Intertainment Increases Value of Ortsbo and Reduces Corporate Debt
27 Fevereiro 2014 - 3:57PM
Marketwired
Intertainment Increases Value of Ortsbo and Reduces Corporate Debt
TORONTO, CANADA--(Marketwired - Feb 27, 2014) - Intertainment
Media Inc. ("Intertainment Media" or "Company")
(TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to
announce that it has entered into a binding letter of intent with a
significant debt holder that provides 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.
In addition to the debt conversion, the Company also intends to
complete the final payment on March 3, 2014 with respect to a
settlement agreement that had an original outstanding amount of
CDN$2.0 Million. The settlement required the Company to pay on
average over $100,000 per month and the completion of the
settlement payments will reduce the ongoing monthly expenditures
for the Company on a go forward basis by an equal amount.
This reduction in current liabilities is significant to
Intertainment Media as it continues to make strides in both
operational efficiencies and debt reduction and continues to
develop and invest in leading edge digital technologies and social
media applications.
Intertainment Media's Annual General and Special Meeting of
Shareholders will be held on February 28, 2014 at 9:30 am Eastern
at the Sheraton Parkway Hotel and Conference Centre in Richmond
Hill, ON.
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 (Regulated Unofficial Market) 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 reduction in current liabilities.
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.David
LucatchCEOinfo@intertainmentmedia.comwww.intertainmentmedia.com
Intertainment Media Inc. (TSXV:INT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Intertainment Media Inc. (TSXV:INT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024