TORONTO, CANADA--(Marketwire - Feb. 27, 2013) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to provide an update on its business and financing activities.
The Company recently received three (3) discussion term sheets from US investment firms to provide staged financing for the company. Management and the Board are reviewing the term sheets to determine the best financing method for moving forward with U.S. based growth strategies. The Company is also in the process of finalizing its current debenture offering of $1 Million announced on January 21, 2013.
Yappn has received significant interest from US entertainment and investment groups. Initially positioned as a subsidiary of Intertainment Media Inc., through its development stage, Yappn will remain as an internal program of Intertainment Media until it is ready to launch its business activities. The Company has been approached internationally to partner Yappn in other global regions and will report on its progress as news is available.
Given the ongoing interest in the US for Intertainment's incubation program and its products and the potential opportunity to spin out Ortsbo to a senior US Exchange, the Company has received interest and has offered to extend its Ortsbo debenture holders which are due on February 28, 2013 for a further 60 day extension. This offer is being made to maintain all the benefits of conversion provisions during this period. The reaction has initially been positive and the Company has begun receiving acceptance forms from debenture holders.
We believe the best direction for increased shareholder value for social media stocks is in the US and the Company continues to work that end.
Intertainment Media Inc.
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.