Helping brands engage Developing, nurturing, and investing in technologies
Message: Intertainment Completes A Key Strategic Acquisition
TORONTO, ONTARIO--(Marketwire - July 8, 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 transactions with Deal Frenzy Inc. ("Deal Frenzy") providing enhanced technology and revenue capabilities to Intertainment.
Intertainment acquired all the turn-key assets of Deal Frenzy including the backbone technology, deal pipeline, including preferred deals with major brands and an experienced sales and support team (the "Deal Frenzy Assets") pursuant to an asset purchase agreement. Intertainment acquired the Deal Frenzy Assets in consideration for $700,000 by way of $500,000 in cash and 289,855 common shares of Intertainment ("Intertainment Shares") at a deemed price of $0.69 per Intertainment Share.
Deal Frenzy is the first of Intertainment's acquisitions focused on direct revenue generation in combination with social networking providing the Company with its own offerings to its user base, effectively creating vertical lines of business.
The strategic acquisition of the Deal Frenzy Assets will provide Intertainment significant opportunities within the group buying sector. With the considerable profit margins reported in this sector, the acquisition will generate incremental revenue for Intertainment by leveraging the synergies between the Deal Frenzy platform and the substantial number of unique internet users that are reached on a daily basis by Intertainment's Ortsbo and KNCTR. This widespread awareness and exposure to a built in audience will provide Deal Frenzy with the critical mass to ensure successful and profitable market penetration.
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.
Please login to post a reply