Q2 Revenues exceed $1.45 Million
TORONTO, Jan. 12 /CNW/ - Intertainment Media Inc. ("Intertainment" or the "Corporation") (TSXV:INT) today announced that it has recorded revenues for the second quarter ended December 31, 2009, in excess of $1.45 Million CDN. This announcement follows the successful launch of Intertainment's wholly owned division, Itibiti Systems Inc.'s ("itiBiti") highly anticipated program with NBC.com providing desktop social networking and communications through the itiBiti developed and powered NBC.com Communicator. The NBC.com Communicator is the first commercial launch of the itiBiti program, with subsequent clients already in closed beta and near term public launch.
The Corporation has continued to make significant strides in executing its divisional and corporate objectives despite the economic and market conditions of 2009. Q2 revenues represent an increase of over 400% over the Q1 revenues reflecting the period ended September 30, 2009.
The Corporation will be filing its full Q2 financial statements on Sedar (www.sedar.com) in accordance with market regulations by March 1, 2010.
As the Corporation enters Q3, Intertainment and its divisions are continuing to focus on core growth objectives to enhance shareholder value.
Q2 Business Highlights
Intertainment increases revenues in Q2 by over 400% as compared to Q1.
Mr. Brad Parry joins Intertainment as Chief Marketing Officer.
Magnum, Intertainment's traditional media division, integrates its acquisition into its product and program offerings.
itiBiti opens offices in New York and Los Angeles.
itiBiti commercializes with the launch of the NBC.com Communicator (www.nbccommunicator.com).
itiBiti signs 3 other major clients for launch programs - launch January / February 2010.
"Intertainment remains focused on executing its business goals and objectives, and the results from Q1 to Q2 have been excellent. The market for Social Media and Networking programs continues to heat up, and itiBiti is being recognized by clients, agencies and advertisers as an industry leading platform. As itiBiti moves forward and prepares to launch a number of new clients, we are executing revenue contracts at premium market rates. This combined with several new programs in development, and the execution of our traditional media services, will provide the potential opportunities for continued revenue and platform growth," said David Lucatch, President - Itibiti Systems Inc. / CEO - Intertainment Media Inc.
The Corporation would also like to announce that it has accepted subscriptions for its private placement offering of 2,208,500 equity units at $0.16 per unit consisting of one common share and one-half of one common share purchase warrant at $0.25 per share for a period of 18 months. The securities issued pursuant to the private placement are subject to a four-month hold period. The net proceeds will be used by the Corporation for working capital purposes. The private placement is subject to final TSX Venture Exchange acceptance.
About Itibiti Systems Inc. - www.itibiti.com
Itibiti Systems' platform, itiBiti, is a revolutionary, instant revenue driven, Rich Internet Application (RIA) providing entertainment, communications and social networking initiatives displayed directly onto a user's computer desktop - providing major global brands with the unprecedented ability to power their marketing efforts within a unique, private label loyalty and revenue platform. itiBiti offers users a rich suite of services in combination with brand client initiatives, and the Microsoft Windows Live platform. Users have the ability to access itiBiti using their Windows Live ID, giving them direct access to a number of Microsoft services.
Itibiti Systems Inc. has an agreement with Highway Entertainment to represent itiBiti, to all of Omnicom Media Group clients worldwide. Omnicom Media Group ("OMG") is the media services division of Omnicom Group Inc. (NYSE: OMC), the leading global advertising, marketing and corporate communications company, providing services to over 5,000 clients in more than 100 countries.
Itibiti Mobile will provide users of major private label branded itiBiti platforms with the ability to continue their brand engagement experience with their mobile smartphone.
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.
Headquartered in Richmond Hill, Ontario, Canada, Intertainment Media Inc. is listed on the Toronto Venture Exchange with the symbol "INT".
All financial figures are unaudited and in Canadian dollars unless noted otherwise. Certain financial measures referred to in this document are not prescribed by Canadian generally accepted accounting principles (GAAP).
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Intertainment Media's current beliefs and is based on information currently available to Intertainment Media and on assumptions Intertainment Media believes are reasonable. Please also refer to 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 regulations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Intertainment Media to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Intertainment Media; general business, economic, competitive, political and social uncertainties; competition; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation; timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. Although Intertainment Media has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Intertainment Media does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Readers should not place undue reliance on any forward-looking statements and are cautioned that such information may not be appropriate for other purposes. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Subject to its obligations under applicable law, the Corporation does not undertake any duty to update any forward-looking statements.
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.
SOURCE INTERTAINMENT MEDIA INC.
For further information: For further information: Corporate Inquiries: David Lucatch, CEO, (905) 763-3510; 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