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Intertainment's Ortsbo Invests in China Green Channel International to Provide Translation, Distribution & Development of International and Original Programming for China Education Television(November 21, 2011)
NEW YORK, NEW YORK, LOS ANGELES, CALIFORNIA, SAN MATEO, CALIFORNIA, and TORONTO, ONTARIO -- (Marketwire) -- 11/21/11 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) announced today that its subsidiary, Ortsbo Inc. (www.ortsbo.com) has made an investment in Hong Kong based China Green Channel International ("CGCI"), an officially sanctioned Canadian & Beijing joint venture that has signed a partnership agreement with China Education Television for the development, distribution and management of advertising and sponsorship for Western and native Chinese programming focusing on humanities and early child education.
This recognized venture guarantees Ortsbo's rights to provide automated and human based translation services for the conversion of foreign broadcast content as well as participate in the development of original content for the Chinese television market.
Under the terms of the agreement, the parties have agreed that Ortsbo has the right to acquire up to 22% of the total equity of CGCI in the first year for a potential investment of USD $2.65 million.
CGCI Hong Kong's wholly owned Beijing based subsidiary, have a partnership agreement with China Education Television ("CETV"), for its China Education Channel 3 Primetime ("CETV 3") and its Early Learning Channel ("CELC") to build the program content and channel assets of China Television's Early Learning Channel and to distribute imported and original content on CETV Channel 3 Primetime.
The CETV 3 Primetime and Early Learning Channel venture gives CGCI control over the programming, advertising and sponsorship development for 7 hours per week on CETV Channel 3 in primetime, and 42 hours per week on the Early Learning Channel, for a combined 49 hours per week of air time which currently reaches over 250 million people in more than 200 cities across China.
CETV 3 Primetime and the Early Learning Channel will give CGCI the opportunity to generate an estimated USD $15 million in 2012 and USD $150 million dollars in gross earnings over the first three years through advertising, sponsorship and e-commerce revenues tied to the youth and young family market in China.
CGCI will distribute and establish new and varied Western programming together with locally developed and produced content which will gradually come on stream and to develop strong e-commerce components for CETV's online portals as well as help increase the overall growth of the viewing audiences.
"Intertainment & Ortsbo are committed to expanding their offerings and to develop highly efficient and cost effective commercial services. The broadcast market is a prime opportunity to disrupt conventional language services programs and make use of Ortsbo's leading experiential translational platform not only providing core translation services, but also to expand into the creation of new and exciting learning programs based on Ortsbo's patent pending technologies," said David Lucatch, President of Ortsbo / CEO Intertainment Media.
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For the Company's corporate blog, please visit www.intertainmentmedia.com/blog.
About Ortsbo Inc. 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 subsidiary 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.
Ortsbo's flagship product for social media (www.ortsbo.com) supports global communications with instant translation capability, real time multi-lingual social media chat connects to PC and Mac computers, mobile browsers 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.
Ortsbo allows users to communicate with family, friends and colleagues around the world, providing users with the ability to break down language and cultural barriers through its easy to use, language centric interface. User demographics have continued to favor the BRIC countries with China remaining the number one usage country for Ortsbo followed by Brazil, the US, South Korea, Canada, Taiwan, Germany, Argentina, Russia and India. Ortsbo's Top 10 user countries have a combined population of over 3.4 billion people.
International rock legend, accomplished global entrepreneur and one of the world's most recognized personalities, Gene Simmons has endorsed Ortsbo.com, having signed on as a business partner and to serve as Ortsbo's official spokesperson.
The personification of today's globally connected, multi-cultural citizen, Simmons is fluent in five languages, including English, Hebrew, Hungarian, and German, as well as some Japanese and he's working to add Mandarin to his repertoire. Simmons will lend his legendary personality to help spread the word about Ortsbo's unique, translator experience platform that integrates seamlessly with the most popular social media platforms to enable users from around the world to instantly send and receive messages in their native language.
Two-time NBA MVP Steve Nash to become an official spokesperson for Ortsbo. Leading Ortsbo's global sports fan program, Nash will present and participate in a number of online fan chats with international athletes from a number of sports disciplines.
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 under the symbol "ITMTF". Intertainment is also traded in Europe, on XETRA 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.
For Ortsbo / Intertainment Media Inc.:
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www.ortsbo.com or www.intertainmentmedia.com
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