Toronto, Ontario & New York, New York--(Newsfile Corp. - September 16, 2015) - Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") is pleased to announce that the disposition of the intellectual property assets of its subsidiary, Ortsbo Inc. ("Ortsbo"), to Yappn Corp. (OTCQB: YPPN), as previously announced on May 26, 2015 (the "Transaction") for a total purchase price of approximately US $17 Million was completed on September 14, 2015.
The Ortsbo Asset Sales included US Patent No. 8,983,850 B2, US Patent No. 8,917,631 B2, US Patent No. 9,053,097 B2, and other intellectual properties including Ecommerce and Customer Care know-how (the "Assets"). As consideration for the Assets, Yappn (i) issued 260,000,000 common shares in its capital ("Yappn Shares") at a deemed price of US$0.05 per Yappn Share to the Company (176,875,000 of which were issued, at the direction of the Company, to Winterberry Investments Inc. ("Winterberry") as consideration for financial advisory and consulting services to be performed by Winterberry in favour of the Company); (ii) assumed and settled US$3,000,000 of outstanding Ortsbo debt through the issuance 59,870,000 Yappn Shares; and (iii) assumed and settled US$500,000 of outstanding debt of each of the Company and Ortsbo through the issuance of Yappn debentures.
The Company would also like to announce that the TSX Venture Exchange Inc. (the "Exchange") has approved the Company's proposed consolidation of its common shares (each, a "Common Share") on the basis of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Consolidation"). Effective at market opening on September 16, 2015, the Company's Common Shares will commence trading on the Exchange on a consolidated basis. The 379,888,770 Common Shares currently issued and outstanding will be reduced to 37,988,877 Common Shares upon the Consolidation. The Company's name and trading symbol will remain the same. The Consolidation was approved at a special meeting of shareholders of the Company held on August 31, 2015.
Letters of transmittal with respect to the Consolidation have been mailed to all registered shareholders of Common Shares. The letter of transmittal requests that shareholders of the Company send their pre-consolidated Common Share certificates together with the duly executed letter of transmittal to the Company's transfer agent, Computershare Trust Company of Canada to receive post-consolidation Common Share certificates.
No certificates representing fractional Common Shares will be issued in connection with the Consolidation. Common Shares to be received by such shareholder of the Company shall be rounded to the nearest whole number of Common Shares and no cash amount shall be payable in respect of any such fractional shares.
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 and has investments in leading edge technologies and social media platforms, including TranzActive, CapThat, theAudience, Lexifone and Yappn Corp (www.yappn.com) (OTCQB: YPPN). 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 and Los Angeles, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSXV: INT) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulate Unofficial Market) of the Frankfurt Exchange under the symbol "I4T".
Contact
Mr. Anthony R. Pearlman, President & COO
info@intertainmentmedia.com
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.
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