TORONTO, CANADA and NEW YORK, NEW YORK — (Marketwire) — 03/20/13 — Intertainment Media Inc. (“Intertainment” or the “Company”) (TSX VENTURE: INT)(OTCQX: ITMTF)(FRANKFURT: I4T) is pleased to announce that its development platform, Yappn (), an upcoming online multi-lingual social community where people can meet, chat, engage and consume media, set to fully launch in Summer 2013, is releasing a concept design sneak peek today to provide the public with a preliminary glimpse into the platform-s user interface. The video can be viewed at . Currently moving towards its beta testing stage and powered by Ortsbo-s () real-time multi-language technology, Yappn is set to create an engaged online community for users all over the world by providing access to topical discussion boards in almost 70 languages.
“The concept design sneak peek is an important element in our development process because it enables us to receive feedback from potential users while also demonstrating our latest developments,” said David Lucatch, founder of Yappn and CEO of Yappn-s parent Intertainment Media Inc. “We are excited to showcase to the public what we have been working on for the past few months and we encourage our users to aid us in developing the Yappn platform to an even greater level.”
In January, Intertainment Media Inc. introduced the concept for Yappn as the revolutionary new way to interact with other people and consume content online and via mobile devices. Along with its multi-lingual capabilities, Yappn will differentiate itself from other discussion platforms by allowing users to vote discussion boards into existence through co-operative group and social interactions, and through a gamification strategy that includes a user trophy room.
On March 8, 2013 Intertainment Media announced that it had executed a binding letter of intent (the “LOI”) to sell all of the assets of Yappn to Yappn Corp. (Formerly Plesk Corp. which changed its name to Yappn Corp. on March 14, 2013 – symbol change still pending), a US publicly listed entity on the OTCBB for the sum of $7 Million USD. Intertainment Media has received board approval to proceed with the transaction. The transaction is an exempt transaction under the policies of the TSX Venture Exchange.
The arms length transaction is expected to close in and around March 31, 2013. Under the terms of the LOI, Intertainment and its partners will receive 70 Million shares of Yappn Corp. at a value of $0.10 USD per share, with Intertainment controlling a minimum of 60% of the received shares of Yappn Corp. following the completion of the transaction. The parties are currently finalizing financing that will provide working capital for the acceleration of the Yappn assets following the completion of the transaction.
Upon closing of the transaction, Intertainment and its partners will control 70 Million shares and the existing shareholders of Yappn Corp. will control approximately 30 Million shares.
Consumers are encouraged to sign up for the Yappn beta program and can learn more about the platform at .
Like the Yappn Facebook page and follow Yappn on Twitter: @YappnCorp.
About Yappn
Set to launch in Summer 2013, Yappn () is a place where people can meet, chat, engage and consume content, individually, in groups and by topic, regardless of the language they speak. By removing the language barrier, the entire world opens up to an entirely new paradigm of communication.
Yappn, with the power of Ortsbo () also offers a set of very powerful communication tools where users can create opportunities to meet, chat, engage and consume in their own virtual location creating global social engagement for private events and closed networks. Users can also connect to leading social networks and engage friends and followers on Facebook, Yahoo!, Twitter and more.
About Intertainment Media Inc.
Intertainment Media () 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 Yappn, Ad Taffy, itiBiti (KNCTR), Ortsbo, Deal Frenzy, The Sweet Card and Magnum, with investments in leading edge technologies and social media platforms including theaudience.com. For more information on Intertainment and its properties, please visit .
Intertainment is headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, 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”.
Forward-Looking Information
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 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 . 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:
Media Contact
Yappn
David Lucatch
Founder
1-800-395-9943
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