Intertainment's Itibiti Systems Closes Financing

TORONTO, ONTARIO, Jul 13 (MARKET WIRE) --
Intertainment Media Inc. ("Intertainment" or the "Company") (TSX VENTURE:
INT) announces that its wholly owned subsidiary, Itibiti Systems Inc.
("Itibiti Systems") has closed on $1,415,430.50 cash for its previously
disclosed offering of convertible debentures as detailed in the press
releases dated June 4, 2009, May 5, 2009 and March 4, 2009 (the
"Offering"). Insiders are providing $650,000 of new investment into the
Offering, with Mr. David Lucatch, CEO of Intertainment Media Inc. and
President of Itibiti Systems Inc. providing $550,000. The funds are being
used to continue to execute Itibiti Systems business plan as detailed in
the news releases over the past several months and for working capital
requirements. Given the recent increase in valuation of Intertainment,
the Company has chosen to minimize dilution and will review any future
financing opportunities based on current market conditions.

Itibiti Systems has received a $2.1 Million CDN offer from a Toronto
based Private Equity firm. The $2.1 Million offer provides for the
conversion of a previously announced term loan of $1 Million into common
stock of Itibiti Systems at $0.70 per share and the infusion of
additional $1.1 Million of working capital, subject to the approval of
the Board of Directors and the TSX Venture Exchange.

The Company also announces that the offering detailed in the press
release dated May 21, 2009, has expired and the Company did not close on
any subscriptions pursuant to such offering. Intertainment continues to
negotiate an equity offering from an International Mutual Fund as
detailed in the May 21, 2009 release, based on an increase in price that
reflects current market conditions and subject to the approval of the
Board of Directors and the TSX Venture Exchange.

Dundee Securities of Toronto has exercised 2,575,000 common share
purchase warrants of Intertainment Media Inc. at $0.18 for gross proceeds
of $463,500 pursuant to a previously closed financing. Proceeds were used
for the closing of the previously announced technology acquisition and
ongoing working capital requirements.

The convertible debentures ("Debentures") of Itibiti Systems consist of
convertible debentures ("Debentures") at a subscription price of $50,000
CDN per Debenture which, unless otherwise authorized, will be payable at
15% interest per year, paid semi-annually. Each Debenture will be
convertible into the Debenture holder's choice of (a) units of
Intertainment ("Units") at a conversion price of $0.11 per Unit with each
Unit consisting of one common share and one common share purchase warrant
("Warrant"), such Warrant having an exercise price of $0.16 and being
valid for two (2) years from the date of conversion of the debenture into
shares of Intertainment Media Inc., or (b) common shares of Itibiti
Systems ("Itibiti Shares") upon the occurrence of a Liquidity Event (as
defined below) whereby each $0.70 of principal amount outstanding under
the Debentures can be converted into one Itibiti Share.

A Liquidity Event is the occurrence of an event whereby Itibiti Systems
is listed for trading on a public stock exchange or whereby substantially
all of the assets or securities of Itibiti are sold or amalgamated.

Further to disclosure requirements of applicable securities laws and as
disclosed above, the Company reports that David Lucatch, President, CEO
and a director of the Company, purchased $550,000 worth of convertible
debentures ("Debentures") pursuant to, and upon the terms of, the
Offering. Following completion of the Offering, David Lucatch, along with
his spouse, now owns or controls 13,378,753 common shares of the Company
("Shares"), or approximately 15.1% of the total issued and outstanding
Shares of the Company and options, warrants or convertible securities to
acquire up to 12,750,000 Shares ("Convertible Securities"). Assuming
exercise of such Convertible Securities, David Lucatch, along with his
spouse, would own or control 26,128,753 Shares or approximately 25.8% of
the total issued and outstanding Shares of Intertainment. David Lucatch
purchased the Debentures for investment purposes. David Lucatch may
increase or decrease his investment in the Company depending on market
conditions or any other relevant factors.

About Itibiti Systems Inc.

Itibiti Systems' platform, itiBiti, is a revolutionary, instant revenue
driven, Rich Internet Application (RIA) providing entertainment,
communications and social networking initiatives displayed directly onto
a user's computer desktop - providing major global brands with the
unprecedented ability to power their marketing efforts within a unique,
private label loyalty and revenue platform. itiBiti offers users a rich
suite of services in combination with brand client initiatives, and the
Microsoft Windows Live platform. Users have the ability to access itiBiti
using their Windows Live ID, giving them direct access to a number of
Microsoft services. Itibiti Systems is currently in the planning stage
for a mobile version of its product offerings.

About Intertainment

Intertainment Media Inc. (www.intertainmentmedia.com) 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.

Additionally, Intertainment owns, operates and invests in high value
content, traffic management, advertising and social networking solutions
including, Eye Rock Digital (www.eyerockdigital.com), No Good TV
(www.ngtv.com), View2gether Inc. (www.view2gether.com), Itibiti Systems
Inc. (www.itibitisystems.com) and Magnum Fine Commercial Printing Limited
(www.magnumprinting.com). Headquartered in Richmond Hill, Ontario, Canada
Intertainment Media Inc. is listed on the Toronto Venture Exchange
(symbol: INT).

Headquartered in Richmond Hill, Ontario, Canada Intertainment Media Inc.
is listed on the Toronto Venture Exchange (symbol: INT).

Certain information set forth in this press release contains
forward-looking statements. By their nature, forward-looking statements
are subject to numerous risks and uncertainties, some of which are beyond
the Company's control, including the impact of general economic
conditions, industry conditions, volatility of oil and gas prices,
currency fluctuation, competition from other industry participants, the
lack of availability of qualified personnel or management, stock market
volatility and ability to access sufficient capital from internal and
external sources. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. Actual
results, performance or achievement could differ from those expressed in,
or implied by, these forward-looking statements, and accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do
so, what benefits will be derived there from. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.

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:
Investor Communications:
Buchalter Consulting
1-866-631-6537
Stan.Buchalter@BuchalterConsulting.ca

Online Investor Relations Hub:
AGORACOM
INT@Agoracom.com
www.agoracom.com/IR/intertainment

Intertainment Corporate Inquiries:
David Lucatch
CEO
905-763-3510

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