NEW YORK, NEW YORK--(Marketwired - Oct. 24, 2013) - Yappn Corp. (OTCBB:YPPN) is pleased to announce that Yappn (www.yappn.com) ("Yappn" or the "Company"), the online multi-lingual social community and powerful social tool set where people and brands can meet, chat, engage and consume media in almost 70 languages has further negotiated its services agreement with real-time language services platform, Ortsbo ("Ortsbo") (www.ortsbo.com) a division of Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) ("Intertainment Media"). Under the terms of the amendment to the services agreement, Yappn Corp. will have the first right of refusal to purchase the Ortsbo platform and all its assets and operations for a period of two years; increasing its use of Ortsbo's technology for business to consumer social programs at a purchase price to be negotiated at the time the Company exercises its right. Yappn will also have a right to purchase a copy of the source code only applicable to Yappn programs for $2 Million USD which may be paid in cash or restricted shares of the Company's common stock at a per share price of $.15. As part of the enhancement agreement, Yappn will pay Ortsbo a one-time fee of $250,000 USD which is payable via an issuance of 1,666,666 shares of its restricted common stock, subject to all necessary approvals.
Ortsbo focuses on providing multi-lingual customer care to BPO's (Business Process Outsourcers) and clients engaged in global customer care. To date, Ortsbo has signed agreements with TELUS International, Startek and a global consulting agency reaching customer care in North America, Central America, Europe and Asia with additional deals in process.
As a reference to the potential size and scope of the global BPO market, Global Information, Inc. announced on May 16, 2012 (http://www.prnewswire.com/news-releases/global-business-process-outsourcing-market-to-reach-2026-billion-in-2016-151710465.html) that IDC had released a new Business Process Outsourcing market forecast providing details through 2016 for the US and worldwide BPO market by key horizontals, including Customer Care.
Ortsbo provides a unique, proprietary and cost effective solution to the global BPO growing market, providing BPO's and their customer service agents with the ability to communicate in virtually all major language sets regardless of the native language that they speak. This allows the industry to reduce the "chase" of languages and instead, to focus on efficiencies created by geographies and service offerings.
In real world applications, consumers who have experienced using the Ortsbo real-time multilingual software have reported through exit surveys that the experience was on par or even above those compared to a real native language speaker in accordance with standard Net Promoter Scores (NPS) protocols. Ortsbo allows customer care agents and agencies the ability to provide multiple language services without the need, or reduction, of native speakers reducing costs for customer care centers and enabling efficiencies and cost savings for clients.
As an early start up, Ortsbo pioneered real time multi-language chat and Yappn launched in 2013 to capitalize on the early success of Ortsbo's consumer and entertainment programs which includes holding The Guinness World Record for "The most nationalities in an online chat room" http://www.guinnessworldrecords.com/world-records/10000/most-nationalities-in-an-online-chat-room.
Yappn, a global social media platform and powerful set of tools enabling brands, entertainment companies and enterprises to extend their social brands to a worldwide audience in conjunction with Twitter, Facebook, YouTube, Pinterest, Flickr, Instagram and Tumblr, currently licenses the Ortsbo technology for its global social media platform and services programs including Yappn.com and its clients including Marvel Studios, Walt Disney Studios, FOX Studios, Wizard World, Good Life Networks and other major entertainment and business brands.
About Yappn Corp. (http://corporate.yappn.com/)
Yappn (www.yappn.com) is a place where people can meet, chat, engage and consume content, individually, in group and by topic, regardless of the language they speak. By removing the language barrier, the entire world opens up to an entirely new paradigm of communication.
Yappn redefines global social marketing by also providing a set of stand-alone commercial tools for brands providing easy to implement and cost effective globalization solutions complimenting Twitter, Facebook, Pinterest, Instagram, Flickr, YouTube, Tumblr, web, mobile, online broadcasting, private networks and event virtualization.
Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) has a controlling interest in Yappn Corp.
Yappn Corp. is publicly traded in the US on the OTCBB - symbol "YPPN".
About Ortsbo Inc. (www.ortsbo.com)
Ortsbo enables real-time, cross-language communication experiences. Delivered as a Cloud, Software as a Service (SaaS) in combination with professional computing services, Ortsbo can be embedded into high value communication processes and internet endpoints to create dramatic value across more than 65 languages. Based on invention and proprietary technology, Ortsbo creates unparalleled, high-fidelity experiences. Ortsbo is a portfolio company subsidiary of Intertainment Media Inc.
Forward-Looking Information
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, and those preceded by or that include the words "believes", "expects", "given", "targets", "intends", "anticipates", "plans", "projects", "forecasts" or similar expressions, are "forward-looking statements". Although Yappn Corp.'s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Current Report on Form 8-K filed on April 3, 2013 and each subsequently filed Quarterly Report on Form 10-Q and Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.