Itibiti Inc.

November 06, 2009 16:30 ET

Itibiti Inc. Press Release

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2009) - Itibiti Inc. confirms that on June 22, 2009 it acquired ownership of 8,000,000 units of Intertainment Media Inc. The units were acquired at a deemed price of $0.10 per unit pursuant to the sale by Itibiti Inc. of certain software assets to Intertainment Media Inc.'s subsidiary, Itibiti Systems Inc. Each unit is comprised of one common share and one common share purchase warrant of Intertainment Media Inc., each such warrant exercisable, for a two year period, to purchase one common share of Intertainment Media Inc. at $0.10 per share. Following the acquisition Itibiti Inc. held 8,000,000 common shares, comprising approximately 9.3% of the outstanding common shares of Intertainment Media Inc., and 8,000,000 warrants. Itibiti Inc. acquired the units for investment purposes and had, and continues to have, no intention of acquiring any additional securities of Intertainment Media Inc. except pursuant to the exercise of the warrants.

A report containing additional information in respect to the foregoing may be obtained by calling at 416-623-2570.

Contact Information

  • Itibiti Inc.
    Josh Killham