TORONTO, CANADA--(Marketwire - Aug. 7, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINTAION IN THE UNITED STATES
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to provide an update on its recently announced financing and US market activities as the Company has received two (2) firm offers through its US agent, Maxim Group LLC ("Maxim Group"), as well as two (2) firm offers for financing from independent investment banks. The Company has reviewed the proposed financings and is in the process of receiving necessary approvals to complete its first selected offering.
As this is the first US only investment for Intertainment, the finalization of the paperwork and final offering has taken considerably longer, given the compliance and regulatory requirements and the Company expects to close its first tranche shortly.
The Company also recently completed a non-deal roadshow with Maxim Group in New York meeting with a number of key investment houses introducing both Intertainment Media Inc. and Ortsbo Inc. to the US investment community.
The Company continues to review activities for the proposed "spin-out" of its subsidiary, Ortsbo and has received, what it considers, very favorable interest in the US. The Company is continuing its discussions with it Canadian and US agents to provide the go-forward opportunity to maximize shareholder value.
Intertainment is also moving forward with its revenue generating activities, as its programs move from development phases to commercialization. Ortsbo is seeing strong interest and revenue opportunities in the US and European Entertainment, Music, eCommerce, Customer Care and online social sectors as companies continue to embrace globalization.
About Intertainment Media: www.intertainmentmedia.com
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 including Ad Taffy, itiBiti (KNCTR), Ortsbo, Deal Frenzy and Magnum, with investments in leading edge technologies and social media platforms including theaudience.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, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Market under the symbol "ITMTF". Intertainment is also traded in Europe on the unofficial market of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Intertainment Media Inc. does not assume any obligation to update any forward looking information contained in this news release.
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.