Intertainment Media Inc.
TSX VENTURE : INT

Intertainment Media Inc.

November 29, 2007 16:30 ET

Intertainment Expands New Media Programs

Quarter results reflects company's commitment to New Media growth

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) is pleased to announce that it has made significant progress in executing its business plan for the first quarter of fiscal 2008. The Company is focused on its online and mobile revenue initiatives, including the introduction of the Company's Ad based voice over ip programs, consisting of FrankenTalk and other private label programs.

During the first quarter, the Company achieved some significant milestones, which included:

- The closing of a $2.3 Million USD Convertible Debenture investment in NGTV.com

- Launch of the new Eye Rock Digital.com platform, and the 100% sellout of selected ad inventory

- Agreement to partner with Itibiti.com and the option to purchase up to 30% of the company

- Development of the Company's Ad Based, Free To Consumer Voice over ip program

- The development of Frankentalk desktop communications suite and social networking program

In addition to the significant investment in development during the quarter, the company was able to begin its advertising revenue rollout program, and has signed a number of new advertising clients and ad networks to increase long-term revenue opportunities.

Revenue for the quarter ended June 30, 2008 was $518,545, a decrease from the $1,072,316 reported in same period for the previous year. The previous year's revenue was significantly due to the Company's contract to produce a large and complex online gambling rewards and loyalty program. Consolidated net losses increased to $1,155,574 during the quarter from $377,717 in 2007. The increase in net losses were due significantly to the change in the Company's direction from providing primarily traditional marketing services to third party clients to developing wholly owned and partnered programs in the rapidly growing online and mobile marketplace and the expenses related to the development of these programs. Given the Company's significant investment in NGTV.com in US dollars, the Company experienced significant charges for loss of exchange and related interest expenses.

"The Company is moving swiftly and continues to execute its core New Media business to work towards profitability. The Company has increased the number of agencies that it's working with to advertise on its properties. In addition, the Company has recently launched its commercial and private label version of its ad based voice over ip program. We believe that this course of action, while strenuous to the company's resources at this stage, will provide a significant opportunity for business development and increased shareholder returns," said David Lucatch, CEO of Intertainment Media Inc.

During the quarter the Company announced a short form prospectus financing, which it withdrew on October 15, 2007 in favour of a convertible debenture offering. The Company is working with its Agents, Paradigm Capital Inc. of Toronto to complete the financing.

Company financial information is available from Sedar.com (www.sedar.com)

About Intertainment Media Inc.

The Company and its divisions, develop traditional and new media marketing programs for clients to build Brand, Loyalty and Revenues.

Intertainment Media Inc., together with its wholly owned subsidiary Eye Rock Digital Inc. has acquired interest and working partnerships with a number of new media, content and technologies companies, including NO GOOD TV (www.ngtv.com), Trooker Inc. (www.trooker.com) and Itibiti.com.

Working with industry leading firms in the financial sector, real estate, insurance, media, telecommunications, entertainment, electronic games, travel, automotive and services sectors, the Company initiates proprietary business building solutions that increase customer activity and strengthen customer-vendor relationships.

The Company maintains a fully integrated creative, web, technology and graphics production facility to service its growing client base, and works with company owned and managed systems with vendors throughout North America and Europe. The Company has developed Intellectual Property (IP) solutions for managing these programs, technologies and manufacturing processes.

Intertainment Media Inc. is headquartered in Richmond Hill, Ontario, Canada. Its shares trade on the TSXV (symbol: INT).

This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not undertake any duty to update any forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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