TORONTO, CANADA -- (Marketwired) -- 06/24/13 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT)(OTCQX: ITMTF)(FRANKFURT: I4T) is pleased to announce Mr. Mark Hale, a well know industry professional and serial entrepreneur in the technology industry has joined Intertainment as an active Strategic Advisor and development partner.
In 2010, Mr. Hale and CEO, David Lucatch joined forces to create Ortsbo, the world's leading real time social communication platform. Initially started to bring multi-lingual chat to major social media, Ortsbo grew from a fledgling platform to over 200 million unique users in under 2 years. Ortsbo is now a commercial platform headed in the US by Mr. Patrick Bultema, president and CEO of Ortsbo, focused on key growth areas including online customer care, gamification and specialized social network applications.
The dynamics of the early development of Ortsbo and incubation of key technology elements were essential components of Intertainment's early value equation. Intertainment is now looking at next stage programs now that it has sold itiBiti, spun out Yappn and is in the process of selling Poynt.
Hale and Lucatch recently worked together on Yappn and together with Intertainment's President and COO, Anthony Pearlman, himself a well-respected technologist, will look to re-ignite some key technologies and work on a select group of early stage social programs that feature state of the art data mining, localization and revenue initiatives.
Mr. Hale is bringing to Intertainment a number of technology projects that he and his team have been working on over the past few years. The team expects to announce its first major joint program by late Summer 2013.
Mr. Hale is also a shareholder of Intertainment and as part of the sale of his interest in Ortsbo, took a portion as debt. Mr. Hale has agreed to convert up to $2.1 Million of debt, subject to regulatory approval, to restricted common shares at a minimum price of $0.10 per common share.
"I am thrilled to be coming home as I believe in the Intertainment team and I am committed to its long term success," said Mark Hale. "David's ingenuity and tech knowledge is recognized globally by some of the biggest brands in entertainment, sports and consumer marketing and I have no doubt that together as a team we can create some exciting new products focused on social engagement and revenue generation."
Intertainment Media Inc. - 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 including Ortsbo, Deal Frenzy, The Sweet Card and Magnum, with investments in leading edge technologies and social media platforms including theaudience.com, capthat.com and 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, 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) of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
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.
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.
Intertainment Media Inc.
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