Intertainment Media & Technology Partner to Bid for Poynt Assets
TORONTO, ONTARIO, Nov 27, 2012 (Marketwire via COMTEX) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that it has entered into an agreement with a well funded Toronto based technology company to collectively bid for the assets of Poynt Corporation ("Poynt"). The group is prepared to enter a cash bid together with Intertainment's secured lender's position valued at CDN $1.7 Million. At this point, the deadline for submission of the bid is November 29, 2012. If the group is successful in its bid to acquire Poynt's assets, Intertainment and its partner will provide additional details on their relationship and go forward plans.
On November 1, 2012, it was announced that Hardie & Kelly Inc. of Calgary, Alberta, had been appointed receiver for Poynt Corporation after Poynt's stay of proceeds under the Proposal Proceedings under the BIA was terminated effectively creating an assignment into bankruptcy. The appointment of the receiver put in place a process to work towards recovering maximum value for the assets of Poynt.
Intertainment maintains that the Poynt application and its assets may have significant value well in excess of its secured creditor position of approximately CDN $1.7 Million plus costs and unsecured position of CDN $150,000. Based on Poynt's last reported unaudited interim financial statements released on August 29, 2012 for the period ended June 30, 2012, non-cash assets were reportedly valued in excess of CDN $21.5 Million.
On October 9, 2012, Poynt reported that its user base was in excess of 10 Million users on the Android platform alone. While an upgrade for the iPhone was recently released, on September 17, 2012, Poynt stated that year over year its unique iPhone user base had grown 132%. On July 31, 2012 Poynt reported that its overall unique user base, at that time, was 17 Million. The Poynt application is actively pre-loaded on new phones with a number of wireless carriers.
In March 2012, after Intertainment provided Poynt with a short term secured loan for CDN $1.5 Million, the parties initiated discussions and development of enhancements to the Poynt application which Intertainment expects, should they be able to be fully implemented and continue, will enhance the value of the Poynt application and create additional revenues for Intertainment and its partner. These include Intertainment's real-time experiential communications platform, Ortsbo, which offers instant communications in over 65 languages; Ad Taffy, which provides enhanced "click to call" capabilities integrating actionable content with immediate communications connectivity; Deal Frenzy which offers unique value programs to a growing audience and Intertainment's affinity solutions, including the Sweet Card, which provides pre-paid debit and virtual wallet platforms.
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 including 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 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) of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
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 forward 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 www.sedar.com. 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.
FOR FURTHER INFORMATION PLEASE CONTACT: Intertainment Media Inc. David Lucatch CEO 800-395-9943 email@example.com www.intertainmentmedia.com
SOURCE: Intertainment Media Inc.
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