Intertainment Media Inc.
OTC Bulletin Board : ITMTF

Intertainment Media Inc.

February 07, 2011 14:40 ET

Intertainment Media Updates Financial Position

TORONTO, CANADA--(Marketwire - Feb. 7, 2011) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCBB:ITMTF) is pleased to announce that with the close of its previously announced private placement and its recent activities, the Company has significantly improved its current financial position from its previously stated financial statements. This activity has occurred after the end of its most recent quarter ended December 31, 2010 and will not be reflected in statements which are expected to be released shortly in accordance with regulatory requirements.

Financial Update Highlights (all figures are in Canadian Dollars):

Since early January, the Company has received in excess of $4.7 Million in cash resulting from the private placement, warrant and option exercises.

Promissory Notes have been reduced by approximately $0.5 Million over the past 35 days.

Convertible Debentures have been reduced by approximately $3.75 Million in the past 35 days.

"Intertainment Media remains committed to improving its financial performance," said Edward Jonasson, CFO Intertainment Media Inc. "Net working capital has improved and will allow the Company to focus on operational growth. Management, Executive and the Board of Directors are working diligently to provide results that increase long-term shareholder value."

Annual General & Special Meeting of Shareholders – Change of Venue – February 8, 2011:

The Company has elected to change the venue for its Annual General and Special Meeting of Shareholders. Originally scheduled for February 8, 2011 at 9:45 am Eastern to be held at the head offices of Intertainment in Richmond Hill, ON, Canada, the Company believes that its corporate facility is not adequate to accommodate the expected number of attendees.

The date of the meeting will remain the same, Tuesday, February 8, 2011, however to provide additional allowance for travel time, the meeting will now begin at 10:15 am Eastern.

The venue for the meeting is changed to the Sheraton Parkway North at 600 Highway 7 East, Richmond Hill, ON, Canada L4B 1B2 in the Thornhill Room.

For those who are unable to attend in person, a call in conference line has been established. Please call into the following number 1-866-365-7779 the meeting will begin at 10:15 am sharp. Lines will be open as of 10am and callers are encouraged to call in early to register."

About Intertainment -

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 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 TSX Venture Exchange under the symbol "INT" and in the US under the symbol "ITMTF".

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

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.

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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