According to a press release, a public company called Intertainment Media Inc. (OTCQX:ITMTF) announced that it just purchased a site DealFrenzy.com for $700,00o although the site hasn’t officially launched.
Here’s the deal:
“The acquisition combines cash and Intertainment Media common stock with $500,000 in cash and $200,000 in Intertainment common stock at $1 CDN per common share ”
“DealFrenzy.com is scheduled to go live in early July 2011.”
“DealFrenzy.com will launch in select cities in 2011 and plans international, multi-language expansion based on Intertainment’s Ortsbo experiential language platform.”
“We are very excited to be integrating with Intertainment Media,” said Alon Amouyal, President of DealFrenzy.com
“Intertainment has the expertise, resources and unique differentiators, like Ortsbo, KNCTR and Ad Taffy that will allow DealFrenzy to quickly increase its presence to the market, create unique cultural offers and significantly enhance revenue opportunities.”
DealFrenzy’s next generation Groupon-like model will employ the social media tools of VoIP communications and real time multiple language technology developed by Intertainment. Integrating its client communications systems with Intertainment’s Ortsbo, real time experiential translation platform, allows offers to be communicated in over 50 languages, bringing a multi-lingual resonance to the group- buying market.”
Yup I don;t understand it either but someone just got $700K richer based on a site that hasn’t even launched yet.
Can anyone say;