Customized Mobile Wallet with Debit VISA & MasterCard loyalty program poised to capture share of $57 Billion US Market
TORONTO, CANADA and LOS ANGELES, CALIFORNIA and NEW YORK, NEW YORK--(Marketwire - June 11, 2012) - Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) ("Intertainment" or the "Company") is pleased to announce that it has developed, together with leading financial services industry partners, a customized social media financial services program for celebrities and socially active specialty brands. Code named "sweet card", the platform is customized for celebrities allowing them to engage with fans through a unique socially powered global fan loyalty and appreciation program. This program will utilize a unique mobile wallet payment application and customized debit VISA or MasterCard allowing users to earn exclusive rewards through virtual payments, online purchases, money transfers and conventional in-store transactions.
According to Aite Group and Mercator Advisory Group, there are over 5.1 Billion smartphones in the marketplace creating unique opportunities for consumers to install mobile wallet technology and take advantage of emerging near field communication opportunities. This type of convenience will allow users to purchase a variety of goods and services directly through their smartphones with an expected consumer spend by 2015 of $214 Billion in the U.S. and over $1 Trillion globally. Additionally, the groups confirm that prepaid debit card issuance programs have grown from $1.6 Billion in 2004 to an estimated $120 Billion in 2012, with prepaid loads reaching $57 Billion in the US in 2011.
Managed by Intertainment and its subsidiary, Ortsbo Inc.'s Los Angeles team, the program has been reviewed by a number of leading talent agencies, artist management groups and merchandise partners. The Company now has significant interest to begin market testing with key celebrities and specialty brands in North America with a view towards rapid global expansion opportunities. The program is expected to generate ongoing loyalty and transactional fees of which Intertainment and its divisions will be entitled to up to 50% of net generated revenues.
The program offers celebrities and specialty brands a unique way to engage with fans and create a continuity based business platform. Through a customized mobile wallet application and vanity debit VISA or MasterCard, purchases will generate points towards redeemable opportunities and special offers. Consumers that opt into the loyalty program will have the ability to receive exclusive social media access, live programing, merchandise and other unique program features.
Ortsbo will enable global engagement through its 53 languages real time communications services platform, allowing fans to chat and engage with celebrities through exclusive Live & Global events.
The program will be marketed by Intertainment using its social media brands including Ortsbo and KNCTR along with its social media investment partners and key online sites together with celebrity partner programs and live venues.
For more information, please visit www.thesweetcard.com for a short presentation. Interested parties should contact Intertainment Media for more information.
To become a Facebook Fan of the Sweet Card, sign up at www.facebook.com/TheSweetCard
Follow the Sweet Card on Twitter: @TheSweetCard
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.
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