|By Marketwired .||
|July 8, 2014 09:09 AM EDT||
TORONTO, CANADA and NEW YORK, NEW YORK -- (Marketwired) -- 07/08/14 -- Intertainment Media Inc. ("Intertainment Media" or "Company") (TSX VENTURE: INT)(OTCQX: ITMTF)(FRANKFURT: I4T) is pleased to announce that in furtherance to the binding Letter of Intent announced January 9, 2014, it has executed the sale of assets of Magnum Fine Commercial Printing Limited ("Magnum Printing") to 1337478 Ontario Inc., an entity controlled by Media-Vision ("Media-Vision"). The transition period is expected to last approximately 8 weeks with a final close date of August 29, 2014
The fixed purchase price of the sale is $1.5 Million CDN, with scheduled payment terms based on time and revenue measures.
"Media-Vision (www.media-vision.ca) is looking forward to the integration of Magnum into its printing family, to better diversify Media-Vision's overall service offerings." said John Popovski, Chief Executive Officer of Media-Vision.
Magnum Printing, established in 1986, is focused on conventional and digital print and graphic media production.
The divestiture of the Magnum Printing's assets is consistent with Intertainment's strategy to focus on New Media based revenue opportunities.
"The completion of the sale of Magnum Printing assets to Media-Vision is consistent with our mandate to our shareholders to maximize value." said Mr. Anthony R. Pearlman, Chief Operating Officer of Intertainment Media "The sale of the division allows Intertainment to better focus on its current investments as well as to continue to explore future investment opportunities on new and emerging technologies."
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 (Regulate Unofficial Market) of the 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 use of proceeds of 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 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.