Next Generation Social Media Application, itiBiti, accelerates rollout plan

TORONTO, CANADA, June 23, 2009 - Intertainment Media Inc. (“Intertainment” or the “Company”) (TSXV:INT) announces today that it has closed its previously announced $2 Million asset purchase acquisition (the “Transaction”) providing the Company’s wholly owned subsidiary, Itibiti Systems Inc. (“Itibiti Systems”), with full rights to all legacy technology and intellectual property assets (the “Technology”) as disclosed in press releases dated March 3, 2009 and May 5, 2009. The Company has provided $1.2 Million at closing with the balance to be paid over the next ten months. The Transaction provides Itibiti Systems with full interest in all facets of itiBiti, as it continues to execute its business strategies and accelerate its rollout plan.

Called “the next generation of integrated social media applications” by Microsoft Corp., itiBiti provides major brand partners with a full feature, revenue generating, turn-key platform integrating consumers and fans, or “clusters”, into a robust and engaging desktop based private label social media enterprise. Over the past few months, ItiBiti has showcased major brand programs as a Microsoft Global Agency Partner at a number of high profile industry events. itiBiti is continuing to negotiate and execute agreements with major business brands and technology partners and will provide updates accordingly.

“Intertainment has been diligently working on the development and deployment of the itiBiti platform for the past 2 years, creating “cluster” based social media programs for its major brand partners. In the marketplace, itiBiti has created significant excitement within the global technology and marketing communities. With the completion of this Transaction, we will continue to execute our “live” business strategy, working to create long-term revenues and value for all our stakeholders,” stated Mr. David Lucatch, president of Itibiti Systems and CEO of Intertainment.

Pursuant to the Transaction, Itibiti Systems paid the vendor at closing $1.2 Million, consisting of $400,000 in cash and 8,000,000 units (“Units”) of the Company issued at a deemed price of $0.10 per Unit. Each Unit consists of one common share (“Share”) and one Share purchase warrant (“Warrant”) with an exercise price of $0.10 per Warrant and an expiry date of two years from the date of issuance. The Shares and Warrants are to be released over a period of 16 months pursuant to a voluntary escrow agreement with the vendor. Itibiti Systems has also provided the management team of the Technology Transaction with a minimum one-year consulting contract to provide ongoing development and integration services.

Under the terms of the agreement governing the Transaction, Itibiti Systems will pay the vendor an additional $800,000 in cash over the next 10 months (the “Post-Closing Payments”). Following completion of the Post Closing Payments, Itibiti Systems will own the full legal title to the Technology. The vendor shall receive revenue sharing payments from Itibiti Systems in the amount of 25.88% of all Itibiti Systems revenue until completion of the Post-Closing Payments, and for each of the 5 years following completion of the Post-Closing Payments, the seller shall receive revenue sharing payments in the amount 5.75%, 2.88%, 2.88%, 2.88% and 1.44% respectively, of all Itibiti Systems revenue.

Pursuant to the press release of May 5, 2009, the Company would also like to announce that Mr. Michael McLaughlin is joining the Board of Directors of Intertainment. Mr. McLaughlin is an advertising and broadcast industry veteran and has previously worked for Omnicom Media Group, where he served for eight years as an Executive Vice President within the Entertainment Group responsible for sales and marketing to the Canadian broadcasting community. Prior to Omnicom, Mr. McLaughlin spent 15 years with CanWest Global in numerous positions including Production, Programming and Sales.

About Itibiti Systems Inc.

Itibiti Systems’ platform, itiBiti, is a revolutionary, instant revenue driven, Rich Internet Application (RIA) providing entertainment, communications and social networking initiatives displayed directly onto a user’s computer desktop – providing major global brands with the unprecedented ability to power their social media and marketing efforts within a unique, private label loyalty and revenue platform. itiBiti offers users a rich suite of services in combination with brand client initiatives, and the Microsoft Windows Live platform. Users have the ability to access itiBiti using their Windows Live ID, giving them direct access to a number of Microsoft services. Itibiti Systems is currently in the planning stage for a mobile version of its product offerings.

About Intertainment

Intertainment Media Inc. ( target="_blank">www.eyerockdigital.com), No Good TV ( target="_blank">www.itibitisystems.com) and Magnum Fine Commercial Printing Limited (

Stan.Buchalter@BuchalterConsulting.ca

Online Investor Relations Hub:

AGORACOM

INT@Agoracom.com

www.agoracom.com/IR/intertainment

Corporate Inquiries:

David Lucatch, CEO

905-763-3510