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.
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.
SOURCE: Intertainment Media Inc.
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