TORONTO, CANADA -- (Marketwired) -- 07/03/13 -- Intertainment Media Inc. (TSX VENTURE: INT)(OTCQX: ITMTF)(FRANKFURT: I4T) ("Intertainment" or the "Company") announces that Craig McCannell has been appointed the Chief Financial Officer of the Company. The appointment of Mr. McCannell is subject to regulatory approval.
Craig McCannell, CA
A former Senior Manager at Ernst and Young, with over 10 years of experience at the firm, Mr. McCannell serves as Intertainment Media's Chief Financial Officer. As a senior manager in the assurance practice, Mr. McCannell's professional background involves extensive experience with publically traded technology entities in both Canada and the U.S. Prior to his appointment as Chief Financial Officer, he held a senior level role with Intertainment Media for the previous 18 months as Director of Finance.
Mr. McCannell is a Canadian Chartered Accountant and holds an H.BBA from Wilfrid Laurier University.
Mr. McCannell replaces Edward Jonasson who resigned as Chief Financial Officer to pursue other business opportunities. Mr. Jonasson will remain as a consultant to the Company to provide assistance with the transition and to lend his expertise to some of our future endeavours. The Board of Directors would like to thank Mr. Jonasson for his contributions to Intertainment and wish him well in his future pursuits.
Intertainment is also pleased to report that further to the Company's press release of June 3, 2013, the Company, along with its partner, Avenza Holdings Inc., have signed a definitive share purchase agreement (the "Agreement") to sell Poynt Inc. ("Poynt") to Sprylogics International (TSX VENTURE: SPY), ("Sprylogics"). Closing of the acquisition is subject to satisfactory completion of all closing conditions as set out in the Agreement, including receipt of all third-party and regulatory approvals.
Additionally, the Company is pleased to announce that it has agreed to issue 1,173,485 shares pursuant to an existing shares for services agreement with Richardson & Patel of Los Angeles, CA. The shares for services agreement provides for the aggregate settlement amount of $129,083.45, at a price of $0.11 per Common Share. The Common Shares are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the TSX Venture Exchange.
Finally, the Company announces the resignation of Board of Director Mr. Jeffrey Puritt. Mr. Puritt has been a member of the board of directors for the past 2 years and the Company wishes him well in his future endeavors.
Sprylogics International develops advanced search and analysis technology. The patent pending technology platform uses Semantic and Machine Learning techniques to process, analyze and interpret unstructured data including real time conversation, in order to extract key sentiments, facts, user interests and intent. The technology platform is currently being used to develop innovative solutions related to search and discovery of products and places on mobile devices. Find out more at www.sprylogics.com or www.2ya.it.
About Avenza Holdings Inc. - www.avenza.com
Avenza Holdings Inc. is a private Canadian company that, through its Avenza Systems subsidiary, develops, markets and supports computer software products and royalty-free data for the mapping and geographic information systems (GIS) industries as well as the award-winning PDF Maps app for mobile map use, distribution and commerce. Avenza creates software that focuses on design, publication and the creative aspects of mapping and spatial imaging. Organizations and individuals use MAPublisher®, Geographic Imager®, and the PDF Maps app to create and use high-quality cartographic products. With products being used internationally and a distribution network of resellers, the global reach of Avenza is continually expanding.
About Intertainment - 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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