Press release from Marketwire
Ortsbo Provides Year-End Update
Validation of Strategy with Customers, Development of Team, and Progress on Spin-out
Thursday, December 20, 2012
TORONTO, CANADA--(Marketwire - Dec. 20, 2012) - Ortsbo, Inc. (a subsidiary of Intertainment Media Inc.)(TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) continues to progress along the previously announced strategy and business plans. "A few weeks ago, we announced our focus on three business lines: Global Commercial Solutions for Global Customer Care and Global Market Communications; Gamification; and Specialized Social Networks." states Bultema. "We are pleased to now have partners and customers moving ahead in all these areas. This represents validation of our market and product focus, and also for the monetization model and business plans associated with our markets, solutions, and products." Beginning after the first of the year, the company will routinely provide updates on customers and partners along each of these business lines.
"We have also reached a key point in the development of the company," says Bultema. "We now have key executives, leadership, technology, operations, and customer teams in place." In effect, Ortsbo is now functioning as a free standing company. Intertainment Media continues to provide board and financial oversight and resourcing, but even this stands to be transferred as part of the stand alone and the proposed spin-out process. Three key leaders warrant mentioning.
Vice President of Technology and Products, Mance Harmon has completed all of the technology transfer and product planning to a new core engineering team in Austin, Texas. Harmon is a proven leader in software and innovation. Most recently, Harmon was founder and CEO of tech company, BlueWave Security. He was Senior Director of Products at Symbol Technologies (purchased by Motorola, now part of Google), after Symbol purchased the software company he founded, Trio Security. Prior to that, Harmon had a career as a research computer scientist with the US Air Force, with an undergraduate degree in computer science from Mississippi State, and a Masters from the University of Massachusetts.
Complimenting Harmon is Leemon Baird, Senior Director of Research. Most recently, Baird was a research computer scientist with the US Air Force and Professor of Computer Science at the US Air Force Academy. Baird worked with Harmon at both BlueWave and Trio as CTO, and holds a PhD in Computer Science Machine Learning from Carnegie Mellon University, as well as a Master of Science from NorthEastern and a Bachelor of Science from the US Air Force Academy.
Bill Auvil heads up customer facing functions as Vice President of Customer Operations. Auvil is a veteran of the customer industry. For the last 10 years, he served as Vice President of Customer Operations of software company, FrontRange Solutions, where Bultema recruited him to the role. Prior, he was in leadership roles with Sykes, one of the largest companies providing global outsourced customer care solutions. Prior to Sykes, he was with IBM for many years in a number of customer management roles. Auvil attended the University of Kentucky.
In addition, Ortsbo is in the process of on-boarding a prominent leader to serve as VP of Sales and Marketing. Finally, the company plans to bring on a CFO as part of the spin-out process to transition this interim role from Intertainment Media.
"We now have the concrete results spin-out investors want to see as part of an investment and diligence process," states Bultema. The company continues to advance the announced plans of spinning out Ortsbo during this next year. This is a major milestone both for Ortsbo, but also for the Intertainment Media strategy of seeding and incubating promising tech companies to maximize shareholder returns. Ortsbo is gathering strong interest from US investors, and Bultema is at the front of this process.
As part of progress of the business, the board of Intertainment Media announces that Bultema is now both President and CEO of Ortsbo, Inc. "Patrick has really done an exceptional job of both defining and disciplining the business, but also of leading the transition of the company into the spin out process," states Chairman of the Board, Herb Willer. "He has exactly the kind of background and visionary leadership skills Ortsbo needs, so we're pleased to have him leading the company." CEO of Intertainment Media, David Lucatch says, "It's been a great experience working with Patrick on Ortsbo. It's rewarding to have the core strategy of Intertainment Media validated through this process, and I'm confident in handing the reigns of leadership across to Patrick."
Seasoned tech company leader and industry maker, Patrick Bultema, joined Ortsbo as President in March, 2012. He has served as a CEO, Venture investor, advisor, and founder to tens of emerging technology companies. Most recently, CEO of CodeBaby. He was also: Venture Partner at vSpring Capital; CEO of XAware; CEO of global software company FrontRange Solutions; founder of Knowlix, and executive with Ziff-Davis, among other roles.
Ortsbo (www.ortsbo.com) enables real-time, cross-language communication experiences. Delivered as a Cloud computing service, Ortsbo can be embedded into high value communication processes and internet endpoints to create dramatic value across more than 65 languages. Based on invention and proprietary technology, Ortsbo creates unparalleled, high-fidelity experiences. With offices in Colorado, Austin, Los Angeles and New York, Ortsbo is a portfolio company subsidiary of Intertainment Media (www.intertainmentmedia.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, The Sweet Card 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 Open Market (Regulated 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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