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Message: Intertainment Completes a Key Strategic Acquisition
TORONTO, CANADA--(Marketwire - July 7, 2011) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has completed the previously announced arm's length strategic transaction with Commobility Inc. ("Commobility") providing enhanced technology and revenue capabilities to Intertainment.
As part of Intertainment's ongoing strategy to create a richer and deeper relationship with its users across all its divisional lines of business, Commobility offers the addition of key development in the mobile arena, including proprietary intellectual properties extending the reach of Intertainment's services globally.
Intertainment has acquired all of the issued and outstanding shares of Commobility pursuant to a share purchase agreement between Intertainment and the shareholders of Commobility (the "Commobility Vendors"). In consideration for all issued and outstanding shares of Commobility, Intertainment will issue 6,000,000 common shares ("Intertainment Shares") at a deemed price of $0.70 per Intertainment Share to the Commobility Vendors over a period of one calendar year from the closing date pursuant to a voluntary escrow agreement, with 48% of the Intertainment Shares having been released upon the closing of the transaction. The escrow agreement provides that the remaining 3,120,000 Intertainment Shares will be released to the Commobility Vendors in segments of 13% at the end of each of the calendar quarters following the closing date. The acquisition of Commobility provides Intertainment and its subsidiaries, Ortsbo Inc. and Ad Taffy Inc, a platform to operate on mobile devices and access to software and patents in development and developed by Commobility, which will significantly enhance the reach of the translation capabilities of the Ortsbo platform as well as other Intertainment divisional offerings.
Commobility assets include patent applications and software platforms for creating generic communication channels based on device proximity as well as enabling translation between devices in close proximity to each other. With this acquisition, in the near term, Ortsbo's translation capabilities will span situations where translation occurs on single device, multiple devices that are in proximity to each other and between users that are anywhere in the world on any device through cross-language, cross-device social network and Ortsbo's cross-social network translation applications.
About Intertainment Media Inc. www.intertainmentmedia.com
Connecting people with brands, Intertainment Media Inc. 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. Intertainment owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.
For more information on the Company and its properties, please visit www.intertainmentmedia.com
Headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Exchange under the symbol "ITMTF". Intertainment is also traded in Europe, on the XETRA Exchange under the symbol "I4T".
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Intertainment Media Inc. does not assume any obligation to update any forward looking information contained in this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Lucatch For Intertainment Media Inc.: CEO 800-395-9943 [email protected] www.intertainmentmedia.com
SS / PR Public Relations / Media Inquiries: [email protected] www.sspr.com
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.
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