Magnum to increase online graphics services offerings
TORONTO, CANADA, July 15, 2009 - Intertainment Media Inc. (“Intertainment” or the “Company”) (TSXV:INT) announces that its wholly owned subsidiary, Magnum Fine Commercial Printing Limited (“Magnum”), has entered into an agreement to purchase the assets, clients, programs and equipment (“Vendor Business”) of a leading Canadian graphics services company. Further details of the acquisition will be released in and around August 4, 2009 as the parties finalize the agreements.
The Vendor Business is a well-established firm with clients across Canada with profitable recurring business of a minimum $3.5 Million annually. Magnum has established a state of the art, online order and processing system capable of handling a significant amount of the recurring business providing increased efficiencies for clients. Based on estimated increased business, Magnum has the opportunity to grow by up to 200% in the upcoming year. Magnum has both the internal resources and existing business partnerships to execute the increased business.
This acquisition further establishes Magnum as a leader in the graphics services industry. In May 2009, Jana Lucatch, President of Magnum was featured on the cover of Graphic Arts, an industry leading national publication, in a feature article about women in the printing and graphics industry in Canada. Magnum is a FSC Certified Company and both Jana Lucatch and Rob Cole, vice president of Production Services have achieved the designation as FSC Expert Pioneer, reflecting Magnum’s commitment to the environment and future of the industry.
“In an industry that is changing to keep pace with a growing online market, Magnum is continuing to accelerate its graphics services business by creating innovative business channels to increase efficiencies and customer benefits. This acquisition is directly in line with Intertainment’s growth plan by providing recurring revenue platforms, increased online channel business and establishing a growing client base. Magnum’s programs dovetail directly into other Intertainment platforms, like itiBiti, providing clients with both online and direct response opportunities,” said Mr. David Lucatch, CEO of Intertainment.
The final purchase is subject to completion of due diligence and approval of the board of directors and TSX Venture Exchange.
About Magnum Fine Commercial Printing Limited
For almost 25 years, Magnum has provided clients with leading edge design, production and distribution services globally to meet the needs of their business, promotional and customer needs. Magnum and its management teams are actively involved in the Canadian Forest Stewardship Council (FSC) programs, promoting environmentally sound industry solutions. Magnum has also established a robust online order and management platform allowing clients to increase efficiencies and management of collateral programs.
About Intertainment
Intertainment Media Inc. (www.intertainmentmedia.com) 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.
Additionally, 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) , View2gether Inc. (www.view2gether.com), Itibiti Systems Inc. (www.itibitisystems.com) and Magnum Fine Commercial Printing Limited (www.magnumprinting.com) .
Headquartered in Richmond Hill, Ontario, Canada, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol “INT”.
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.
Certain information set forth in this press release contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of oil and gas prices, currency fluctuation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived there from. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Communications:
Buchalter Consulting
1-866-631-6537
Stan.Buchalter@BuchalterConsulting.ca
Online Investor Relations Hub:
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http://www.agoracom.com/ir/intertainment
Intertainment Corporate Inquiries:
David Lucatch, CEO
905-763-3510
