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Real Time Translator Ortsbo Rejects Second Offer(March 10, 2011)
NEW YORK, NEW YORK and SAN MATEO, CALIFORNIA and TORONTO, CANADA -- (Marketwire) -- 03/10/11 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT)(OTCBB: ITMTF)(FRANKFURT: I4T) announces that its social media, real time, language translation platform, Ortsbo.com (www.ortsbo.com), will remain, at this time, a wholly owned subsidiary of Intertainment as the Company has rejected the second offer to list Ortsbo Inc. separately on a US Exchange. The Company feels that the initial offer in September 2010 and the current offer and structure do not fully value the accelerated growth of the platform.
As of March 9, 2011, Ortsbo's month over month unique monthly users has grown to 7.2 Million, an increase of 900,000 unique users or 14% since the end of February. By comparison its second year after the beta launch, Google's Gmail had only 7.1 million US users according to hubspot.com and The Motley Fool. Ortsbo has now passed Gmail and Facebook's second year growth in less than 9 months.
Intertainment has also chosen not to sell Ortsbo at this time and has mutually terminated its consulting agreement with The Corum Group without further financial obligation. The Company is capitalized to remain focused on growing Ortsbo to maximize shareholder value.
Ortsbo and its underpinning technology partner, SaaS Technologies Inc. have agreed, subject to completion of a formal option agreement, board and any regulatory approval, to allow Ortsbo to retain 74% of all future benefits generated from the baseline technology as well as an ongoing equity stake in SaaS to support the future development of other commercial technology applications. The Company feels that the Ortsbo user base, brand value and other intellectual property add significant value to the enterprise well in excess of the technology and will continue to increase.
"The Company has carefully considered all options for Ortsbo and feels that retaining Ortsbo within Intertainment will maximize value for shareholders at this time," said David Lucatch, CEO Intertainment Media Inc. / President Ortsbo Inc. "The focus of the Company is to accelerate growth, launch our mobile initiatives, email plug-in and licensed opportunities that will provide users with an enhanced global translation experience."
Since its launch in July 2010, Ortsbo has garnered over 90 million minutes of User Engagement, 61 Million Page Views and had 18.1 Million unique visitors from over 170 countries and territories.
Ortsbo provides users with the ability to break down language and cultural barriers through its easy to use, language centric interface. Over the past month, user demographics have continued to favor the BRIC countries with China remaining the number 1 usage country for Ortsbo with Brazil moving into the number 2 spot followed by 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.
As part of Ortsbo's ongoing commitment to improving the translation experience and to keep pace with accelerating demand, Ortsbo has begun to deploy additional infrastructure to handle the service loads placed on it by global users. The initial improvements have resulted in reduced load times and increased overall user experience.
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. Ortsbo instantly provides real time translation capabilities to well over 1 billion active chat accounts in over 170 Countries / Territories.
Ortsbo is finalizing its commercial release schedule for its translation module for email applications. Ortsbo for Microsoft Outlook provides instant translation of both sent and received emails, with original language attachments, making it easy to communicate via email in multiple languages. The email plug-in module will retail for $29.95 US. Ortsbo also offers a secure, multi-user, multilingual chat module for the commercial market.
To become a Facebook Fan of Ortsbo, sign up at www.facebook.com/ortsbo.
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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. 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 under the symbol "ITMTF". Intertainment is also traded in Europe, on the Frankfurt 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.
For Ortsbo / Intertainment Media Inc.
www.ortsbo.com / www.intertainmentmedia.com
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