TORONTO, Oct. 1 /CNW/ - Intertainment Media Inc. ("Intertainment" or the "Company") (TSXV:INT) announces that its wholly owned subsidiary, Magnum Fine Commercial Printing Limited ("Magnum"), has closed on an agreement previously announced in a news release dated August 5, 2009 (the "Acquisition") to acquire the print and graphic assets, print and graphics clients, programs and equipment (the "Assets") of Dye & Durham, a division of The Cartwright Group Ltd. ("Dye & Durham"), a leader in serving the legal, professional and business markets in Canada for 135 years. The Acquisition, approved by both companies' board of directors, is comprised of a cash purchase no issuance of securities.
Today's Acquisition further establishes Magnum as a leader in the graphics industry, building on the trusted service that it has provided clients for almost 25 years. In consideration of current revenue run rates from the Acquisition and future growth opportunities, Magnum estimates that the Acquisition will result in a significant increase in sales. Both the purchased assets and transitioning staff will bolster Magnum's strong existing partnerships, internal infrastructure, and its progressive business plan.
Notably, Mr. Al Monteath, former Vice President of Dye & Durham's Graphics Division has joined Magnum as Vice President of Business Development. Mr. Monteath, a high profile, industry leader in his role at Dye & Durham over the past 34 years, was responsible for all Print sales for Dye & Durham, and maintained a strategic role in print for other Cartwright divisions and Companies including Canada Law Book & CLB Media. At Magnum, Mr. Monteath will be instrumental in the transition of clients and production services, and will lead comprehensive growth and development opportunities.
"This acquisition marks a major milestone in the development and growth of Intertainment's divisional business strategy, integrating traditional businesses into co-operative online and conventional revenue models," said David Lucatch, CEO of Intertainment Media Inc. "Both increased revenue and the added expertise of Al Monteath will enable Magnum to accelerate its online and on-demand graphics services business, increasing efficiencies and customer benefits, while dovetailing directly into other Intertainment platforms, including itiBiti, providing clients with both online and direct response business solutions."
In addition, Magnum will accelerate the introduction of its proprietary online Management Information Services ("MIS") platform. Developed by Magnum and Intertainment, the platform will allow Dye & Durham print and graphics clients not already using the system, to manage print and collateral materials online and on demand with increased business efficiencies.
Committed to the environment and future of the print and graphics industry, Magnum is certified by the Canadian Forest Stewardship Council ("FSC"). Magnum is led by President Jana Lucatch, a board member of The Digital Imaging Association, and noted industry voice in the area of social responsibility, industry development, sustainability and mentorship. Together with Magnum Vice President of Production Services, Rob Cole, each has achieved the prestigious FSC Expert Pioneer designation.
About Magnum Fine Commercial Printing Limited - www.magnumprinting.com
For almost 25 years, Magnum has provided clients with leading edge design, production and distribution services globally to meet the needs of their business, promotional and customer needs. Magnum and its management teams are actively involved in the Canadian Forest Stewardship Council (FSC) programs, promoting environmentally sound industry solutions. Magnum has also established a robust online order and management information services ("MIS") platform allowing clients to increase efficiencies and management of collateral programs.
About Intertainment - www.intertainmentmedia.com
Intertainment Media Inc. is a Rich Media Applications leader, focused on delivering leading edge technology and marketing solutions enabling clients to power enhanced branding, loyalty initiatives and consumer engagement. Selected as a Microsoft Global Agency Initiative partner, Intertainment has joined an elite group of interactive agencies worldwide that Microsoft recommends to its Partners and Customers. Additionally, Intertainment owns, operates and invests in high value content, traffic management, advertising and social networking solutions including, Eye Rock Digital, No Good TV, View2gether Inc., Itibiti Systems Inc., and Magnum Fine Commercial Printing Limited. With offices in New York, Los Angeles and Toronto, Intertainment Media Inc., is Headquartered in Richmond Hill, Ontario, Canada Intertainment Media Inc. is listed on the Toronto Venture Exchange with the symbol "INT".
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This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning Intertainment's future operations and prospects. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. The forward-looking statements and information are based on certain key expectations and assumptions made by Intertainment, including expectations and assumptions regarding historical sales, market conditions and future sales and revenue performance targets.. 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. Although Intertainment believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Intertainment can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Intertainment's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, labour, equipment and material costs, access to capital markets, interest rates, environmental and regulatory laws and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by Intertainment with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Intertainment undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by securities law.
SOURCE INTERTAINMENT MEDIA INC.
For further information: For further information: Investor Communications: Buchalter Consulting, 1-866-631-6537, Stan.Buchalter@BuchalterConsulting.ca; Online Investor Relations Hub: AGORACOM, INT@Agoracom.com, www.agoracom.com/IR/intertainment; Intertainment Corporate Inquiries: David Lucatch, CEO, (905) 763-3510; Media: Sandra Puglielli, (416) 253-4153, email@example.com