TORONTO, ON and NEW YORK, NY / ACCESSWIRE / August 17, 2015 / Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") is pleased to announce that it has approved a resolution that upon the closing of the previously announced sale of Ortsbo assets to Yappn Corp. ("Yappn") as announced on July 16, 2015 and May 26, 2015 for two hundred and sixty million (260,000,000) Yappn common shares, Intertainment will escrow fifty million (50,000,000) common shares of Yappn in favour of the secured debenture holders of the Company.
The Company has also committed that any cash received from the sale of Yappn shares (subject to all regulatory and necessary approvals) will be used to retire any debt still owed to the secured debenture holders. Each secured debenture holder will be paid pro-rata from any proceeds received based on their principle secured debt held until the full debt settlement, including principle and interest has been satisfied.
"Intertainment continues to be committed to its secured debenture holders and through this escrow of Yappn shares has strengthened that commitment," said Mr. Anthony R. Pearlman, President & COO of Intertainment Media 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 TranzActive, CapThat, theAudience, Lexifone and Yappn Corp (www.yappn.com) (OTCQB: YPPN). 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, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSXV: INT) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulate Unofficial Market) of the Frankfurt Exchange under the symbol "I4T".
Contact
Mr. Anthony R. Pearlman, COO
info@intertainmentmedia.com
Completion of the Ortsbo Asset Sale is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Ortsbo Asset Sale cannot close until the required shareholder approval is obtained. There can be no assurance that the Ortsbo Asset Sale will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Ortsbo Asset Sale, any information released or received with respect to the Ortsbo Asset Sale may not be accurate or complete and should not be relied upon.
The TSXV has in no way passed upon the merits of the proposed Ortsbo Asset Sale and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law.
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.
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 is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.
SOURCE: Intertainment Media Inc.
