Intertainment Media Inc.
TSX VENTURE : INT

Intertainment Media Inc.

December 21, 2010 09:15 ET

Intertainment Media Receives Financing Commitment

TORONTO, CANADA--(Marketwire - Dec. 21, 2010) - Intertainment Media Inc. (TSX VENTURE:INT) ("Intertainment" or the "Company"), announced today that it has received commitments to engage in a non brokered private placement. The private placement will consist of Units, which will be priced at $0.10 CDN and include one common share of Intertainment and one common share purchase warrant at $0.13 CDN with a 2 year expiry from date of closing. The total committed to date is approximately $1.1 Million CDN and the Company is finalizing additional interest and subscription agreements. The monies will be used to accelerate Ortsbo, itiBiti and Ad Taffy as well as for corporate purposes. The financing has received Board approval and is subject to final regulatory approval. Based on the current commitments, the financing is expected to close shortly.

The Company's core social and new media programs continue to accelerate with Ortsbo reaching over 23 million minutes of User Engagement, increasing 60 fold since its launch in late July 2010. itiBiti has recently reported that its program has reached over 10 million minutes of engagement and Ad Taffy has begun commercial program rollout. The Company's traditional media unit, Magnum also continues to accelerate its business programs, significantly increasing its online programs for major clients. The results of each division have directly resulted in new revenue opportunities for the Company.

"Continued investment in core programs is warranted at this time to accelerate user engagement, revenue opportunities and overall enterprise value. The social media and online advertising environment is competitive and Intertainment has proprietary, unique offerings with Ortsbo, itiBiti and Ad Taffy and consumers are engaging in record numbers as indicated by our recent performance metrics. Now is not the time to lessen these efforts, but to increase them to capitalize on long-term value opportunities for all our stakeholders," said David Lucatch, CEO of Intertainment Media Inc.

The Company's efforts to assess future strategic opportunities for Ortsbo continue with the Corum Group (www.corumgroup.com) (Seattle and Zurich), a global leader in software mergers and acquisitions.

The Company has considered independent offers and feels that working with Corum provides potentially higher value for Ortsbo. The Company will provide further updates as they become available.

To assist the Company with its expanding marketing and communications programs, Intertainment Media has engaged Chicago based SS | PR (www.sspr.com).

To review performance metric updates and the Company's corporate blog, please visit www.intertainmentmedia.com/blog.

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 Media owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.

Headquartered in Richmond Hill, ON, 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".

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.

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