Intertainment Media Inc.

Intertainment Media Inc.

January 10, 2011 14:09 ET

Intertainment Provides Update on Private Placement

TORONTO, CANADA--(Marketwire - Jan. 10, 2011) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) announces that, further to its press release dated December 21, 2010, it intends to completed a non-brokered private placement of up to a maximum of 30,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of up to a maximum of $3,000,000.

The total committed to date is approximately $1,100,000 and the Company is finalizing additional interest and subscription agreements. The Company may close on an amount that is less than $3,000,000. Each Unit issued pursuant to the private placement will be comprised of one common share of Intertainment ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one Common Share for a period of 24 months following the closing of the private placement at an exercise price of $0.13 per Common Share.

It is anticipated that the net proceeds of the private placement will be used to accelerate Ortsbo, itiBiti and Ad Taffy as well as for corporate purposes. The Company may pay finder's fees in accordance with the TSX Venture Exchange policies. The completion of the private placement is subject to TSX Venture Exchange acceptance and other regulatory approval.

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 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".

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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