Mar. 10, 2011 (Marketwire Canada) --
NEW YORK, NEW YORK and SAN MATEO, CALIFORNIA and TORONTO, CANADA -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCBB:ITMTF)(FRANKFURT:I4T) announces that its social media, real time, language translation platform, Ortsbo.com (www.ortsbo.com), will remain, at this time, a wholly owned subsidiary of Intertainment as the Company has rejected the second offer to list Ortsbo Inc. separately on a US Exchange. The Company feels that the initial offer in September 2010 and the current offer and structure do not fully value the accelerated growth of the platform.
As of March 9, 2011, Ortsbo's month over month unique monthly users has grown to 7.2 Million, an increase of 900,000 unique users or 14% since the end of February. By comparison its second year after the beta launch, Google's Gmail had only 7.1 million US users according to hubspot.com and The Motley Fool. Ortsbo has now passed Gmail and Facebook's second year growth in less than 9 months.
Intertainment has also chosen not to sell Ortsbo at this time and has mutually terminated its consulting agreement with The Corum Group without further financial obligation. The Company is capitalized to remain focused on growing Ortsbo to maximize shareholder value.
Ortsbo and its underpinning technology partner, SaaS Technologies Inc. have agreed, subject to completion of a formal option agreement, board and any regulatory approval, to allow Ortsbo to retain 74% of all future benefits generated from the baseline technology as well as an ongoing equity stake in SaaS to support the future development of other commercial technology applications. The Company feels that the Ortsbo user base, brand value and other intellectual property add significant value to the enterprise well in excess of the technology and will continue to increase.
"The Company has carefully considered all options for Ortsbo and feels that retaining Ortsbo within Intertainment will maximize value for shareholders at this time," said David Lucatch, CEO Intertainment Media Inc. / President Ortsbo Inc. "The focus of the Company is to accelerate growth, launch our mobile initiatives, email plug-in and licensed opportunities that will provide users with an enhanced global translation experience."
Since its launch in July 2010, Ortsbo has garnered over 90 million minutes of User Engagement, 61 Million Page
Views and had 18.1 Million unique visitors from over 170 countries and territories
SB.