Intertainment to Acquire Mobile Software and App Developer-Commobility Inc
Intertainment to Acquire Mobile Software and App Developer-Commobility Inc.
Apr. 13, 2011 (Marketwire Canada) --
NEW YORK, NEW YORK and LOS ANGELES, CALIFORNIA and SAN MATEO, CALIFORNIA, and TORONTO, ONTARIO -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCBB:ITMTF)(FRANKFURT:I4T) announces that the Company has signed a letter of intent to acquire mobile software and app developer, Commobility Inc. ("Commobility"). Formed recently by a group of mobile, online and IP experts, the Commobility team has been responsible for the development of key applications in real time semantic search, location based mobile video search and real-time communication platforms and large scale mobile messaging and service delivery platforms that are currently used by telecommunications firms around the world.
The letter of intent provides for the acquisition of staff and development of integrated components and key applications for Ortsbo's mobile services platform and the development of new Intellectual Property based on Ortsbo's translation platform as well as Intertainment's other social media properties including Ad Taffy and itiBiti. The teams are also developing new social media applications for mobile and portable computing distribution.
Consideration for the purchase is in the form of 6 million common shares of Intertainment Media Inc., priced at $0.74 per common share, and is subject to a final definitive agreement including performance guarantees, multi-year advisory agreements, as well as board and regulatory approval. The parties are already working on Intertainment initiatives and expect that final agreements and approvals will take up to 60 days.
"The Commobility acquisition gives Intertainment a world class team with the ability to design, develop and commercialize applications in the mobile and portable computing arena regardless of service platform," said David Lucatch, President & CEO Intertainment Media / President Ortsbo Inc. "The vast experience of Commobility enables the Company and its divisions to move quickly to develop a leadership position and Intellectual Property in the emerging mobile and portable computing market."
Full details of news coverage can be found at the Intertainment web site – www.intertainmentmedia.com.
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About Intertainment - 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.
Headquartered in Richmond Hill, ON, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the TSX Venture Exchange under the symbol "INT", in the US under the symbol "ITMTF" and 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.:
800-395-9943 [email protected]
Public Relations / Media Inquiries: [email protected]
Source: Marketwire Canada (April 13, 2011 - 3:30 PM EDT)
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