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Intertainment Media Provides Update on Synchronica Relationship(March 02, 2012)
TORONTO, CANADA -- (Marketwire) -- 03/02/12 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to provide an update on its recently announced relationship with Synchronica PLC ("Synchronica"). On February 8, 2012 Synchronica announced that it and Intertainment had entered into a Letter of Intent, which included joint efforts to integrate Intertainment's Ortsbo, the world's leading experiential language platform, into Synchronica's Mobile Gateway. This combination provides seamless and real-time translation between more than 53 languages across Synchronica's growing client base of over 100 mobile operators and device manufacturers around the world.
On February 27, 2012, Synchronica announced that together with Intertainment and Ortsbo, they had successfully integrated the technology and would present a demo of Synchronica's new Unity Platform featuring Ortsbo's translation technology at the Mobile World Congress show in Barcelona, Spain.
The Companies continue to move forward on other initiatives outlined in the Letter of Intent to jointly create value and develop profitable programs.
Full release information is available at www.sedar.com.
The Letter of Intent also provided a provision whereby the parties had agreed, subject to due diligence, to a potential CDN $10 Million investment by Intertainment Media into Synchronica by way of a private placement. Intertainment together with investment partners, who were interested in a minimum of CDN $5 Million of the total placement, were potentially prepared to move forward with this investment. Intertainment informed Synchonica that this placement would only move forward once the current take over discussions with Myriad Group were voted on by its shareholders.
Upon further discussion with Synchronica and Myriad Group, Intertainment has decided at this time to hold off any potential investment by way of a private placement. Intertainment feels that this position is in the best interest of Intertainment and Synchronica shareholders. At this time Intertainment also feels that Myriad's offer and direct financial support provides the best solution for the long-term success of Synchronica.
Intertainment and Synchronica will continue to work together to develop new initiatives, and Intertainment is confident, that should Myriad Group be successful in its endeavors to acquire Synchronica, it will be "business as usual" and the parties will work to develop leading solutions for a global, mobile market.
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.
Intertainment Media Inc.
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