Toronto, Ontario and New York, New York--(Newsfile Corp. - December 6, 2016) - Intertainment Media Inc. (TSXV: INT) (OTC
Pink: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") today announces that it has received a Demand Letter and a
Notice of Intention to Enforce Security (the "Notice") under Section 244(1) of the Bankruptcy and Insolvency
Act (Canada) from Cancor Debt Agency Inc. (the "Collateral Agent"), on behalf of certain secured creditors of the
Company (the "Secured Creditors"), pursuant to a Collateral Agency Agreement dated May 3, 2016 (the "Collateral Agency
Agreement"). The Collateral Agent has demanded repayment of the principal amount of $1,291,839.37 (the "Indebtedness")
due to the Secured Creditors, plus accrued and accruing costs and interest.
In connection with the Notice, the Company has consented to immediate enforcement by the Collateral Agent of its security over
the Company's present and after-acquired property, assets and undertaking.
Mr. Clayton Joel Strickland and Mr. Douglas Hamilton have resigned their positions as Directors with the Company effective
December 5, 2016. "We would like to thank Mr. Strickland and Mr. Hamilton for their services to the Company during this
transitional time and wish them well in their future endeavors." said Mr. Wayne Parsons, Chief Executive Officer.
For additional information in respect of the Collateral Agency Agreement and the Indebtedness, please see the press release of
the Company dated May 9, 2016 filed to the Company's profile on www.SEDAR.com.
Cautionary Note
Shares of the Company have been cease traded effective November 3, 2016 as a result of the Company failing to file its audited
annual financial statements for the financial year ending June 30, 2016, its related management's discussions and analysis and
accompanying CEO and CFO certificates. For additional information see the press release of the Company dated October 27, 2016 filed
to the Company's profile on www.SEDAR.com.
Contact
For further information on the Company please contact:
info@intertainmentmedia.com
Forward-Looking Statements
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 Inc.
("TSXV") 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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
