Intertainment Media Subsidiary Ortsbo to Receive $2 Million in Equity From Yappn for IP Rights Exercise
May 05 2014 - 4:00PM
Marketwired
Intertainment Media Subsidiary Ortsbo to Receive $2 Million in
Equity From Yappn for IP Rights Exercise
TORONTO, CANADA and NEW YORK, NEW YORK--(Marketwired - May 5,
2014) - Intertainment Media Inc. ("Intertainment Media" or
"Company") (TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased
to announce that Yappn Corp. (OTCQB:YPPN) ("Yappn") has agreed to
purchase a copy of the Ortsbo Inc. ("Ortsbo") source code for its
language services platform. Yappn provides real-time language
services that allows members of the global community to communicate
online, conduct eCommerce and facilitate customer services across
nearly 70 language
Under the terms of Yappn's licensing agreement with Ortsbo and
amendment for Yappn to purchase source code for its specific
purposes, Yappn has agreed to pay Ortsbo, USD$2 Million in
restricted Yappn common stock at an agreed upon price of USD$0.15
per share, or 13,333,333 restricted common shares of Yappn Corp to
exercise the source code purchase option. In addition, Yappn will
retain first right to purchase part or all of Ortsbo as per its
agreement. As recently announced on February 27, 2014, Ortsbo
completed an equity transaction that provided for the conversion of
approximately CDN$3.425 Million of unsecured debt into common
shares of its subsidiary Ortsbo Inc. priced at an enterprise value
of USD$50 Million for Ortsbo Inc.
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 and has
investments in leading edge technologies and social media
platforms, including Magnum, Ortsbo, CapThat, theAudience,
Lexifone, Shiny Ads and Yappn Corp. 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 and Los Angeles is listed on the TSX
Venture Exchange under the symbol "INT" (TSX-VENTURE:INT) and in
the US on the OTC Market under the symbol "ITMTF". Intertainment is
also traded in Europe on the Open Market (Regulated Unofficial
Market) Frankfurt Exchange under the symbol "I4T".
About Yappn Corp. - www.yappn.com
Yappn Corp. (OTCQB:YPPN) is a real-time language services
company that amplifies brand messaging, helps conduct eCommerce and
provides customer support by globalizing these experiences with its
proprietary approach to language. Through its Real Time
Multilingual Amplification platform, Yappn eliminates the language
barrier, allowing the free flow of communications in nearly 70
languages. Yappn has developed cost effective unique and
proprietary technology tools and services that create dynamic
solutions that enhance a brands messaging, media, e-commerce and
support platforms.
For more information, please visit
http://corporate.yappn.com.
Forward Looking
This news release contains certain "forward-looking
information" within the meaning of such statements under applicable
securities law, including statements relating to the
expected use of proceeds of the Offering.
Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Actual timelines associated may vary from those anticipated in this
news release and such variations may be material. Actual results
could differ materially because of factors discussed in the
management discussion and analysis section of our interim and most
recent annual financial statements or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities
regulators. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, unless required by law. The
reader is cautioned not to place undue reliance on this
forward-looking information.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Legal Notice and Safe Harbor Statement
This news release contains "forward-looking statements" as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Although we
believe that the beliefs, plans, expectations and intentions
contained in this press release are reasonable, there can be no
assurance that such beliefs, plans, expectations or intentions will
prove to be accurate. Additional information regarding the factors
that may cause actual results to differ materially from these
forward-looking statements is available in the Company's filings
with the SEC. Investors should consult all of the information set
forth herein and should also refer to the previous and ongoing
disclosures in our Current Reports on Form 8-K, our annual reports
on Form 10-K, and our quarterly reports on Form 10-Q and other
periodic reports filed from time-to-time with the Securities and
Exchange Commission. These forward-looking statements are made as
of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
Intertainment Media Inc.David
LucatchCEOinfo@intertainmentmedia.cominfo@yappn.com
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