Toronto, Ontario and New York, New York--(Newsfile Corp. - August 29, 2016) - Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) ("Intertainment" or the "Company") is pleased to announce the results of its Annual General and Special Meeting of shareholders held on August 29, 2016.
All matters submitted to shareholders, including the election of Messers Wayne Parson, Joel Strickland and Douglas Hamilton as directors, were approved, other than the proposed consolidation of the Company's common shares on a 10 for 1 basis, previously announced on August 4, 2016 (the "Proposed Consolidation"), which was rejected by shareholders.
The intended purpose of the Proposed Consolidation was to provide a more attractive capital structure in order to seek additional financing for the Company. Says Wayne Parsons, Chief Executive Officer, "Management is disappointed with this result and will re-assess its go-forward plans for the Company."
The Company currently has 37,988,877 common shares issued and outstanding.
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Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of such statements under applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange Inc. (TSXV") and applicable Canadian securities regulators. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.
The TSXV has in no way passed upon the merits of the Proposed Consolidation and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.