Intertainment Media Signs Letter of Intent to Sell Subsidiary Magnum Printing
09 Janeiro 2014 - 12:00PM
Marketwired
Intertainment Media Signs Letter of Intent to Sell Subsidiary
Magnum Printing
TORONTO, CANADA and NEW YORK, NEW YORK--(Marketwired - Jan 9,
2014) - Intertainment Media Inc. ("Intertainment Media" or
"Company") (TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased
to announce that it has signed a binding Letter of Intent, to sell
the assets of Magnum Fine Commercial Printing Limited ("Magnum
Printing") to Media-Vision, a division of 1175286 Ontario Inc, a
privately held Canadian corporation for the fixed purchase price of
$1.5 Million CDN, with scheduled payment terms based on time and
revenue measures.
Completion of the sale is subject to all necessary and
regulatory approvals and finalization of due diligence, which is
anticipated within 60 days.
Magnum Printing, established in 1986, is focused on conventional
and digital print and graphic media production.
The divestiture of the Magnum Printing's assets is consistent
with Intertainment's strategy to focus on New Media based revenue
opportunities.
"The sale of Magnum Printing assets maximizes shareholder value
and enables Intertainment Media to better focus on revenue growth
in its existing operations and investments," said Mr. Anthony R.
Pearlman, Chief Operating Officer of Intertainment Media.
Learn more at www.intertainmentmedia.com
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 (www.yappn.com). 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, 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 (Regulate Unofficial Market) of the Frankfurt Exchange under
the symbol "I4T".
Forward Looking Information
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.
Intertainment Media Inc.Mr. Anthony R.
PearlmanCOOinfo@intertainmentmedia.comwww.intertainmentmedia.com
Intertainment Media Inc. (TSXV:INT)
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