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Intertainment Media Completes Investment in Patent Pending Video Capture Technology for Print on Demand and Social SharingCap That(TM) Provides Major Studios, Music Labels, Sports and Entertainment Enterprises With New Outlet for Increased Awareness and Revenue (March 01, 2012)
TORONTO, CANADA -- (Marketwire) -- 03/01/12 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it continues to execute on its strategy of investing in new and emerging enterprises, completing a USD $2 Million investment in Hollywood, CA based Active ImageNation Inc. ("AIN"), the developer of Cap That(TM), a patent pending technology platform devoted to transforming consumers' favorite moments from film, television, sports, and music home videos into posters, canvas prints, apparel and virtual social creations. Closed beta trials of the platform are currently underway and a public release of its beta platform is scheduled for March 2012 at www.capthat.com.
Cap That's(TM) mission is to become a destination where users can upload their own videos and transform scenes into tangible creations; a place where fans can choose how to capture their favorite sporting heroes in action; a place where music fans and film lovers can select the perfect moment in the perfect scene and freeze it in time.
The Cap That(TM) patent-pending system empowers its users to easily capture individual frames from their own home videos and from clips licensed by major studios, record labels and sporting organizations. By leveraging the infinite catalogue of images trapped in video, Cap That(TM) will bring significant revenue and unique promotion opportunities to the entertainment and sporting industries.
AIN has signed agreements with a number of entertainment brands including Disney Studios to allow consumers to use the Cap That(TM) technology and is currently negotiating agreements with several other entertainment, sports, music and lifestyle content producers to include their video offerings within the Cap That(TM) platform. Additionally, AIN is working to license its technology directly to destination sites, apparel and branded program companies allowing them to use the patent pending technology for their own video imaging capture and print on demand programs.
The print on demand industry is a dynamic growing business sector which includes Zazzle.com and Cafepress.com whose users create over 186 Million unique products per year. In June 2011, Cafepress filed an S-1 registration statement to raise as much as US $80 Million in its IPO, divulging that 2010 revenues were US $128 Million.
On February 23, 2012, Intertainment Media closed the acquisition of 342,466 Class B preferred shares (the "Purchased Shares") of Active ImageNation Inc. ("AIN") at a price of USD$5.84 per share. The purchase price for the Purchased Shares was satisfied (i) in cash in the amount of USD $1.5 million and (ii) by tender and cancellation of a promissory note in the total principal amount of USD$500,000 issued by AIN to Intertainment Media on July 25, 2011. The Purchased Shares are convertible into the shares of common stock of AIN at the option of the holder (currently, the conversion ratio is 1 Purchased Share for 1 share of common stock). AIN also issued a warrant to Intertainment Media entitling the holder to purchase 34,247 common shares of AIN at a price of USD$5.84 per share.
David Lucatch, the CEO of Intertainment Media, has been elected a member of the board of directors (with the other two directors representing the founders of AIN). The transaction was previously announced in a news release dated November 29, 2011.
"We're excited to be part of AIN's patent pending Cap That(TM) technology that gives users, from consumers to commercial partners, the ability to expand their social sharing and print on demand opportunities using dynamic video content," said David Lucatch, CEO of Ortsbo Inc. and Intertainment Media Inc. "Participation in AIN is strategically aligned with Intertainment's investment principles, as it adds value to our other divisions and potentially stands alone as a tremendous opportunity for global success."
About Active ImageNation Inc. - Cap That(TM)
Cap That's(TM) patent pending technology empowers users to stop time and capture the most desired moments in film, television, music, sports, home videos and exclusive VideoShoots(TM) in order to create one of a kind posters, canvas prints, photo prints, apparel as well as virtual creations that can be easily shared across social networks.
CapThat(TM) is an application and website devoted to unlocking images from video giving rise to a revolutionary consumer proposition and promotional tool.
About Intertainment Media Inc. www.intertainmentmedia.com
Connecting people with brands, Intertainment Media Inc. is a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement.
Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers. Intertainment owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.
Intertainment Media owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo and Magnum. For more information on the Company and its properties, please visit www.intertainmentmedia.com.
Headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Exchange under the symbol "ITMTF". Intertainment is also traded in Europe, on the XETRA Exchange 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.
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.
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