Intertainment Media Inc.
TSX VENTURE : INT

Intertainment Media Inc.

June 04, 2009 15:05 ET

Intertainment's Itibiti Systems Financing Update

TORONTO, ONTARIO--(Marketwire - June 4, 2009) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT) announces that pursuant to the press releases of May 5, 2009 and March 4, 2009 detailing the offering of convertible debentures (the "Offering") by the Company's wholly owned subsidiary Itibiti Systems Inc. ("Itibiti Systems"), the Company continues to work on completing the Offering and expects to close the Offering shortly. The Company has received a portion of the executed subscription documents for the Offering, however no tranches of the Offering have closed to date. The Company is currently negotiating final subscription amounts with committed parties.

The Company and Itibiti Systems continue to execute their business plans as detailed in the news releases announced over the past several months.

The Company also announces it is issuing 1,000,000 options to purchase common shares ("Options") to third party consultants of the Company. Each Option will have an exercise price of $0.10 per share and will expire 2 years from the date of issuance.

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).

Certain information set forth in this press release contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of oil and gas prices, currency fluctuation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived there from. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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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