Intertainment's Ortsbo to Acquire Interest in Isra Intertainment's Ortsbo to Acquire Interest in Israel Based, Voice Translation Technology Platform2 hours ago - ACQUIREMEDIANEW YORK, NEW YORK and LOS ANGELES, CALIFORNIA and SAN MATEO, CALIFORNIA and TORONTO, CANADA--(Marketwire - Nov. 28, 2011) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) announced today that Intertainment has agreed to acquire, and forthwith transfer to its subsidiary, Ortsbo Inc. (www.ortsbo.com), an initial interest in Haifa, Israel based Lexifone Communications Systems (2010) Ltd. ("Lexifone"), developers of proprietary voice translation technology platforms. The Company has also secured additional rights to purchase all outstanding shares of Lexifone at a future date. The closing of the transaction is subject to satisfaction of conditions precedent in favour of the Company and all necessary board and regulatory approvals.Under the terms of the term sheet executed by the parties, the Company will have the right to purchase 25% of the Common Shares of Lexifone (the "Purchased Shares") for One Million Five Hundred Thousand Canadian Dollars ($1.5 MM CDN) and commons shares of Intertainment Media the value of which will equal Five Hundred Thousand Canadian Dollars ($500,000) based on the price per share of Intertainment at the end of trading on a day preceding the closing of the transaction on the Toronto Venture Exchange. The Company shall have the option to purchase the remaining shares over the next 2 years. Upon closing of the transaction with Intertainment, the Purchased Shares will be immediately transferred to its subsidiary, Ortsbo Inc.Lexifone delivers simple and effective real time speech translation via its proprietary generic software platform. Lexifone's intellectual property around statistical optimization of voice data, in conjunction with its learning based linguistic and semantic translation, delivers best of breed domain specific translations. These live voice to voice translations are accomplished using a simplistic standard land line telephone, or by a mobile phone, or through VoIP on any Internet connected device. As a general example; a user of the Lexifone system, using a land line telephone, simply calls a geographically local Lexifone number, selects the language they will use and speaks into the phone in their native tongue, their speech is then repeated back over the phone in the chosen translation language. Lexifone will also offer direct connection applications to mobile, portable, VoIP and other Internet devices, making it easy and simple for users to engage in voice to voice translation.Adding to its growing suite of services, Ortsbo users around the world, which totaled over 40 Million in October 2011, will be able to interact with friends, family and colleagues via both text and voice providing greater ease and flexibility to its platform.Lexifone is run by Dr. Ike Sagie who brings with him a track record of over 30 years of successful software research, management and entrepreneurship. Dr. Sagie is a former scientist and senior manager at IBM research laboratories and later co-founder of Attunity (NASDAQ:ATTU) and is an active director at LNTS speech technologies. In addition to managing the company, Dr. Sagie, an expert in computational linguistics, heads the research activities in Lexifone.Lexifone CEO Dr. Sagie explains: "At Lexifone we put people in the center of the translation process. It's all about the experience of communication coupled with an easy, effective user experience. Working with our technology delivery partners, our expert linguists have created the foundation for the Lexifone service and with smart technology Lexifone is ever-evolving and improving. Highly sophisticated technology works behind the scenes but what the user experiences is the ultimate in simplicity - that is the beauty of Lexifone. People are at the center, not technology. Nothing could be more straightforward. All you have to do is speak."The commercial applications for voice translations present significant opportunities for Ortsbo. In addition to its text platform, voice can break down the language barriers in healthcare, emergency, social services, travel, and other services where instant, vocal translation is preferable over text or chat."We're very excited to have the opportunity to invest and work with the exceptional team at Lexifone. Their expertise and experience provides Ortsbo the opportunity to move into the voice translation space quickly and effectively with a "learning" propriety speech translation platform," said David Lucatch, President of Ortsbo / CEO Intertainment Media. "Voice translation offers Ortsbo another pillar in which to launch commercial applications."