Savers Plus International Inc.

Savers Plus International Inc.

February 23, 2007 09:25 ET

Savers Plus Financing Update

TORONTO, ONTARIO--(CCNMatthews - Feb. 23, 2007) - Savers Plus International Inc. ("Savers" or the "Company") (TSX VENTURE:SAV) announced today that the Company will be extending the closing of its previously announced debenture offering to in and around March 16, 2007 to accommodate the closing of the Company's investment of up to $2.3 Million USD in Beverly Hills, CA based No Good Television Inc.

As announced on December 20, 2006, Savers has received a commitment from a Toronto based, private equity fund to invest up to $2.3 USD Million into Savers allowing the Company to make a strategic investment in NGTV. The Agreement provides for an option to extend the term of the Company's agreement with NGTV for an additional two years, with certain renewal options and rights of first refusal covenants, for a total term of five (5) years.

In addition to Canada, and rights to expand to the UK and Europe, the amendment to the Agreement is expected to provide Savers with the ability to extend its rights, on a first right of refusal basis, to include China, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Australia.

The convertible debentures will mature on December 31, 2008, carry a ten percent (10%) interest rate, and have the ability to convert to common shares of the Company at $0.28 CDN each. In addition each convertible debenture unit will have attached 3,333 common share purchase warrants, valid for 24 months from the time of closing, with an exercise price of $0.40 CDN. The common share purchase warrants will be issued immediately upon closing of the private placement, and will not require the investor to convert the principal of the convertible debenture to common shares.

Subject to approval by the TSX Venture Exchange, the Company is making available, to accredited investors, a non brokered private placement equity units of up to $650,000 CDN. Each unit will be priced at $0.25 CDN and consist of one common share and one half of one warrant. Each whole Warrant will entitle the holder to purchase one additional common share of the Corporation at a price of $0.35 CDN for up to 18 months. The Company expects to close this offering by March 30, 2007.

The capital raised will be used for strategic growth opportunities, and for general corporate purposes.

A commission of 7% will be paid to eligible parties.

On February 12, it was announced, that subject to shareholder approval, the Company will be changing its name to Intertainment Media Inc. The special shareholders meeting is scheduled for April 10, 2007.

About Eye Rock Digital

The Company's wholly owned US subsidiary Eye Rock Digital Inc. (, is a leading edge provider of video on demand, digital content, distribution, advertising and production. Eye Rock Digital aggregates and creates digital content aimed at the young, hip and technologically savvy young adult market. Eye Rock Digital develops programming for simultaneous delivery over broadband and wireless platforms.

About Savers Plus International Inc. / Intertainment Media Inc. (proposed)

The Company and its divisions, provide proprietary programs for clients to build Brand, Loyalty and Revenues.

Working with industry leading firms in the financial sector, real estate, insurance, media, telecommunications, entertainment, electronic gaming, travel, automotive and services sectors, the Company initiates proprietary business building solutions that increase customer activity and strengthen customer-vendor relationships.

The Company maintains a fully integrated creative, web, technology and graphics production facility to service its growing client base, and works with company owned and managed systems with vendors throughout North America and Europe. The Company developed proprietary technologies for managing these programs and manufacturing its offerings.

Savers Plus International Inc. is headquartered in Richmond Hill, Ontario, Canada. Its shares trade on the TSXV (symbol: SAV).

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information