TORONTO, ONTARIO--(Jan. 8, 2009) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) is pleased to announce that on December 30, 2008, pursuant to the news release dated December 29, 2008, the Company completed the second tranche of its previously announced brokered private placement (the "Offering") for proceeds of $100,000 CDN.
At this closing 2,000,000 units (the "Units") were issued at a price of $0.05 per Unit comprised of one (1) common share and one (1) common share purchase warrant with an exercise price of $0.12, valid until December 30, 2010. The securities issued pursuant to this private placement are subject to a statutory resale period of four months, which expires on May 1, 2009.
D&D Securities Company, the Broker for the Offering, received fees of $8,000 CDN in cash commissions and 160,000 in options to purchase Units, such options having an expiry date of June 30, 2010.
Following the completion of the second tranche of the Offering the Company has 73,009,668 common shares issued and outstanding.
The capital raised from the Offering will be used for strategic growth opportunities and for general corporate purposes.
Intertainment wishes to update details of the private placement being subscribed for by Proximity Interactive Networks Inc. ("Proximity") under the terms of the Offering. Pursuant to the management information circular dated December 15, 2008 Intertainment will be seeking disinterested shareholder approval at its annual general and special meeting on January 19, 2009 to allow for Proximity to become a new control person of Intertainment. Prior to the Offering Proximity held no securities of Intertainment. Following completion of the Offering, and Intertainment having obtained shareholder and TSX Venture Exchange approval, Proximity will hold 15,500,000 common shares (19.74% of the issued and outstanding common shares of Intertainment) and 15,500,000 common share purchase warrants. Assuming exercise of all of the common share purchase warrants by Proximity, Proximity would hold on a fully diluted basis 32.12% of the issued and outstanding common shares of Intertainment. The directors of Proximity are Scott Dawdy, David McConomy and Michelle Kinch. The Proximity directors will have the discretion to vote the Intertainment shares held by Proximity.
Pursuant to the news release dated December 29, 2008 the Offering is fully subscribed at $900,000 - no subscriptions above this amount will be conducted for this Offering.
About Intertainment's Itibiti Softphone Platform
Intertainment's Itibiti Softphone platform is a proprietary, social networking, multimedia and communications environment that can be installed directly on a user's computer desktop. This provides clients with custom branding, loyalty and revenue opportunities prior to the user launching their Internet services. Key features of the Softphone platform 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.
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 Inc. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Inquiries:
Intertainment Media Inc.
David Lucatch
CEO
(905) 763-3510
or
Investor Relations:
Buchalter Consulting
1-866-631-6537
Email: Stan.Buchalter@BuchalterConsulting.ca
or
Online Investor Relations Hub:
AGORACOM
Email: INT@Agoracom.com
Website: www.agoracom.com/IR/intertainment
