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Intertainment Media Provides Update on Proposed Ortsbo Spin Out and Special Meeting Date

 

Intertainment Media Provides Update on Proposed Ortsbo Spin Out and Special Meeting Date

TORONTO, CANADA--(Marketwired - April 2, 2013) - Intertainment Media Inc. ("Intertainment" or "Company")(TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T), announces today that it is scheduling a Special Shareholder Meeting for Friday, May 31, 2013 for shareholders to discuss and vote on a proposed US Senior listing spin out of Ortsbo Inc. ("Ortsbo"). Ortsbo is a world leader in real time multi-lingual communications focusing on the Global Customer Care, Corporate Communications and Gamification and select Social Media industries. Ortsbo is a subsidiary of Intertainment Media Inc.

The Special Meeting will take place on Friday, May 31, 2013 at 9:30 am Eastern at The Sheraton Parkway Toronto North at 600 Highway 7 East, Richmond Hill, Ontario L4B 1B2 in the Grand York B Conference Room. Those wishing to attend in person are asked to arrive a half hour in advance. At this time, there will be no call in provisions or Live & Global production for this event.

Over the past approximately 120 days, the Company has worked with counsel and advisors to better understand the opportunities and implications of a creating a stand alone senior US listing. As a Canadian Company, Ortsbo would be subject to foreign listing considerations and as such Intertainment has investigated and it has been recommended that Ortsbo be domiciled as a US Corporation. The Company and management feel that this would be the best long-term solution for Ortsbo shareholder value.

The Company has reviewed a number of offers to move forward with the spin out process and is scheduled to review a final opportunity in the next two (2) weeks. The Company will then make a decision on its go-forward strategy and provide shareholders with a formal circular package which will be discussed and voted on at its Special Meeting on May 31, 2013.

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FYI

As previously announced, management has presented, as part of the initial strategic plan, a proposal to issue subject to tax and regulatory review, in conjunction with the completion of the proposed spin out, the Company would effect a dividend whereby shareholders of Intertainment, as of an effective record date, will, in total, receive up to 20% of the pre-money value of Ortsbo by way of common stock received by Intertainment in the new Ortsbo publicly listed entity. Under the terms of the proposal, the dividend will be distributed to record date shareholders as Ortsbo common stock. Given further review of the potential value and costs associated with the proposed spin out, management has revised its presentation, under the same terms and conditions, to increase the distribution to shareholders to up to 30%. The Company will announce the record date for this distribution and other activities shortly.