Intertainment Media Inc. is pleased to announce that its development platform Yappn, an upcoming online multi-lingual social community where people can meet, chat, engage and consume media, set to fully launch in Summer 2013, is releasing a concept design sneak peek today to provide the public with a preliminary glimpse into the platform’s user interface. Currently moving towards its beta testing stage and powered by Ortsbo‘s real-time multi-language technology, Yappn is set to create an engaged online community for users all over the world by providing access to topical discussion boards in almost 70 languages.
“The concept design sneak peek is an important element in our development process because it enables us to receive feedback from potential users while also demonstrating our latest developments,” said David Lucatch, founder of Yappn and CEO of Yappn’s parent Intertainment Media Inc. “We are excited to showcase to the public what we have been working on for the past few months and we encourage our users to aid us in developing the Yappn platform to an even greater level.”
In January, Intertainment Media Inc. introduced the concept for Yappn as the revolutionary new way to interact with other people and consume content online and via mobile devices. Along with its multi-lingual capabilities, Yappn will differentiate itself from other discussion platforms by allowing users to vote discussion boards into existence through co-operative group and social interactions, and through a gamification strategy that includes a user trophy room.
On March 8, 2013 Intertainment Media announced that it had executed a binding letter of intent (the “LOI”) to sell all of the assets of Yappn to Yappn Corp. (Formerly Plesk Corp. which changed its name to Yappn Corp. on March 14, 2013 – symbol change still pending), a US publicly listed entity on the OTCBB for the sum of $7 Million USD. Intertainment Media has received board approval to proceed with the transaction. The transaction is an exempt transaction under the policies of the TSX Venture Exchange.
The arms length transaction is expected to close in and around March 31, 2013. Under the terms of the LOI, Intertainment and its partners will receive 70 Million shares of Yappn Corp. at a value of $0.10 USD per share, with Intertainment controlling a minimum of 60% of the received shares of Yappn Corp. following the completion of the transaction. The parties are currently finalizing financing that will provide working capital for the acceleration of the Yappn assets following the completion of the transaction.
Upon closing of the transaction, Intertainment and its partners will control 70 Million shares and the existing shareholders of Yappn Corp. will control approximately 30 Million shares.