and its shareholders with greater access to capital and a wider investment base in which to facilitate further opportunities in the early stage growth companies investment space. Intertainment is committed to a process of growth, nurturing and potential divestiture of its holdings as they mature, creating ongoing value for the Company and its shareholders. As previously announced, the process of divestiture will include providing a portion of the proceeds, either through cash or securities dividends to its shareholders.
Intertainment's real time global language and experiential services company, Ortsbo Inc. (www.ortsbo.com) ("Orstbo"), is positioned to be the first of its divisions to take advantage of this opportunity. Ortsbo has achieved dynamic consumer growth over the past 2 years with over 200 million monthly unique users. Over most of the past year, Ortsbo has focused its primary efforts on commercialization programs, developing new and proprietary applications for real time language services in the business arena and concentrating its efforts on developing initial test environments for Fortune 500 companies and industry leaders in niche, high value revenue markets. Ortsbo expects to announce a series of additional patent filings, new commercial contracts and the roll out of its strategic plan before the calendar year end allowing it to position itself as an independent enterprise in early to mid 2013.
"The US capital markets are recognized globally as the primary investment leaders in Internet, social media, and language technologies and we believe that Intertainment is ready to be part of that community, as its business strategy develops and deploys globally recognized platforms like Ortsbo," said Mr. David Lucatch, CEO of Intertainment Media Inc.
The Company will continue to provide updates on its progress as information is available for dissemination.
About Intertainment - 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 (KNCTR), 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 unofficial market of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law including statements relating to the Placement.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.
This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.