|By Marketwired .||
|January 14, 2013 08:00 AM EST||
TORONTO, CANADA -- (Marketwire) -- 01/14/13 -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to announce that together with Toronto-based Avenza Holdings Inc., developers and marketers of computer software for the mapping and geographic information systems (GIS) and mobile mapping sectors, have jointly, on a 50/50 basis, acquired the assets of Poynt Corporation by recommendation of the Receivers, Alberta-based Hardie and Kelly Inc., and approval of the sale and a vesting order by the Court of the Queen's Bench of Alberta. A new private company has been formed by Intertainment Media Inc. and Avenza Holding Inc. to operate the asset.
Poynt has a number of early stage patents granted in their key business areas and a vast international user-base of its popular mobile application. Localized mobile marketing has grown significantly in the past few years and the Poynt application has had tremendous growth globally as a leading mobile application on industry leading mobile platforms, such as, BlackBerry, Apple, Android and Windows.
Moving forward, the new private company will in part be focused on the development of geographic based localization opportunities for consumers and businesses as well as accelerating its patent protection efforts. Intertainment and Avenza will work together to add additional core functions and capabilities to the Poynt platform from their own respective company divisions and integrate new and strategic functionality across the products of all three organizations.
"We feel that our partnership with Intertainment for the acquisition of the Poynt platform and assets, in combination with our expertise in mapping, geographic information systems and location-based services will provide new and exciting opportunities to enhance localization and travel opportunities for both Poynt users and commercial partners," said Mr. Ted Florence, CEO of Avenza Holdings Inc.
"We are very excited to have the opportunity to acquire the Poynt platform and its assets and continue to move forward with its leadership position in the global localization arena in partnership with Avenza's worldwide expertise in mapping and location services," said Mr. Anthony R. Pearlman, President and Chief Operating Officer Intertainment Media Inc.
Mr. Anthony R. Pearlman has been appointed by the partners as Chief Executive Officer of the new enterprise. As the partners take full control of the assets, there will be updates and additions to the platform, user experience and web activities. Further information will be available at www.poynt.com.
Avenza Holdings Inc. - www.avenza.com
Avenza Holdings Inc. is a private Canadian company that, through its Avenza Systems subsidiary, develops, markets and supports computer software products and royalty-free map data for the mapping and geographic information systems (GIS) industries as well as the award-winning PDF Maps app for mobile map use, distribution and commerce. Avenza creates software that focuses on design, publication and the creative aspects of mapping and spatial imaging. Organizations and individuals use MAPublisher®, Geographic Imager®, and the PDF Maps app to create and use high-quality cartographic products. With products being used internationally and a distribution network of resellers, the global reach of Avenza is continually expanding.
Intertainment Media Inc. - 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 including Ad Taffy, itiBiti, Ortsbo, Deal Frenzy, The Sweet Card and Magnum, with investments in leading edge technologies and social media platforms including theaudience.com. 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, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Market under the symbol "ITMTF". Intertainment is also traded in Europe on the Open Market (Regulated Unofficial Market) of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This release may contain forward-looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Intertainment Media Inc. does not assume any obligation to update any forward-looking information contained in this news release.
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.
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