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Intertainment Media Receives Offer for US Public Listing of Real Time Social Media Translator ORTSBO.com(February 08, 2011)
NEW YORK, NEW YORK and SAN MATEO, CALIFORNIA and TORONTO, CANADA -- (Marketwire) -- 02/08/11 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT)(OTCBB: ITMTF) announces that its social media, real time, translation platform, Ortsbo, has received an offer from Beverly Hills, CA based Lion Gate Capital Inc. ("Lion Gate"), a private investment group, to facilitate the US public listing of Ortsbo.com. Intertainment has also received interest from several leading Canadian and US investment banking firms to provide assistance and support for the proposed transaction. Intertainment is currently reviewing the offer, which is subject to due diligence, definitive agreement and necessary approvals. The Company will provide additional details as they become available.
Under the terms of the proposed agreement, Intertainment Media would list Ortsbo Inc. (www.ortsbo.com) as a separate publicly traded firm on a US Exchange, with Intertainment retaining a significant portion of the equity. In the event that a deal is concluded, subject to board and regulatory approval, Intertainment may consider providing the public shareholders of its Company (TSX VENTURE: INT) with a portion of the proposed Ortsbo equity through a special dividend. Given the recent market activity for Intertainment, and the accelerated growth of Ortsbo, the parties have agreed that they will continue to work towards a fair and equitable valuation in the interest of all stakeholders.
The Corum Group has been retained to assist Intertainment with the review of this transaction as well as the continuation of discussions with other interested parties until a definitive agreement is reached.
With over 4 Million active monthly users, Ortsbo's real time multi-session, multi-platform and multi-lingual application connects to PC and Mac computers, mobile devices as well as all major search engine chat platforms including Microsoft, Google and Yahoo! along with Facebook, iChat, AIM, ICQ, Gadu-Gadu, Ovi, Lotus Sametime, LiveJournal and Tencent QQ and QQ International, China's largest chat platforms and Twitter.
To become a Facebook Fan of Ortsbo, sign up at www.facebook.com/ortsbo.
Follow Ortsbo on Twitter
To review Ortsbo's weekly performance metrics and the Company's corporate blog, please visit www.intertainmentmedia.com/blog.
About Ortsbo: www.ortsbo.com
Ortsbo (www.ortsbo.com) enables real-time conversational translation in over 50 languages and seamlessly integrates with today's most popular social media platforms.
Ortsbo Inc. is a division of Intertainment Media Inc., 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 Media owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo and Magnum.
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 under the symbol "ITMTF".
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.
For Ortsbo / Intertainment Media Inc.:
David Lucatch, CEO
World Market Media
+1 877 801 8408 Ext. 307
Public Relations / Media Inquiries:
SS / PR
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