TORONTO, CANADA, Jun 15, 2011 (Marketwire via COMTEX News Network) -- NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has received final acceptance from the TSX Venture Exchange for its previously announced $23,712,326.60 non-brokered private placement of special warrants. Intertainment has received a commitment from a US based Fund for $20 Million and may complete a separate financing should we choose to do so. Please refer to the Company's press release dated May 13, 2011 for further information on the private placement.
The Company is pleased to report that its current cash and cash equivalents position is approximately $25,900,000 and is currently executing its business plan in accordance with its previous announcements.
Intertainment also announces that its agreement with GEM Global Yield Fund Limited for a $5.0 million CDN equity line of credit has been terminated. Intertainment did not issue any securities in connection with this agreement. Please refer to the Company's press release dated July 15, 2010 for the further information.
About Intertainment - www.intertainmentmedia.com
Connecting people with brands, Intertainment Media Inc. is a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement. Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers.
Intertainment owns a number of key properties including Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial Printing Limited.
Headquartered in Richmond Hill, ON, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the TSX Venture Exchange under the symbol "INT", in the US under the symbol "ITMTF" and on the Frankfurt Exchange under the symbol "I4T".
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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 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 regulations. The Corporation 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.
SOURCE: Intertainment Media Inc.
For Intertainment Media Inc.: David Lucatch CEO 800-395-9943 info@intertainmentmedia.com www.ortsbo.com / www.intertainmentmedia.com
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