NEW YORK, NEW YORK--(Marketwired - May 5, 2014) - Yappn Corp. ("Yappn" or "Company") (OTCQB:YPPN), the real-time language technology that allows members of the global community to communicate online, conduct eCommerce and facilitate customer services across nearly 70 languages, is pleased to announce that it has agreed under the terms of its licensing agreement and previously announced option to purchase source code for its language services platform increasing its Intellectual Property ("IP") portfolio.
Almost 73% of the global Internet market does not speak English when surfing the net, according to Internet World Stats.com and over 66 Million people in the US do not speak English in the home according to the 2011 US Census. This provides Yappn, as a leader in real-time language services, the opportunity to enable entertainment studios, eCommerce businesses, social networks and other enterprises with the ability to create instant, real-time communications and shopping experiences on a global scale.
"Yappn continues to accelerate its business model and the Company feels that this is the right time to increase its IP portfolio," said David Lucatch, founder and CEO of Yappn. "With the recent Winter Olympics and upcoming World Cup, we're seeing a significant rise in business awareness of globalization opportunities and Yappn is poised to be an industry leader in real-time language services."
Under the terms of the source code purchase agreement, Yappn has agreed to pay Ortsbo USA Inc., $2 Million USD in restricted Yappn common stock at an agreed upon price of $0.15 per share, or 13,333,333 restricted common shares of Yappn Corp. Yappn retains the option to purchase part or all of Ortsbo USA Inc. ("Ortsbo") and have further access to Ortsbo's patent pending solutions. Ortsbo USA Inc., is a subsidiary of Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) which has a controlling interest in Yappn.
Yappn is a real-time language services company that amplifies brand messaging, helps conduct commerce and provides customer support by globalizing these experiences with its proprietary approach to language. Through its real-time multilingual amplification platform, Yappn eliminates the language barrier, allowing the free flow of communications in nearly 70 languages. Yappn has developed cost effective, unique and proprietary technology tools and services that create dynamic solutions that enhance a brands messaging, media, eCommerce and support platforms.
In addition to Yappn, FotoYapp (www.fotoyapp.com) provides consumers, brands and Influencers with the ability to share media content (images, video, audio, etc.) instantly across the global social sphere with all major social posts in a single environment in almost any language allowing global participants to interact with each other, regardless of their native tongue.
Yappn Corp. is publicly in the U.S. on the OTCQB - symbol "YPPN" and leading technology incubator, Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) has a controlling interest in Yappn Corp.
For more information, please visit http://corporate.yappn.com
About 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 and has investments in leading edge technologies and social media platforms, including Magnum, Ortsbo, CapThat, theAudience, Lexifone, Shiny Ads and Yappn Corp (www.yappn.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 and Los Angeles, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSXV: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) Frankfurt Exchange under the symbol "I4T".
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This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC. Investors should consult all of the information set forth herein and should also refer to the previous and ongoing disclosures in our Current Reports on Form 8-K, our annual reports on Form 10-K, and our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.