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Intertainment hires Richardson as U.S. counsel

2012-10-31 11:40 ET - News Release

Mr. David Lucatch reports


Intertainment Media Inc. has provided an update to its corporate efforts that management has been working with counsel in Canada and the United States, as well as U.S. private equity funds. The Intertainment board of directors has approved a plan to pursue U.S. capital strategies, including an anticipated senior U.S. listing for Intertainment Media as well as the follow-along anticipated spinouts of divisional companies. The company has engaged Los Angeles- and New York-based Richardson & Patel as its U.S. counsel.

The company has been introduced to key U.S. advisory, investor relations and private investors, which it believes will aid in maximizing the benefits from the initial interest the company has received from numerous groups for investment banking. Due to the strategic engagement of Richardson & Patel as noted above, the company no longer has an exclusive relationship with Maxim Group LLC, and is in the process of finalizing its advisory group, lead agent and syndicate partnership, which will support a U.S. senior listing application.

The anticipated U.S. senior listing of Intertainment will provide the company and its shareholders with greater access to capital and a wider investment base in which to facilitate further opportunities in the early stage growth companies investment space. Intertainment is committed to a process of growth, nurturing and potential divestiture of its holdings as they mature, creating continuing value for the company and its shareholders. As previously announced, the process of divestiture will include providing a portion of the proceeds, either through cash or securities dividends to its shareholders.

Intertainment's real-time global language and experiential services company, Ortsbo Inc., is positioned to be the first of its divisions to take advantage of this opportunity. Ortsbo has achieved dynamic consumer growth over the past two years with over 200 million monthly unique users. Over most of the past year, Ortsbo has focused its primary efforts on commercialization programs, developing new and proprietary applications for real-time language services in the business arena and concentrating its efforts on developing initial test environments for Fortune 500 companies and industry leaders in niche, high-value revenue markets. Ortsbo expects to announce a series of additional patent filings, new commercial contracts and the rollout of its strategic plan before the calendar year-end, allowing it to position itself as an independent enterprise in early to mid-2013.

"The U.S. capital markets are recognized globally as the primary investment leaders in Internet, social media and language technologies, and we believe that Intertainment is ready to be part of that community as its business strategy develops and deploys globally recognized platforms like Ortsbo," said David Lucatch, chief executive officer of Intertainment Media.

The company will continue to provide updates on its progress as information is available for dissemination.



Excerpt from the recently released Q4 Statement:

Fiscal 2012 Financial and Operational Highlights
• New Media division revenue for the year ended June 30, 2012 has increased to $747,485 or 157% from $290,584 forthe year ended June 30, 2011.
• The Company completed the acquisition of SaaS for a total purchase price of $25,578,426. With the acquisition the Company owns the underlying technology for the Ortsbo product offerings.
• The Company completed its investment in AIN by converting its $500,000 USD promissory note and investing a further $1,500,000 USD in exchange for an approximately 30% ownership in AIN.
• The Company completed its investment in Shiny Inc. (“Shiny Ads”) by converting its $100,000 promissory note and investing a further $150,000 in exchange for Class A preferred shares and Class A preferred share purchase warrants of Shiny Ads. The investment gives the Company significant influence over Shiny Ads through a seat on the board of directors of Shiny Ads.
• The Company entered into an agreement with Tunezy, Inc. (“Tunezy”) to advance funds in the form of promissory notes receivable that are convertible into common shares of Tunezy. The Company has provided $75,000 to Tunezy. as at June 30, 2012 with additional advances to be provided subject to the meeting of certain performance milestones.As at the date of this MD&A, $100,000 in total has been advanced to Tunezy, in recognition of all milestones being met.

The Company completed its investment in theAudience, Inc. (“theAudience”) by converting its $1,000,000 USD promissory note into preferred shares of theAudience. The Company owns a nominal percentage ownership in theAudience. The Company and theAudience have also entered into a separate binding letter of intent to integrate the Live & Global platform from the Company’s subsidiary Ortsbo Inc. (“Ortsbo”) into theAudience’s social distribution platform, enabling, real-time, multi-lingual translation for certain live events on behalf of theAudience clients and partners. The companies will jointly promote the integrated offering.

• The Company acquired a 25% ownership interest in Lexifone Communications Systems (2010) Ltd. (“Lexifone”) an Israel based developer of proprietary voice translation technology platforms. The Company has the option to acquire additional ownership positions in Lexifone by January 1, 2013 and January 1, 2014.
• The Company advanced Poynt Corporation (“Poynt”) $1,500,000 in the form of a secured loan. Poynt is currently under creditor protection. Poynt is working towards a solution within the bankruptcy and insolvency act, however in the event Poynt enters a receivership scenario, the Company is in the process of determining its best course of action in order to recover the maximum value of the
secured loan.


During fiscal 2012 the Company made significant progress under its mandate as a leading technology incubator. The Company
was able to raise significant funds in Fiscal 2011 and invested these funds in strategic technology companies during fiscal 2012
in addition to financing the development of its existing new media technology businesses. All significant investments made in
fiscal 2012 are harmonious with and provide synergies for at least one of the existing new media businesses. From the
investments made in Fiscal 2012, there is not only a long term benefit to the Company from a return on investment via the
investee’s operations or the sale of ownership interests, but also a long term benefit to the Company through synergies between
other new media lines of business and these investees.
As a result of the significant investments in new technologies and its existing new media division in fiscal 2012, the Company
requires significant financing in the near term in order to continue to operate. The Company has a variety of financing options
from multiple sources including both the private and public markets, both in Canada and in the United States. The Company is
aggressively pursuing all options that are in the best interest of the shareholders of the Company. The Company will likely use
more than one source of financing over the next twelve months. In the next few months the Company will use short term debt
financing in addition to private placements in the Canadian public markets to fund operations. In the latter months of the fiscal year, the Company is anticipating financing through the US public markets. The Company’s primary use of proposed financing over the next twelve months will be on the continued operations of its existing new media business in order to generate revenues and continue the path to profitability. The Company does not anticipate further investment into additional companies over the next twelve months, however in the longer term as a technology incubator, the Company will resume these activities when the appropriate financing or self-generated cash flows are available.
The Company continues to focus on increasing revenues and commercialization of its core New Media assets and the monetization of users by expanding relationships with on-line advertising agencies, advertising networks, brands around the globe as well as new partner programs. The Company is also exploring plans to license technologies as part of the product commercialization strategy.



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