TORONTO, July 5 /CNW/ - Intertainment Media Inc. ("Intertainment" or the "Corporation") (TSXV:INT) has posted a Letter to Stakeholders by CEO David Lucatch on its web site www.intertainmentmedia.com providing interested parties with an update to the Corporation's June 30th fiscal year-end.
Over the past fiscal year, Intertainment has focused its efforts on emerging from a development company to a commercial enterprise. In accordance with the focus on commercial activities, management presented 3 goals for the fiscal year at the Company's Annual General Meeting; Increase Revenues, Reduce Long Term Debt and Increase Shareholder Value.
Management and staff have been focused on meeting the corporate goals by achieving individual and team objectives. The results are as follows:
2 Major Acquisitions - purchase of the print and graphics assets of 135 year old Dye & Durham. Completion of the purchase of outstanding legacy technology of itiBiti that the Company did not already own.
Increased Revenues - Annual Financial Statements will be released in accordance with TSXV guidelines. By end of Q3, revenues were $3,103,497, as compared to $1,517,652 the previous year.
Reduction of Long Term Debt - The Company embarked on an aggressive program to reduce outstanding debentures. These results will be released in the Company's Annual Financial Statements.
Magnum's online MIS platform experienced client adoption increase by over 350%. The MIS platform allows mid size and large companies to order and manage collateral materials online, creating system wide efficiencies, saving clients an average of 23% on internal processing and management costs.
Intertainment became part of Microsoft Corp's Global Agency Initiative program - March 2009
Commercial Launch of itiBiti (www.itibiti.com) - November 2009 with NBC.com
Beta testing of 3 additional itiBiti clients in addition to NBC.com
Creation and early stage development of Ad Taffy (www.adtaffy.com) - new industry advertising/geo location platform
Satellite offices opened in New York, Los Angeles and San Mateo (Silicon Valley).
Hiring of CMO Brad Parry and CFO Edward Jonasson
Increased staff in core business areas.
Completion of announced capital financing programs for itiBiti and Intertainment.
"Although there has been uncertainty in the financial markets in the past year, Intertainment has continued to aggressively move forward executing its business plan and activities in accordance with the goals set by management for the fiscal year ended June 30, 2010," said David Lucatch, CEO - Intertainment Media Inc. "Management is diligently focused on its objectives and working to increase revenues, lowered long term debt and increase shareholder value."
About Intertainment - www.intertainmentmedia.com
Connecting people with brands, 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.
Intertainment owns a number of key properties including Ad Taffy (www.adtaffy.com), itiBiti (www.itibiti.com) and Magnum Fine Commercial Printing Limited (www.magnumprinting.com).
Headquartered in Richmond Hill, ON, with offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is listed on the Toronto Venture Exchange under the symbol "INT".
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.
Certain information set forth in this press release contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of oil and gas prices, currency fluctuation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will be derived there from. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE INTERTAINMENT MEDIA INC.
For further information: For further information: Corporate Inquiries: David Lucatch, CEO, 905-763-3510