Intertainment to Acquire Mobile Software and App Developer-Commobility Inc.
NEW YORK, NEW YORK AND LOS ANGELES, CALIFORNIA AND SAN MATEO, CALIFORNIA, AND TORONTO, ONTARIO, Apr 13, 2011 (MARKETWIRE via COMTEX News Network) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE: INT)(OTCBB: ITMTF)(FRANKFURT: I4T) announces that the Company has signed a letter of intent to acquire mobile software and app developer, Commobility Inc. ("Commobility"). Formed recently by a group of mobile, online and IP experts, the Commobility team has been responsible for the development of key applications in real time semantic search, location based mobile video search and real-time communication platforms and large scale mobile messaging and service delivery platforms that are currently used by telecommunications firms around the world.
The letter of intent provides for the acquisition of staff and development of integrated components and key applications for Ortsbo's mobile services platform and the development of new Intellectual Property based on Ortsbo's translation platform as well as Intertainment's other social media properties including Ad Taffy and itiBiti. The teams are also developing new social media applications for mobile and portable computing distribution.
Consideration for the purchase is in the form of 6 million common shares of Intertainment Media Inc., priced at $0.74 per common share, and is subject to a final definitive agreement including performance guarantees, multi-year advisory agreements, as well as board and regulatory approval. The parties are already working on Intertainment initiatives and expect that final agreements and approvals will take up to 60 days.
"The Commobility acquisition gives Intertainment a world class team with the ability to design, develop and commercialize applications in the mobile and portable computing arena regardless of service platform," said David Lucatch, President & CEO Intertainment Media / President Ortsbo Inc. "The vast experience of Commobility enables the Company and its divisions to move quickly to develop a leadership position and Intellectual Property in the emerging mobile and portable computing market."
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