Yappn Increases Its IP Portfolio
May 05 2014 - 5:00PM
Marketwired
Yappn Increases Its IP Portfolio
NEW YORK, NEW YORK--(Marketwired - May 5, 2014) - Yappn Corp.
("Yappn" or "Company") (OTCQB:YPPN), the real-time language
technology that allows members of the global community to
communicate online, conduct eCommerce and facilitate customer
services across nearly 70 languages, is pleased to announce that it
has agreed under the terms of its licensing agreement and
previously announced option to purchase source code for its
language services platform increasing its Intellectual Property
("IP") portfolio.
Almost 73% of the global Internet market does not speak English
when surfing the net, according to Internet World Stats.com and
over 66 Million people in the US do not speak English in the home
according to the 2011 US Census. This provides Yappn, as a leader
in real-time language services, the opportunity to enable
entertainment studios, eCommerce businesses, social networks and
other enterprises with the ability to create instant, real-time
communications and shopping experiences on a global scale.
"Yappn continues to accelerate its business model and the
Company feels that this is the right time to increase its IP
portfolio," said David Lucatch, founder and CEO of Yappn. "With the
recent Winter Olympics and upcoming World Cup, we're seeing a
significant rise in business awareness of globalization
opportunities and Yappn is poised to be an industry leader in
real-time language services."
Under the terms of the source code purchase agreement, Yappn has
agreed to pay Ortsbo USA Inc., $2 Million USD in restricted Yappn
common stock at an agreed upon price of $0.15 per share, or
13,333,333 restricted common shares of Yappn Corp. Yappn retains
the option to purchase part or all of Ortsbo USA Inc. ("Ortsbo")
and have further access to Ortsbo's patent pending solutions.
Ortsbo USA Inc., is a subsidiary of Intertainment Media Inc.
(TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) which has a
controlling interest in Yappn.
About Yappn
Yappn is a real-time language services company that amplifies
brand messaging, helps conduct commerce and provides customer
support by globalizing these experiences with its proprietary
approach to language. Through its real-time multilingual
amplification platform, Yappn eliminates the language barrier,
allowing the free flow of communications in nearly 70 languages.
Yappn has developed cost effective, unique and proprietary
technology tools and services that create dynamic solutions that
enhance a brands messaging, media, eCommerce and support
platforms.
In addition to Yappn, FotoYapp (www.fotoyapp.com) provides
consumers, brands and Influencers with the ability to share media
content (images, video, audio, etc.) instantly across the global
social sphere with all major social posts in a single environment
in almost any language allowing global participants to interact
with each other, regardless of their native tongue.
Yappn Corp. is publicly in the U.S. on the OTCQB - symbol "YPPN"
and leading technology incubator, Intertainment Media Inc.
(TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) has a controlling
interest in Yappn Corp.
For more information, please visit
http://corporate.yappn.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 and has
investments in leading edge technologies and social media
platforms, including Magnum, Ortsbo, CapThat, theAudience,
Lexifone, Shiny Ads and Yappn Corp (www.yappn.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 and Los Angeles, CA and is listed on the
TSX Venture Exchange under the symbol "INT" (TSXV: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) Frankfurt Exchange under the symbol "I4T".
Forward Looking Information
Legal Notice and Safe Harbor Statement
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Although we
believe that the beliefs, plans, expectations and intentions
contained in this press release are reasonable, there can be no
assurance that such beliefs, plans, expectations or intentions will
prove to be accurate. Additional information regarding the factors
that may cause actual results to differ materially from these
forward-looking statements is available in the Company's filings
with the SEC. Investors should consult all of the information set
forth herein and should also refer to the previous and ongoing
disclosures in our Current Reports on Form 8-K, our annual reports
on Form 10-K, and our quarterly reports on Form 10-Q and other
periodic reports filed from time-to-time with the Securities and
Exchange Commission. These forward-looking statements are made as
of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
Yappn Corp. - Corporate ContactDavid LucatchFounder and
CEOinfo@yappn.comYappn Corp. - Media ContactChelsea AlexanderSenior
Account Executive - MBoothChelseaa@mbooth.comIntertainment Media
Inc.info@intertainmentmedia.comwww.intertainmentmedia.com
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