Intertainment Media Inc.-Corporate and Convertible Debenture Offering Update

TORONTO, CANADA--(Marketwire - March 7, 2013) -

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Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that the Company has applied to the TSX Venture Exchange for an amendment of the exercise price for the 9,880,136 warrants (the "Warrants") issued on September 14, 2011 and having an exercise price of $2.00 per common share to May 13, 2013. The proposed amended price will be $0.13 per Common Share. The Warrants are also being amended to include a provision that if the closing price of the Common Shares exceeds $0.16 on the TSX Venture Exchange for ten consecutive days of trading at any time, after the amendment date, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the tenth such trading. The amendments of the Warrants will be effective following TSX Venture Exchange acceptance and the satisfaction of the requirements of the TSXV Venture Exchange. All other terms of the Warrants remain the same. Warrantholders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented in order to effect the exercise or transfer of such Warrants.

The Company also announces the re-pricing of its non-brokered private placement of units (the "Units") of up to $1,000,000 previously announced on January 21, 2013. Each Unit will consist of $1,000 principal amount of secured convertible debentures and 8,333 common share purchase warrants (the "Warrants"). Each Warrant will be exercisable into one common share for a two year period from the date of issuance at $0.125 per common share. The Debentures will bear interest at a rate of 12% per annum, will be payable bi-monthly and will run for a term of two years. The Debentures will be secured against the assets of the Company. The Debentures will rank parri passu with certain other debentures issuable by the Company. The Debentures will be convertible, in whole or in part, at the option of the holder, for common shares at a price of $0.12 per common share for a period of two years from the date of issuance of the Debentures, and may be redeemed by the Company at any time. The completion of the offering is subject to TSX Venture Exchange acceptance and other regulatory approval.

As previously announced on February 27, 2013, the Company offered a 60 day extension to its Ortsbo debenture holders which were due on February 28, 2013. The Company has received acceptance forms from over 85% of the debenture holders and expects to receive the balance of the acceptance forms shortly.

Intertainment Media Inc. - 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, 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".

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com . The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

This release may contain forward-looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Intertainment Media Inc. does not assume any obligation to update any forward looking information contained in this news release.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.