Intertainment Media Provides Update on Ortsbo Spin Out

Wed May 23, 2012 9:03am EDT

* Reuters is not responsible for the content in this press release.

  TORONTO, CANADA, May 23 (MARKET WIRE) --
Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T)
("Intertainment" or the "Company") is pleased to provide an update on the
spin out of Ortsbo Inc. ("Ortsbo") previously announced on February 28,
2012. The Company continues to receive feedback from Canadian regulators
on its proposed financing and senior listing, and during this process,
Intertainment has received interest from US investment banking firms for
listing both Intertainment and Ortsbo on senior US exchanges. The Company
has spent time with firms in New York, Chicago and Los Angeles discussing
the opportunity and feels that the interest is significant enough to
consider pursuing such opportunities further and report its findings to
shareholders.

    Ortsbo's initial focus has been to create social engagement and
commercially leverage US entertainment and pop culture markets on a
global basis and work with leaders in the industry to effectively create
multi-language business opportunities. To date, Ortsbo has successfully
run events with Disney, Dreamworks, Marvel, KISS, IndyCar, Clear Channel,
Variety, Fox, Yahoo!, MSN and other major brand partners. Given the
strong US interest for Ortsbo's and Intertainment's investment portfolio
companies, management feels, in consultation with its lead financial
advisor, M Partners, Inc., that the value proposition of a US listing may
potentially provide greater value for all stakeholders. 

    Ortsbo now has over 162 Million unique monthly users, growing by over 55
Million users in the past 90 days and continues to move towards
sustainable revenue with defined commercial opportunities in social
media, broadcast communications, global customer care and ecommerce
programs with major brand partners.  

    Ortsbo's business development team in the US, Canada and now Europe are
working with major brands to identify their global opportunities to
increase revenues and customer satisfaction experiences with the use of
Ortsbo's proprietary services platform. Additionally, recent changes to
the US Federal Communications Commission's regulations with respect to
accessibility through closed captioning and online intellectual property
have opened up a number of opportunities with major entertainment
studios.  

    Ortsbo has now been engaged in pilot programs for proof of commercial
concept with several global brands. Some of these programs are expected
to be made public in the near future and will potentially provide the
Company with sustainable revenue programs from which to grow its overall
commercial business platform.

    As the Company currently awaits final approval for circulation of its
materials to hold a special meeting of shareholders and has publicly
disseminated a proposed date of June 14, 2012 for such meeting, the
Company will move ahead, at this time, with a presentation to
shareholders, providing an interactive forum to present and discuss the
Company's progress with interested parties and allow parties to engage
with management.

    The meeting on June 14, 2012 will be held at:


Hilton Toronto/Markham Conference Centre                                    
8500 Warden Avenue                                                          
Markham, ON                                                                 
L6G 1A5                                                                     
Markham Ballroom                                                            
Meeting time: 9:30am - 11:30am                                              


    About Ortsbo Inc. 

    Now with over 162 million unique users in over 170 countries and
territories, Ortsbo (www.ortsbo.com) enables real-time conversational
translation for more than 50 languages. Ortsbo's flagship product for
social media supports global communications with instant translation
capability and real-time, multi-lingual social media chat. Ortsbo's
technologies support major social platforms including MSN, Google,
Facebook, Twitter and Yahoo!, as well as all major desktop and mobile
operating systems, browsers and devices. Ortsbo, based in Toronto and
with offices in Los Angeles and New York, is a subsidiary of
Intertainment Media (www.intertainmentmedia.com). 

    On February 28, 2012, Intertainment announced that Intertainment and its
Board of Directors have reviewed various options for the spin out of its
subsidiary Ortsbo Inc., and have elected to proceed with a transaction
structure that it believes will be the most favorable to the current
security holders of Intertainment. For further information, please refer
to Intertainment Media's announcement filed at www.sedar.com.

    About Intertainment Media Inc.

    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 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 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.

Contacts:
Ortsbo/Intertainment Media Inc.:
David Lucatch
CEO
800-395-9943 or 905-763-3510
info@intertainmentmedia.com
www.intertainmentmedia.com

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