TORONTO and NEW YORK, Aug. 31, 2015 (GLOBE NEWSWIRE) -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSXV:INT / US:ITMTF / FRA:I4T) is pleased to announce that its shareholders voted in favour of the disposition of the intellectual property assets of Ortsbo Inc. ("Ortsbo"), a subsidiary of Intertainment to Yappn Corp. (OTCQB:YPPN), as previously announced on May 26, 2015 (the "Transaction") for a total purchase price of US $17 Million. The terms of the agreement include the transfer of up to US $1 Million in debt and US $16 Million in Yappn equity.
At the special meeting of shareholders held today, the special resolution regarding the Transaction was approved by at least two thirds of the votes cast by shareholders of the Company. Specifically, 94.02% of the common shares voted were in favour of the special resolution approving the Transaction, representing nearly 16.61% of the issued and outstanding common shares of Intertainment.
In addition, as the Transaction constituted a "related party transaction" pursuant to TSX Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101) the special resolution regarding the Transaction was also approved by a majority of the common shareholders, excluding certain votes as outlined in MI 61-101. The common shares of the Company owned or controlled by David Lucatch, Craig McCannell and Herb Willer, representing approximately 4% of the issued and outstanding common shares, were excluded from such disinterested shareholder voting.
Shareholders also voted in favour of the special resolution approving the consolidation of the common shares of the Company on a basis of 10:1 basis.
Yappn is acquiring key assets of Ortsbo Inc. including US Patent No. 8,983,850 B2, US Patent No. 8,917,631 B2, US Patent No. 9,053,097, proprietary language services technology assets, know-how related to Ecommerce and Customer Care and business contracts.
"Intertainment remains focused on its technology investment portfolio and this transaction is in line with our continuing strategy of building and developing the programs we invest in and then creating an effective exit strategy that delivers the best possible shareholder value we can attain," said Mr. Anthony R. Pearlman, President & COO of Intertainment Media Inc.
As part of the transaction, Intertainment will be seeking to retire certain Ortsbo related debt obligations and minority shareholder interests.
About Intertainment - www.intertainmentmedia.com
Intertainment is one of Canada's leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties and has investments in leading edge technologies and social media platforms, including TranzActive, CapThat, theAudience, Lexifone and Yappn Corp (www.yappn.com) (OTCQB:YPPN). For more information on Intertainment and its properties, please visit www.intertainmentmedia.com
Intertainment is headquartered in the Toronto, Canada region, with offices in New York and Los Angeles, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSXV:INT) and in the US under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulate Unofficial Market) of the Frankfurt Exchange under the symbol "I4T".
Mr. Anthony R. Pearlman, COO
Forward Looking Information
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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 regulators. The Company 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.
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Source:Intertainment Media Inc.