Intertainment Media Inc. (TSX-V: INT; OTCQX: ITMTF; FRANKFURT: I4T) said it continues to move forward with its plan to spin out Ortsbo Inc. as a separate public entity, to be listed on senior Exchanges in Canada and the United States.
Intertainment Media said it has received interest for a $20 million lead order from an unnamed US Institution at a pre-money valuation of over US $210 million for Ortsbo. Intertainment Media anticipates finalizing its spin out structure, valuation and opening its financing book shortly.
Intertainment Media is proposeing to pay dividend whereby shareholders of Intertainment will receive 30% (up from 20%) of the pre-money value of Ortsbo by way of common stock received by Intertainment in the new Ortsbo publicly listed entity.
Intertainment Media said it intends to retain significant interest in the new enterprise, allowing it to gain from any increase in valuation of Ortsbo and to use those gains to continue to develop and support exciting new technology and new media assets with the goal of creating additional independent enterprises.
