Intertainment Provides US Market & Financing Update
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINTAION IN THE UNITED STATES
TORONTO, CANADA – August 7, 2012 – Intertainment Media Inc. ("Intertainment" or the "Company") (TSXV:INT / US:ITMTF / FRA: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.