Court Working To Recover Intertainment Poynt Assets
(FinancialWire via COMTEX) --
November 12, 2012 (FinancialWire) -- Social media technology company Intertainment Media Inc. (TSX Venture: INT) (CDNX: TSX.V) (OTC: ITMTF), the secured lender to Poynt Corporation recently announced that Hardie & Kelly Inc. of Calgary were appointed receiver of Poynt and its asset by order of the Court of Queen's Bench of Alberta. Concurrent with the appointment of Hardie & Kelly, the Court established a sales process to work toward recovering maximum value for the assets of point, according to Intertainment.
Intertainment said it considers that the Poynt application and its assets have significant value well in excess of its secured creditor position of approximately CDN $1.7 million plus costs and unsecured position of CDN $150,000. In Poynt's last reported unaudited interim financial statements (announced on August 29th for the period ended June 30th), non-cash assets were reportedly valued in excess of CDN $21.5 million.
On October 9th, Poynt announced that its user base was in excess of 10 million users on the Android platform alone. On September 17th, Poynt released its new version of its application for iPhone and stated that year over year its unique iPhone user based had growth 132%. On July 31st, Poynt reported that its overall unique user base, at that time, was 17 million.
The Poynt application is actively pre-loaded on new mobile phones with a number of wireless carriers, noted Intertainment.
In March 2012, after Intertainment provided Poynt with a short term secured loan for CDN $1.5 million, the parties initiated discussions and development of enhancements to the Poynt application which Intertainment said it expects, should Poynt be able to be fully implemented and continue to operate, will enhance the value of the Poynt application and create additional revenues for both parties.
Such enhancements include Intertainment's real-time experiential communications platform, "Ortsbo," which offers instant communications in over 65 languages. Intertainment also cites "Ad Taffy," which provides enhanced "click to call" capabilities, integrating actionable content with immediate communications connectivity, as well as "Deal Frenzy," which offers unique value programs to a growing audience and Intertainment's affinity solutions, including the "Sweet Card," which provides pre-paid debit and virtual wallet platforms.
Intertainment also stated that, throughout Poynt's BIA creditor protection process, the company worked diligently with Poynt, its counsel and the Trustee to support the efforts of all parties and their court motions to work towards a solution to see Poynt emerge from creditor protection. Intertainment said it made the court application to appoint the receiver (Hardie & Kelly) only after Poynt exhausted all efforts to replace the initially announced loan proceeds of $1 Million on October 15th. Those funds were not received and the Court terminated the creditor protection proceedings causing Poynt to become bankrupt, according to Intertainment.
Intertainment added that Hardie & Kelly will conduct a sale process of the Poynt assets and Intertainment, if it deems appropriate, and will either participate alone or with an appropriate operational partner in the sales process and may entertain offers to sell its secured position, while also looking to maintain a commercial relationship for its products and programs.
Intertainment Media (approx market cap. US$ 52.0 mil.) engages in developing, nurturing and investing in technologies and social media platforms in North America. The company was founded in 2000 and is headquartered in Richmond Hill, Canada.
ORIGINAL ARTICLE: http://www.financialwire.net/issues/2010_11/12/int-poynt-recovery.htm
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Stocks: Intertainment Media Incorporated (CDNX: INT.V) (TSX Venture: INT) (CDNX: TSX.V) (OTC: ITMTF)
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