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Friday, March 16, 2012

Intertainment & Poynt JV: Ortsbo to be integrated into Poynt platform.

Poynt Corporation 


Poynt Corporation 
Intertainment Media Inc. 


Intertainment Media Inc. 
March 15, 2012 18:05 ET

Poynt Corporation and Intertainment Media Inc. Initiate a Joint Venture

Poynt Platform to Integrate Ortsbo, Share Advertising Resources and Investigate Additional Opportunities for Monetization and Collaboration; Intertainment Media to Provide Poynt with $1.5 million in Debt Financing
Poynt Corporation, Intertainment Media Inc. and Ortsbo Inc., a subsidiary of Intertainment Media Inc., today announced that they have finalized a joint venture (the "Joint Venture" or "JV Agreement") agreement. The JV Agreement provides for the integration of Intertainment's real-time experiential language platform, Ortsbo ("Ortsbo" or the "Ortsbo Platform"), into the Poynt platform ("Poynt or the "Poynt Platform"). The parties also undertook to explore the mutual exchange of advertising inventory and investigate additional opportunities for monetization of both the Poynt Platform and Intertainment's other platforms.
Under the JV agreement, Poynt Corp. has undertaken to integrate Ortsbo, initially as an available item on the Poynt carousel, into the Poynt Platform and provide Intertainment with reciprocal access to, and use of, its advertising inventory. The JV will also investigate complementary revenue generating opportunities, including additional real-time experiential translation opportunities, and the integration of Intertainment's Ad Taffy click-to-call technology.
The JV Agreement provides that the gross revenues generated from the integration of Ortsbo experiential translation functionality and the reciprocal exchange of ad inventory will be shared equally between Poynt Corp. and Intertainment. Other revenues to be included and shared will be determined as opportunities arise.
Additionally, Intertainment has agreed to provide Poynt Corp. with secured debt funding (the "Facility") in the amount of one and a half million Canadian dollars (CAD $1,500,000) in order to facilitate, among others, the integration of Ortsbo and the ad inventory into the Poynt Platform, as well as for general working capital purposes. The Facility will be secured by a first priority lien against the Company's assets and will bear a pre-default annual interest rate of 8%, maturing on June 29, 2012. The Facility is subject to the approval of the TSX Venture Exchange Inc. ("TSXV").
Subject to TSXV approval, the Company has agreed, concurrently with funding of the Facility, to issue 6,000,000 non-transferable share purchase warrants (the "Warrants") to Intertainment, with each Warrant entitling the holder to acquire one common share of Poynt Corp. at an exercise price of $0.115 per share. The Warrants will expire on the earlier of the date the Facility is repaid pursuant to its terms and five years from the date of issuance. The Warrants and any common shares issued on exercise of the Warrants will be subject to a four-month hold period commencing, in each case, on the date of issue of the Warrants.
As one of the directors of Poynt Corp. is an officer and director of Intertainment Media, Multilateral Instrument 61-101 requires Poynt Corp. to obtain minority approval and a formal valuation for the Facility and the issuance of the Warrants unless an exemption from the minority approval and valuation requirements is available. Such an exemption is available to the Company as at the time the transaction was agreed to, neither the fair market value of the Facility, nor the fair market value of the Warrants, exceeded 25% of Poynt Corp.'s market capitalization.
"Providing users with an immersive local experience has always been important to Poynt Corp. and the integration of Ortsbo will allow Poynt users to have translation capability within the application in real-time in the language of their choice," said Andrew Osis, CEO of Poynt Corp. "Intertainment has been an industry leader in real-time translation and we are excited to pursue additional opportunities."
"The Ortsbo real-time experiential language technology when combined with Poynt will provide an unmatched local service offering on a global basis, truly allowing consumers to increase their utility within each platform" said David Lucatch, CEO, Intertainment and Ortsbo. "We are excited to see what new innovations can be created through this strategic partnership."
About Intertainment Media Inc.
Intertainment Media Inc. is one of Canada's leading technology incubators and is focused on developing, nurturing and investing in 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, Cap That and Shiny Ads. For more information on Intertainment and its properties and investments, please visit
Headquartered in the Toronto, Ontario, Canada region, with offices in New York, Los Angeles and San Mateo, CA, Intertainment is listed on the TSX Venture Exchange under the symbol "INT" (TSX VENTURE:INT) and in the US on the OTCQX Exchange under the symbol "ITMTF". Intertainment is also traded in Europe, on the XETRA Exchange under the symbol "I4T".
About Poynt Corporation
Poynt Corporation ( (OTCQX:PNYTF) (TSX VENTURE:PYN) is a global leader in the mobile local advertising space. Its Location Based Search (LBS) and advertising platform, Poynt (, enhances a user's ability to connect with the people, businesses and events most important to them. Poynt is available on all major smartphone and tablet platforms in nine countries. Poynt Corp. entered the mobile publishing space with the acquisition of an advertising publishing platform in January 2011. Whether through the Poynt Local Search Platform or the Ad Publishing Platform, Poynt Corp. simplifies connecting consumers with businesses, retailers and events. Headquartered in Calgary, Alberta, Canada, Poynt Corp. trades on the TSX Venture Exchange under the symbol PYN and in the United States on the OTCQX under the symbol PNYTF.