TORONTO, CANADA and BROOKLYN, NEW YORK--(Marketwire - March 8, 2013) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has executed a binding letter of intent (the "LOI") to sell all the assets of Yappn, an online destination where people can meet, chat, engage and consume content in almost any language, to Plesk Corp., ("Plesk"), a Brooklyn, NY based US publicly listed entity on the OTCBB for the sum of $7 Million USD. The transaction is subject to board and necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.
The arms length transaction is contemplated to close in and around March 31, 2013. Under the terms of the LOI, Intertainment and its partners will receive 70 Million shares of Plesk at a value of $0.10 USD per share, with Intertainment controlling a minimum of 60% of the received shares of Plesk following the completion of the transaction. The entity will change its name to "Yappn Corp." and the parties are currently finalizing financing that will provide Yappn with working capital following the completion of the transaction.
Yappn was initially proposed as a potential long term opportunity in late 2012, by Intertainment CEO David Lucatch, based in part from knowledge gained by Intertainment and its management team through early stage user engagement of its real-time language services platform, Ortsbo (www.ortsbo.com). Yappn's real time multi-language chat platform will be provided through an agreement with Ortsbo.
"Intertainment Media Inc. is focused on incubating unique social media opportunities and innovative technologies, bringing them to a stage where we can create significant shareholder value," said David Lucatch, CEO of Intertainment Media and founder of Yappn. "Management believes that the best opportunity for its social media success is in the US as the US public markets are showing significant signs of optimism with record market highs. The sale of the Yappn assets to a US publicly listed entity is a key step to achieving our goals."
In addition to the Yappn asset sale, management continues to work on senior US listing opportunities for other assets including Ortsbo. Management is also exploring various options, such as a special dividend, for the distribution of a portion of the shares it receives from the Yappn sale to Intertainment shareholders. Any distribution will be at a future date and will be subject to board and necessary regulatory approvals and compliance. Further information will follow.
Currently, Yappn is inviting interested people from around the world to sign up to be part of its upcoming beta testing program at www.yappn.com. Participants in the beta trials will have the opportunity to earn exclusive badges and rewards as part of Yappn's gamification program.
Yappn - www.yappn.com
Yappn will be the place where people around the world, regardless of the language that they speak can share their voice. Yappn will allow people to meet, chat, engage and consume content in almost 70 languages in a fun, interactive environment. For more information, please visit www.yappn.com. Like Yappn on Facebook and follow us on Twitter @ yappncorp.
Intertainment Media Inc. - www.intertainmentmedia.com
Intertainment is one of Canada's leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo, Deal Frenzy, The Sweet Card, Magnum, and the new development of Yappn.com with investments in leading edge technologies and social media platforms including theaudience.com and capthat.com. For more information on Intertainment and its properties, please visit www.intertainmentmedia.com.
Intertainment is headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Market under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulated Unofficial Market) of the Frankfurt Exchange through the XETRA trading platform 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.
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.