TORONTO, CANADA, December 11, 2008- Intertainment Media Inc. (“Intertainment” or the “Company”) (TSXV:INT) announced that its wholly owned subsidiary, Itibiti Systems Inc. is in discussions with a major industry leading global technology firm to integrate its platforms and online programming directly into Itibiti Systems’ product suite.
The integration of the technology firm’s offerings, should the discussions result in a formal agreement, will provide consumers with a wide array of functional, social networking and communication additions to Itibiti Systems’ already rich suite of services.
The technology firm’s online advertising division is currently assessing the opportunity to provide Itibiti with additional revenue initiatives through banner and rich media programs.
“Itibiti Systems is being recognized by industry leaders and global brands as both a new and recessionary resistant opportunity to increase brand awareness, loyalty and revenues,” said Mr. David Lucatch, President of Itibiti Systems Inc. and CEO of Intertainment Media Inc.
Intertainment and / or Itibiti Systems will provide an announcement in the event of the completion of a formal relationship.
Additionally, Intertainment is updating the news release issued December 2, 2008, in which Intertainment Media announced the completion of $525,000 of its proposed $900,000 Private Placement offering (“the Offering”). The Company closed $25,000 on December 4, 2008 and $500,000 on December 5, 2008. Following completion of the Offering the Company has 71,009,668 common shares issued and outstanding, and a new strategic partner, Proximity Networks Inc.
On December 3rd, Intertainment Media also announced that it will be seeking approval to complete a brokered private placement of convertible debentures of up to $3 million CDN as a first round of financing into its subsidiary, Itibiti Systems Inc. The offering will be led by Toronto based D&D Securities Company. There is already strong interest in the financing from investors and debt holders. This financing will be part of the Company’s strategic objectives to grow Itibiti Systems Inc. as a majority owned, but independent division of the Company, allowing it to potentially keep pace with other online industry valuations.
About Itibiti Systems Inc.
Itibiti Systems Inc., a wholly owned subsidiary of Intertainment Media Inc. is a proprietary, social networking, multimedia and communications environment that can be installed directly on a user’s computer desktop. The Itibiti platforms provides clients with custom branding, loyalty and revenue opportunities allowing them to extend their “Brand Experience” to the user’s desktop. Key features of the Itibiti include IP Telephony, video/multimedia on demand, instant messaging, SMS, integrated in a feature rich interface that includes a mini web browser, desktop telephone and chat system which can be utilized to create active links to the affinity partners web pages, providing information and outside services and a complete advertising and marketing platform for revenue generation. For a full demonstration of the Itibiti platform, please visit www.intertainmentmedia.com/itibiti/p...
About Intertainment
Intertainment Media Inc. (www.intertainmentmedia.com) is a conventional and new media company with an experienced and innovative team of professionals focused on delivering leading edge technology and marketing solutions.
Intertainment develops and invests in strategic programs that enable clients to increase their branding and loyalty relationships with their consumers while focusing on increased revenue generation.
Intertainment owns, operates and invests in high value content, traffic management, advertising and social networking solutions including, Eye Rock Digital (www.eyerockdigital.com) No Good TV (www.ngtv.com), Trooker Inc. (www.trooker.com), and Itibiti Systems (www.intertainmentmedia.com/itibiti/p... ).
Intertainment Media Inc. is headquartered in Richmond Hill, Ontario, Canada. The company is listed on the Toronto Venture Exchange (symbol: INT).
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. 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. We do not undertake any duty to update any forward-looking statements.
Corporate Inquiries:
David Lucatch, CEO
905-763-3510
Investor Communications:
Buchalter Consulting
1-866-631-6537
Stan.Buchalter@BuchalterConsulting.ca
Online Investor Relations Hub:
AGORACOM
INT@Agoracom.com
www.agoracom.com/IR/intertainment
