Intertainment's itiBiti Achieves 2010 Objective Signing 10th Branded Program
9/30/2010 9:02:57 AM - Market Wire
itiBiti Provides High Value User Engagement Through its Leading Edge Fully-Integrated Social Media, Entertainment and Communications App for the Desktop
NEW YORK, NEW YORK AND SAN MATEO, CALIFORNIA AND TORONTO, ONTARIO, Sep 30, 2010 (MARKETWIRE via COMTEX News Network) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT) The management team at itiBiti, a division of Intertainment, today announced that it has achieved its 2010 calendar client objective with the signing of its 10th contracted brand for the development, delivery and execution of its customized private label itiBiti desktop application. The Company also notes that it is in final stage discussions with a further 5 major North American brands to bring their own customized desktop applications to life. Current major brands under contract include NBC.com, McDonald's Canada, HitViews, and the University of Toronto.
This milestone achievement underscores the viability of the private label social media tool developed by Intertainment for major brands providing itiBiti with up to $1 Million in contracted development fees as well as ongoing revenue programs. Development fees are recognized and earned based on specific milestones associated with each client contract.
"This is a significant milestone for our itiBiti division. It's been a long road, and we believe that this achievement validates our process of ensuring that we deliver a world class product for world class brands..." said David Lucatch, CEO of Intertainment Media Inc., "and while we are pleased with what we've accomplished to date, we are even more excited for what lies ahead for us in the social media space."
FREE to download & use, the itiBiti application gives consumers instant access to an exclusive mix of services, content, promotions and communications. Users can talk for FREE with friends and family across North America courtesy of the built-in phone, join thousands of fans on Facebook and Twitter, stay current with exclusive branded content and take part in promotions and offers.
In addition the app also includes the full suite of Microsoft Live Services featuring Bing Search, Instant Messenger and more. Microsoft Corp. has hailed the app as "the next generation of integrated social media applications - easy, scalable and fun."
"We are thrilled for the opportunity to be working with some fantastic brands and we're delighted to be delivering apps that are tailored to their needs." said Brad Parry, Chief Marketing Officer Intertainment Media Inc. "We are very much looking forward to continuing our growth and making the itiBiti platform a core social media engagement tool for all marketers."
To support the acceleration of Intertainment's programs, itiBiti, Ad Taffy and Ortsbo, insiders have sold shares in the context of the market and provided all the funds, $259,000 CDN, net of trading commissions, to the Company by way of purchase of stock options, common shares and short term loans. The funds will be used to enhance the Company's products, market execution and general working capital purposes. Subject to approval by the board of directors, the Company will issue 1.475 Million options to insiders for the purchase of common shares at
About itiBiti: www.itibiti.com
itiBiti is a revolutionary, instant revenue driven, Rich Internet Application (RIA) providing global brands with the unprecedented ability to power their marketing efforts within a unique, private-label social media platform. itiBiti offers users a rich suite of services in combination with brand client initiatives, and the power of Microsoft Live services. Soon, itiBiti Mobile will provide users of major private label branded itiBiti platforms with the ability to continue their user engagement experience with their mobile smartphones and tablet computing devices. Please visit www.itibiti.com to learn more.
About Intertainment Media inc.: 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 Media owns and operates a number of key properties including Ad Taffy, itiBiti, Ortsbo 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 Toronto Venture Exchange under the symbol "INT".
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.
Contacts: For itiBiti / Intertainment Media Inc.: David Lucatch CEO 800-395-9943 [email protected] www.itibiti.com / www.intertainmentmedia.com World Market Media Editor's Desk +1 877 801 8408 Ext. 307 [email protected] www.worldmarketmedia.com
SOURCE: Intertainment Media Inc.
mailto:[email protected] http://www.itibiti.com http://www.intertainmentmedia.com mailto:[email protected] http://www.worldmarketmedia.com
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