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Intertainment Media Subsidiary Ortsbo to Receive $2 Million in Equity From Yappn for IP Rights Exercise
|By Marketwired .
|May 5, 2014 05:00 PM EDT
TORONTO, CANADA and NEW YORK, NEW YORK -- (Marketwired) -- 05/05/14 -- 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.
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.
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.
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.
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