Intertainment Increases Value of Ortsbo and Reduces Corporate Debt
posted on
Feb 27, 2014 02:15PM
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".