Intertainment Media Inc.
TSX VENTURE : INT

Intertainment Media Inc.

May 12, 2008 10:23 ET

Intertainment Media Inc. Continues $1 Million Private Placement

Over $250,000 CDN in commitments / Appointment of new CFO

TORONTO, ONTARIO--(Marketwire - May 12, 2008) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) announced today that subject to TSX Venture Exchange approval, it will continue to complete its previously announced non brokered private placement of up to $1 Million CDN. The Company has already garnered commitments of over $250,000 CDN for the offering and is extending the opportunity to June 5, 2008 and may choose to close sooner.

The offering will consist of Units comprised of one (1) common share at a price of $0.10 CDN and (1) common share purchase warrant with an exercise price of $0.18, valid for two (2) years from the time of closing. The Company will have the right to accelerate the expiry date of the common share warrant in the event the closing price of the shares is $0.30 or higher for 30 consecutive trading days during the two (2) year period. Eligible parties will receive 7% cash commissions and 7% broker warrants.

"Intertainment is preparing for the launch of its Itibiti program which offers private labeled Voice Powered Social Networking services right from the computer desktop. There has been tremendous interest in this program from major brands globally and the Company has already announced several deals," said Mr. David Lucatch, CEO of Intertainment Media Inc.

The capital raised will be used for strategic growth opportunities, and for general corporate purposes. The Company may choose to issue fewer units than the maximum.

Intertainment Media Inc. would also like to announce, effective immediately, the resignation of Ms. Debra Farquharson as Chief Financial Officer. The Company thanks Ms. Farquharson for her assistance through the past year and wishes her continued success in all future endeavors.

The Company would like to announce the appointment of Mr. Bill Belgue, Chartered Accountant as the Company's new Chief Financial Officer. Mr. Belgue graduated from the University of Waterloo with a Bachelor of Arts in Accounting. He articled and received his CA designation with Grant Thornton in 1990, specializing in financial services and forensic accounting. He spent two years on assignment with the Metropolitan Toronto Police Force Fraud Squad as their first ever in-house forensic accountant. His career has centered on the advertising, sports and entertainment industry. Currently, Mr. Belgue is also the Vice President of Finance for the Grand Prix Association of Toronto (former rights-holder to the annual open wheel automobile race in the streets of Toronto). Previously, he held senior positions with St. Joseph Media, CSS Stellar plc (North America) and was Director of Finance for Ogilvy & Mather Canada Ltd.

About Intertainment's Itibiti Softphone Platform

Intertainment's Itibiti Softphone platform is a proprietary, social networking, multimedia and communications environment that can be installed directly on a user's computer desktop. This provides clients with custom branding, loyalty and revenue opportunities prior to the user launching their Internet services. Key features of the Softphone platform include IP Telephony, video/multimedia on demand, instant messaging, SMS, integrated in a feature rich interface that includes a mini web browser, desktop telephone and chat system which can be utilized to create active links to the affinity partners web pages, providing information and outside services and a complete advertising and marketing platform for revenue generation.

About Intertainment

Intertainment Media Inc. (www.intertainmentmedia.com) is a conventional and new media company with an experienced and innovative team of professionals focused on delivering leading edge technology and marketing solutions. Intertainment develops and invests in strategic programs that enable clients to increase their branding and loyalty relationships with their consumers while focusing on increased revenue generation. Intertainment owns, operates and invests in high value content, traffic management, advertising and social networking solutions including, Eye Rock Digital (www.eyerockdigital.com) No Good TV (www.ngtv.com), Trooker Inc. (www.trooker.com), and Itibiti Inc. Intertainment Media Inc. is headquartered in Richmond Hill, Ontario, Canada. The company is listed on the Toronto Venture Exchange (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.

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