Intertainment Media Inc (ITMTF)

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Interim Corporate Update
http://finance.yahoo.com/news/Intertainment-Media-Interim-iw-1448591564.html?x=0&.v=1

Press Release Source: Intertainment Media Inc. On Friday March 25, 2011, 5:29 pm EDT
TORONTO, CANADA--(Marketwire - 03/25/11) - Intertainment Media Inc. ("Intertainment" or the "Company") (TSX-V:INT - News)(OTC.BB:ITMTF - News)(Frankfurt:I4T - News) announces that the Company continues to accelerate its performance from all divisions, making significant strides in executing its business plan and strategy objectives as insiders continue to increase their overall investment position.

During the current quarter, Fiscal Q3, which ends March 31, 2011, the Company has greatly improved its current financial position from its previously stated financial statements for Fiscal Q2 ended December 31, 2010. This activity has not been reflected in Q2 statements which were filed with Sedar.com in accordance with regulatory requirements.

Financial Update Highlights (all figures are in Canadian Dollars):

Since early January, the Company on a consolidated basis has received in excess of $10.99 Million in cash from $8.43 Million in private placement, warrant and common share option exercises and $2.56 Million in debt transactions.

Promissory Notes have been reduced by approximately $1.0 Million in the past 85 days.

Convertible Debentures have been reduced by approximately $4.2 Million in the past 85 days.

In March 2011, David Lucatch undertook to acquire up to 10 Million shares to increase his position in Intertainment. During the week of March 21st, 2011 Mr. Lucatch spent $1,190,000 acquiring common stock including 5 Million shares through a convertible debenture owed to Mr. Lucatch from the Company and a further purchase of 4 Million common shares. Mr. Lucatch has sold approximately 446,000 common shares of INT in the market as part of the support for the recent transactions. From time to time, Mr. Lucatch may choose to increase his investment position in Intertainment.

On November 28, 2010, David and Jana Lucatch, in order to provide immediate funding to support working capital needs of Intertainment and Ortsbo, agreed to transfer a total of 3 Million shares to an arm's length 3rd party, which resulted in proceeds of $398,000 CDN.

This transaction provided immediately required working capital for Intertainment and Ortsbo and occurred ahead of the escalated market attention and recent increase in share value. Final documentation was recently completed and reports have been filed with SEDI. Intertainment has repaid these funds to David and Jana Lucatch, and the monies have been reinvested into Intertainment.

The Board of Directors have granted, subject to regulatory approval 3.5 Million common share options of Intertainment Media to the Board of Directors, Senior Management and insiders at a price of $0.43 per common share. These common share options vest over five years in accordance with the Company's share option agreement.