Intertainment Media Corporate Update
TORONTO, CANADA and NEW YORK, NEW YORK--(Marketwired - Jan 20,
2014) - Intertainment Media Inc. ("Intertainment Media" or
"Company") (TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased
to provide a corporate update to its shareholders. The key
components of the update cover internal programs, new business
initiatives, portfolio investment companies, capital, Annual
General and Special Meeting and investment / divestiture
programs.
Over the past 14 months, management with guidance from its Board
of Directors has spent a considerable amount of its time and
energies devoted to reducing expenditures, moving from investment
to execution, building key programs, like Yappn and Ortsbo's
Customer Care initiatives and divesting of assets, including
itiBiti, and Ad Taffy, Poynt and Tunezy and most recently
announcing the proposed sale of Magnum Fine Commercial Printing
Limited for an aggregate CDN $1.5 Million. The sales of itiBiti, Ad
Taffy, Poynt and Magnum will continue to provide Intertainment with
cash flow from payments of sale notes. With the divestitures
completed and in the case of Magnum, underway and continuous
expense review, the focus is concentrated on developing business
programs for the Company's assets and investing in the creation and
support of new initiatives.
Internal Programs and
New Business Initiatives
The board and management have had ongoing discussions on how to
best provide continued support and develop resources for Ortsbo as
there is a considerable amount of opportunities within its business
sector. The Company continues to evaluate internal and external
opportunities for Ortsbo Inc. (www.ortsbo.com) and Mr. Anthony R.
Pearlman, President and COO of Intertainment Media, upon his return
from managing the sale of the Poynt technology and integration to
the purchaser, is now focusing his primary energies on growing
Ortsbo's Canadian and US operations and revenue generation. Mr.
Pearlman has extensive experience in the Telecom and Business
Processing Outsourcer (BPO) space, having previously held the
position of President at Enghouse Systems in Toronto. Mr.
Pearlman's mandate is to expand the key offerings of Ortsbo within
the global Customer Care arena and build the core revenue and to
continue to pursue stand alone strategies for the business unit.
Mr. Pearlman will also continue to hold his positions at
Intertainment Media Inc.
Intertainment is expected to continue to expand its current
incubation activities throughout fiscal and calendar 2014 and has
been reviewing a number of new activities in the US, Canada and
overseas. Given the divestiture of certain assets and the continued
reduction in ongoing expenses, the Company has been evaluating a
number of new technologies and social engagement programs. These
include opportunities in the areas of eCommerce, Social Media, 3D
Technologies, Online Entertainment, Data Analytics, Advertising and
Branding and Language Services. The focus for the Company is to
find, support through investment, internal development and
acquisition and ultimately create ongoing revenue and / or exit
value for these enterprises, which are next generation programs
showcasing leading edge technology and social solutions that have
significant opportunities to scale revenue and value. As an
established leader in this area, having sold 4 properties at a
profitable level in 2013 and in the process of a further portfolio
exit and valuation exercise on others, the Company has proven
experience in this sector.
Portfolio Investment
Companies
Intertainment Media has a number of key Portfolio investments in
technology, social media, online advertising and graphic
services.
Yappn Corp. (OTCQB:YPPN) (www.yappn.com) is a US public company
and a major asset opportunity for Intertainment Media focused
through its technology programs and language services platform to
enable people and brands the ability, through social, eCommerce and
communications programs to communicate without a language barrier.
Mr. David Lucatch, CEO of Intertainment created the premise for
Yappn in late 2012 and has spearheaded the development and its
management as CEO. Yappn's business and technology programs are
developing at a rapid pace with recent partnerships and Mr. Lucatch
has spent a considerable amount of his time and energy engaging in
Yappn business advancement. The Board of Directors of both
Intertainment Media and Yappn Corp. believe that this process is
paramount to the success of the program and to the value of the
asset. Mr. Lucatch currently remains CEO of Intertainment Media and
is working with the Board and management to evaluate all activities
at Intertainment Media as Yappn's business continues to develop.
Intertainment currently controls 70 Million shares in Yappn, with
direct ownership of 42 million shares. These shares become free
trading, and a potential long term source of income, after March
28, 2014.
Cap That™ (www.capthat.com), an Intertainment Media
non-controlling minority interest portfolio investment which has
patent pending photo and video capture technology, continues to
create a buzz in the marketplace by introducing its technology into
the entertainment, music, sports, gaming and user generated
sectors. Recently, Cap That™ entered into a master licensing
agreement with Disney Music Group which has paved the way for
recent launches of Cap That™ powered sites for notable artists such
as Demi Lovato (www.capdemi.com), and Lucy Hale (www.caplucy.com)
who currently has the #1 country song on iTunes. In the upcoming
weeks, Cap That™ will also be launching a Cap That™ powered site
for Ubisoft's Assassin Creed video gaming property. Cap That™ will
continue to introduce artist websites featuring its technology and
expects to be announcing more strategic and content related
partnerships in the near future.
Lexifone (www.lexifone.com), which Intertainment Media owns a
non-controlling minority interest, recently launched Lexifone 2
which offers natural and real-time translation for several major
languages and dialects, including 3 versions of English
(Australian, U.K. and U.S.) French (Canadian and European), German,
Hebrew, Italian, Mandarin (Chinese and Taiwanese), Portuguese
(Brazilian and European), Russian and Spanish (European and
Mexican). The new version of Lexifone processes voice as it hits
the airwaves and doesn't require speakers to change their voice
patterns or to stop to press buttons along the way and is based on
patented technology that leverages computation linguistics /
linguistic optimization. Lexifone is working with government
agencies, hospitality organizations and communications companies
increasing its sales channels. Intertainment Media is working with
Lexifone to explore commercial services that enable voice
recognition and translation for entertainment and social
communications through Yappn and customer care programs through
Ortsbo.
Itibiti Ventures (www.itibiti.com), to which Intertainment sold
its full ownership stake in 2013, retaining up to 40% for $3
Million plus a liquidity event feature, manages and operates core
telephony technology that brings brands and consumers together.
Itibiti continues to accelerate its business, growing revenues
significantly this past year. Itibiti is now creating new channels
of content and brand opportunities and is expected to continue to
grow its business in 2014, creating potential ongoing cash flow and
note repayment opportunities for Intertainment.
theAudience, (www.theAudience.com) to which Intertainment Media
owns a non-controlling minority interest portfolio investment,
continues to grow significantly as it manages the social presence
of hundreds of celebrities reaching about a billion people each
month. Intertainment has agreements to develop managed language
services initiatives with its portfolio companies such as Yappn and
theAudience for their clients. Program initiatives are currently
underway.
Intertainment will provide additional updates to its continued
investments as information becomes available.
Capital Investment and
Annual General Meeting
Intertainment Media has developed a number of channels for
ongoing capitalization for its business and continues to engage
discussion in the development of a long term, minimally dilutive
investment program both with Investment banks and asset managers
and debt holders. The Company believes that this program, coupled
with its ongoing activities and potential divisional success will
provide the Company with strong long term capital opportunities
which will foster and help to increase its incubation activities.
The Company remains confident in its long term capital strategy and
investment program and its ability to continue to execute its
business operations.
The Company announced that its Annual General and Special
Meeting of Shareholders will be held on February 28, 2014 at 9:30
am Eastern at the Sheraton Parkway Hotel and Conference Centre in
Richmond Hill, ON.
Learn more at www.intertainmentmedia.com
About Intertainment - www.intertainmentmedia.com
Intertainment is one of Canada's leading technology incubators
and is focused on developing, nurturing and investing in both North
American and global technologies and companies that provide
technology solutions for brands and consumers alike. Intertainment
also owns and operates a number of key properties and has
investments in leading edge technologies and social media
platforms, including Magnum, Ortsbo, CapThat, theAudience,
Lexifone, Shiny Ads and Yappn Corp (www.yappn.com). For more
information on Intertainment and its properties, please visit
www.intertainmentmedia.com
Intertainment is headquartered in the Toronto, Canada region,
with offices in New York, Los Angeles and San Mateo, CA and is
listed on the TSX Venture Exchange under the symbol "INT"
(TSX-VENTURE:INT) and in the US on the OTCQX Market under the
symbol "ITMTF". Intertainment is also traded in Europe on the Open
Market (Regulated Unofficial Market) Frankfurt Exchange under the
symbol "I4T".
Forward Looking Information
This news release contains certain "forward-looking
information" within the meaning of such statements under applicable
securities law, including statements relating to the
expected use of proceeds of the Offering.
Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Actual timelines associated may vary from those anticipated in this
news release and such variations may be material. Actual results
could differ materially because of factors discussed in the
management discussion and analysis section of our interim and most
recent annual financial statements or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities
regulators. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, unless required by law. The
reader is cautioned not to place undue reliance on this
forward-looking information.
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.David
LucatchCEOinfo@intertainmentmedia.comwww.intertainmentmedia.com
Intertainment Media Inc. (TSXV:INT)
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