Intertainment Media Provides Update on Synchronica Relationship
02 Mars 2012 - 3:27PM
Marketwired
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX
VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to provide an
update on its recently announced relationship with Synchronica PLC
("Synchronica"). On February 8, 2012 Synchronica announced that it
and Intertainment had entered into a Letter of Intent, which
included joint efforts to integrate Intertainment's Ortsbo, the
world's leading experiential language platform, into Synchronica's
Mobile Gateway. This combination provides seamless and real-time
translation between more than 53 languages across Synchronica's
growing client base of over 100 mobile operators and device
manufacturers around the world.
On February 27, 2012, Synchronica announced that together with
Intertainment and Ortsbo, they had successfully integrated the
technology and would present a demo of Synchronica's new Unity
Platform featuring Ortsbo's translation technology at the Mobile
World Congress show in Barcelona, Spain.
The Companies continue to move forward on other initiatives
outlined in the Letter of Intent to jointly create value and
develop profitable programs.
Full release information is available at www.sedar.com.
The Letter of Intent also provided a provision whereby the
parties had agreed, subject to due diligence, to a potential CDN
$10 Million investment by Intertainment Media into Synchronica by
way of a private placement. Intertainment together with investment
partners, who were interested in a minimum of CDN $5 Million of the
total placement, were potentially prepared to move forward with
this investment. Intertainment informed Synchonica that this
placement would only move forward once the current take over
discussions with Myriad Group were voted on by its
shareholders.
Upon further discussion with Synchronica and Myriad Group,
Intertainment has decided at this time to hold off any potential
investment by way of a private placement. Intertainment feels that
this position is in the best interest of Intertainment and
Synchronica shareholders. At this time Intertainment also feels
that Myriad's offer and direct financial support provides the best
solution for the long-term success of Synchronica.
Intertainment and Synchronica will continue to work together to
develop new initiatives, and Intertainment is confident, that
should Myriad Group be successful in its endeavors to acquire
Synchronica, it will be "business as usual" and the parties will
work to develop leading solutions for a global, mobile market.
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 owns a number of key properties including Ortsbo, Ad
Taffy, itiBiti and Magnum Fine Commercial Printing Limited.
Intertainment Media owns and operates a number of key properties
including Ad Taffy, itiBiti, Ortsbo and Magnum. For more
information on the Company and its properties, please visit
www.intertainmentmedia.com.
Headquartered in the Toronto, Canada region, 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" (TSX
VENTURE:INT) and in the US on the OTCQX Exchange under the symbol
"ITMTF". Intertainment is also traded in Europe, on the XETRA
Exchange under the symbol "I4T".
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: Intertainment Media Inc. David Lucatch CEO
800-395-9943info@intertainmentmedia.com
www.intertainmentmedia.com
Intertainment Media (CE) (USOTC:ITMTF)
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