News out
TORONTO, CANADA -- (Marketwire) -- 10/31/12 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT)(OTCQX: ITMTF)(FRANKFURT: I4T) is pleased to provide an update to its corporate efforts that management has been working with counsel in Canada and the US as well as US private equity funds. The Intertainment Board of Directors have approved a plan to pursue US capital strategies, including an anticipated senior US listing for Intertainment Media Inc. as well as the follow along anticipated spin-outs of divisional companies. The Company has engaged Los Angeles and New York based Richardson & Patel, as its US counsel.
The Company has been introduced to key US advisory, investor relations and private investors which it believes will aid in maximizing the benefits from the initial interest the Company has received from numerous groups for investment banking. Due to the strategic engagement of Richardson & Patel as noted above, the Company no longer has an exclusive relationship with Maxim Group LLC and is in the process of finalizing its advisory group, lead agent and syndicate partnership which will support a US senior listing application.
The anticipated US senior listing of Intertainment will provide the Company and its shareholders with greater access to capital and a wider investment base in which to facilitate further opportunities in the early stage growth companies investment space. Intertainment is committed to a process of growth, nurturing and potential divestiture of its holdings as they mature, creating ongoing value for the Company and its shareholders. As previously announced, the process of divestiture will include providing a portion of the proceeds, either through cash or securities dividends to its shareholders.
Intertainment's real time global language and experiential services company, Ortsbo Inc. (www.ortsbo.com) ("Orstbo"), is positioned to be the first of its divisions to take advantage of this opportunity. Ortsbo has achieved dynamic consumer growth over the past 2 years with over 200 million monthly unique users. Over most of the past year, Ortsbo has focused its primary efforts on commercialization programs, developing new and proprietary applications for real time language services in the business arena and concentrating its efforts on developing initial test environments for Fortune 500 companies and industry leaders in niche, high value revenue markets. Ortsbo expects to announce a series of additional patent filings, new commercial contracts and the roll out of its strategic plan before the calendar year end allowing it to position itself as an independent enterprise in early to mid 2013.
"The US capital markets are recognized globally as the primary investment leaders in Internet, social media, and language technologies and we believe that Intertainment is ready to be part of that community, as its business strategy develops and deploys globally recognized platforms like Ortsbo," said Mr. David Lucatch, CEO of Intertainment Media Inc.
The Company will continue to provide updates on its progress as information is available for dissemination.
About Intertainment - 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, the Sweet Card 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".