Group Will Re-Energize Leading Global App
TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has entered into an agreement with a well funded Toronto based technology company to collectively bid for the assets of Poynt Corporation ("Poynt"). The group is prepared to enter a cash bid together with Intertainment's secured lender's position valued at CDN $1.7 Million. At this point, the deadline for submission of the bid is November 29, 2012. If the group is successful in its bid to acquire Poynt's assets, Intertainment and its partner will provide additional details on their relationship and go forward plans.
On November 1, 2012, it was announced that Hardie & Kelly Inc. of Calgary, Alberta, had been appointed receiver for Poynt Corporation after Poynt's stay of proceeds under the Proposal Proceedings under the BIA was terminated effectively creating an assignment into bankruptcy. The appointment of the receiver put in place a process to work towards recovering maximum value for the assets of Poynt.
Intertainment maintains that the Poynt application and its assets may have significant value well in excess of its secured creditor position of approximately CDN $1.7 Million plus costs and unsecured position of CDN $150,000. Based on Poynt's last reported unaudited interim financial statements released on August 29, 2012 for the period ended June 30, 2012, non-cash assets were reportedly valued in excess of CDN $21.5 Million.
On October 9, 2012, Poynt reported that its user base was in excess of 10 Million users on the Android platform alone. While an upgrade for the iPhone was recently released, on September 17, 2012, Poynt stated that year over year its unique iPhone user base had grown 132%. On July 31, 2012 Poynt reported that its overall unique user base, at that time, was 17 Million. The Poynt application is actively pre-loaded on new phones with a number of wireless carriers.
In March 2012, after Intertainment provided Poynt with a short term secured loan for CDN $1.5 Million, the parties initiated discussions and development of enhancements to the Poynt application which Intertainment expects, should they be able to be fully implemented and continue, will enhance the value of the Poynt application and create additional revenues for Intertainment and its partner. These include Intertainment's real-time experiential communications platform, Ortsbo, which offers instant communications in over 65 languages; Ad Taffy, which provides enhanced "click to call" capabilities integrating actionable content with immediate communications connectivity; Deal Frenzy which offers unique value programs to a growing audience and Intertainment's affinity solutions, including the Sweet Card, which provides pre-paid debit and virtual wallet platforms.