Intertainment Media CEO David Lucatch today reiterated the company’s plan to spin off its Ortsbo division. Intertainment Media (TSXV:INT) CEO David Lucatch was the first to present at the M Partners Tech 12 Conference today.
Lucatch opened by reiterating the company’s plan to spin off Ortsbo, the notable translation platform which has topped the 100-million user mark. Ortsbo translates, in real time, more than fifty different languages across a dozen social media platforms,
Lucatch then touched on the company’s partnership with Variety. Ortsbo has extended its partnership with venerable media brand around the Toronto International Film Festival, which is taking place now.
While much of the attention around Intertainment concerns Ortsbo, Lucatch went on to highlight company’s other five divisions, which include itiBiti, a social media app that allows company’s to change the look and feel of their marketing platform in real time, Adtaffy, a geography based IP engagement tool and Magnum, a traditional print shop.
In a question following the presentation, one attendee asked Lucatch why he is spinning out Ortsbo instead of just retaining it within Intertainment Media. The INT CEO says the plan will give Ortsbo a better chance at success by accessing the US public markets, and will benefit current shareholders by acting as a sort of dividend. Lucatch noted that Intertainment Media’s plan is to retain a significant interest in the business.