NEW YORK, Aug. 31, 2015 (GLOBE NEWSWIRE) -- Yappn Corp. ("Yappn" or "Company") (OTCQB:YPPN), a leader in real-time language technology and translation, is pleased to announce that shareholders of Intertainment Media Inc. (TSX-V:INT) (OTC:ITMTF) (FRA:I4T) ("Intertainment") have approved the acquisition of the intellectual property assets of Ortsbo Inc. ("Ortsbo"), a subsidiary of Intertainment, as previously announced on May 26, 2015.
At Intertainment's special meeting of shareholders held today, 94.02% of the shares voted were in favor of the transaction, representing nearly 16.61% of all outstanding shares of Intertainment. The approval of the acquisition was a necessary condition and the Company expects the acquisition to close, subject to the satisfaction of the remaining closing conditions as set forth in the acquisition agreement.
The purchased assets include US Patent No. 8,983,850 B2, US Patent No. 8,917,631 B2, US Patent No. 9,053,097 B2, and other intellectual property including Ecommerce and Customer Care know-how for a total purchase price of US $17 Million, which will be paid by the assumption of US $1 Million in debt and the issuance of US $16 Million worth of Yappn restricted common shares (320 Million shares at US $0.05 per share).
"We are seeing an increased need of language services for businesses wanting to globalize their offerings and as we continue to accelerate our programs and opportunities, the ownership of these key assets will drive our growth," said David Lucatch, Founder and CEO of Yappn Corp.
The Company continues to expand its efforts with Ecommerce and communications as it has been commercializing a number of solutions to enable single language online storefronts to effectively market, sell and support E-tailing efforts, including the shopping cart, in multiple languages.
The Company also announced today that Steven Wayne Parsons has resigned from the Board of Directors to pursue other interests, effective immediately. The board expresses its gratitude to Mr. Parsons for his contributions.
Yappn is a real-time multilingual company that amplifies brand and social messaging, expands online commerce and provides customer support by globalizing these experiences with its proprietary approach to language. Through its real-time multilingual amplification platform, Yappn eliminates the language barrier, allowing the free flow of communications in 67 languages.
Yappn focuses on delivering global reach and efficiencies without the need of human intervention, making the language experience immediate through all phases of Ecommerce, online events and content programming.
Yappn Corp. is publicly traded in the U.S. on the OTCQB – symbol "YPPN". Intertainment Media Inc. (TSX-V:INT) (OTC:ITMTF) (FRA:I4T), a leading technology incubator, has a controlling interest in Yappn Corp.
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This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although Yappn Corp.'s management believes that such forward-looking statements are reasonable; it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Current Report on Form 8-K filed on April 3, 2013 and each subsequently filed Quarterly Report on Form 10-Q and Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.