TORONTO, CANADA--(Marketwire - July 6, 2012) -
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES
Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) ("Intertainment" or the "Company") was informed that Poynt Corporation ("Poynt"), a corporation headquartered in Calgary, Alberta, had filed with the Office of the Superintendent of Bankruptcy a Notice of Intention to File a Proposal under the Bankruptcy and Insolvency Act (Canada) ("BIA").
According to Poynt's announcement released July 5, 2012, Poynt had terminated its previously announced private placement.
As a result of the termination and failure to close the private placement, Poynt was unable to repay the loan to Intertainment that matured July 5, 2012 in the total principal amount of CDN$1.5 million plus applicable interest and fees that were originally advanced as of March 9, 2012.
The loan is secured by the assets of Poynt under a general security agreement and an IP receivables assignment agreement, with the security interest duly perfected under the laws of Alberta. An event of default has occurred automatically as a result of non-payment in the absence of any default notice being given by Intertainment to Poynt.
The directors and management of Intertainment will work with their advisors to obtain the best possible outcome for the Company and its shareholders in all applicable restructuring proceedings under the BIA.
About Intertainment Media Inc.
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, Ortsbo, Deal Frenzy 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 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.