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Intertainment Media Inc. ("Intertainment"  or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to  announce that it has received final acceptance from the TSX Venture Exchange for  its previously announced $23,712,326.60 non-brokered private placement of  special warrants. Intertainment has received a commitment from a US based Fund  for $20 Million and may complete a separate financing should we choose to do so.  Please refer to the Company's press release dated May 13, 2011 for further  information on the private placement.

The Company is pleased to report that its  current cash and cash equivalents position is approximately $25,900,000 and is  currently executing its business plan in accordance with its previous  announcements.

Intertainment also announces that its  agreement with GEM Global Yield Fund Limited for a $5.0 million CDN equity line  of credit has been terminated. Intertainment did not issue any securities in  connection with this agreement. Please refer to the Company's press release  dated July 15, 2010 for the further information.

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 Ortsbo, Ad Taffy, itiBiti and Magnum Fine Commercial  Printing Limited.

Headquartered in Richmond Hill, ON, with  offices in New York, Los Angeles and San Mateo, CA, Intertainment Media Inc. is  listed on the TSX Venture Exchange under the symbol "INT", in the US under the  symbol "ITMTF" and on the Frankfurt Exchange under the symbol "I4T".

This news release does not constitute an  offer to sell or a solicitation of an offer to buy any of the securities in the  United States. The offered securities mentioned in this press release will not  be registered under the United States Securities Act of 1933, as amended (the  "U.S. Securities Act") and may not be offered or sold within the United States  or to, or for the account or benefit of U.S. persons except in certain  transactions exempt from the registration requirements of the U.S. Securities  Act.

This new release shall not constitute an  offer to sell or the solicitation of an offer to buy any securities in any  jurisdiction.

Forward Looking Information

This news release contains certain  "forward-looking information" within the meaning of such statements under  applicable securities law including statements relating to the Offering.

Forward-looking information is frequently  characterized by words such as "plan", "expect", "project", "intend", "believe",  "anticipate", "estimate", "may", "will", "potential", "proposed" and other  similar words, or statements that certain events or conditions "may" or "will"  occur. These statements are only predictions. Forward-looking information is  based on the opinions and estimates of management at the date the statements are  made, and are subject to a variety of risks and uncertainties and other factors  that could cause actual events or results to differ materially from those  projected in the forward-looking statements. Actual timelines associated may  vary from those anticipated in this news release and such variations may be  material. Actual results could differ materially because of 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. The Corporation  undertakes no obligation to update forward-looking statements if circumstances  or management's estimates or opinions should change, unless required by law. The  reader is cautioned not to place undue reliance on this forward-looking  information.

SOURCE: Intertainment Media Inc.

For Intertainment Media Inc.: David Lucatch  CEO 800-395-9943 info@intertainmentmedia.com www.ortsbo.com /  www.intertainmentmedia.com