Intertainment Media Receives Offer for US Public Listing of Real Time Social Media Translator ORTSBO.com
NEW YORK, NEW YORK and SAN MATEO, CALIFORNIA and TORONTO, CANADA, Feb. 8, 2011 (Marketwire) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCBB:ITMTF) announces that its social media, real time, translation platform, Ortsbo, has received an offer from Beverly Hills, CA based Lion Gate Capital Inc. ("Lion Gate"), a private investment group, to facilitate the US public listing of Ortsbo.com. Intertainment has also received interest from several leading Canadian and US investment banking firms to provide assistance and support for the proposed transaction. Intertainment is currently reviewing the offer, which is subject to due diligence, definitive agreement and necessary approvals. The Company will provide additional details as they become available.
Under the terms of the proposed agreement, Intertainment Media would list Ortsbo Inc. (www.ortsbo.com) as a separate publicly traded firm on a US Exchange, with Intertainment retaining a significant portion of the equity. In the event that a deal is concluded, subject to board and regulatory approval, Intertainment may consider providing the public shareholders of its Company (TSX VENTURE:INT) with a portion of the proposed Ortsbo equity through a special dividend. Given the recent market activity for Intertainment, and the accelerated growth of Ortsbo, the parties have agreed that they will continue to work towards a fair and equitable valuation in the interest of all stakeholders.
The Corum Group has been retained to assist Intertainment with the review of this transaction as well as the continuation of discussions with other interested parties until a definitive agreement is reached.
With over 4 Million active monthly users, Ortsbo's real time multi-session, multi-platform and multi-lingual application connects to PC and Mac computers, mobile devices as well as all major search engine chat platforms including Microsoft, Google and Yahoo! along with Facebook, iChat, AIM, ICQ, Gadu-Gadu, Ovi, Lotus Sametime, LiveJournal and Tencent QQ and QQ International, China's largest chat platforms and Twitter.
To become a Facebook Fan of Ortsbo, sign up at www.facebook.com/ortsbo.
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To review Ortsbo's weekly performance metrics and the Company's corporate blog, please visit www.intertainmentmedia.com/blog.