Intertainment Media Inc.
TSX VENTURE : INT

Intertainment Media Inc.

May 21, 2009 13:36 ET

Intertainment Media Receives Financing Offer From Mutual Fund

TORONTO, ONTARIO--(Marketwire - May 21, 2009) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) announced today that it has received interest from an international mutual fund to complete a non brokered equity offering ("Offering") of $1 Million CDN subject to board and TSX Venture approval.

The Offering will consist of units of Intertainment ("Units") at a subscription price of $0.11 CDN per Unit, consisting of one (1) common share with one (1) common share purchase warrant ("Warrant), having an exercise price of $0.16 CDN and being valid for two (2) years from the date of closing.

The pricing of the Offering is consistent with Intertainment's announcement on May 5, 2009 confirming that interest in its wholly owned subsidiary Itibiti Systems Inc.'s proposed debenture offering of $4 Million CDN has exceeded the maximum available under that financing.

The funds will be used for working capital and corporate purposes, including support for the launch of the Company's core and divisional programs.

"The Company continues to garner strong interest from the financial investment community as it accelerates its business model and launches its Private Label Social Media application - itiBiti," stated Mr. David Lucatch, CEO of Intertainment Media Inc.

About Itibiti Systems Inc.

Itibiti Systems' platform, itiBiti, is a revolutionary, instant revenue driven, Rich Internet Application (RIA) providing entertainment, communications and social networking initiatives displayed directly onto a user's computer desktop - providing major global brands with the unprecedented ability to power their marketing efforts within a unique, private label loyalty and revenue platform. itiBiti offers users a rich suite of services in combination with brand client initiatives, and the Microsoft Windows Live platform. Users have the ability to access itiBiti using their Windows Live ID, giving them direct access to a number of Microsoft services. Itibiti Systems is currently in the planning stage for a mobile version of its product offerings.

About Intertainment

Intertainment Media Inc. (www.intertainmentmedia.com) 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.

Additionally, 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), View2gether Inc. (www.view2gether.com), Itibiti Systems Inc. (www.itibitisystems.com) and Magnum Fine Commercial Printing Limited (www.magnumprinting.com). Headquartered in Richmond Hill, Ontario, Canada Intertainment Media Inc. 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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