Intertainment’s Ortsbo extended its intellectual property portfolio by tendering a conditional patent application to the United States Patent and Trademark Office. The application was titled "System and Method of Translating Instant Messages".
The wide-ranging patent application covers several pioneering features found in Ortsbo's product and services suite that includes the facility of translation of instant messages on numerous instant messaging networks and assisting language translation of instant messages. In the last two months, this is the fifth patent application that has been submitted by Ortsbo and provides a base for Ortsbo's leading edge intellectual property comprehensive experiential infrastructure platform.
On July 21, 2011, Intertainment reached an agreement to acquire 100 percent of shares of SaaS Technologies Inc. which will be transferred to Ortsbo Inc. after the acquisition is closed, making Ortsbo the proprietor of all of its technology and services offerings.
While Intertainment and Ortsbo only had partial ownership agreements and licensing arrangements with management and development staff of SaaS remaining onboard previously, this agreement provides for complete ownership and rights of numerous existing and new technologies. The acquisition, valued at more than $27 million in a combination of cash and stock of Intertainment will have the final details reflected in absolute documents among the parties and are subject to final board, escrow and regulatory approval.
"This has been an amazing first year for the Ortsbo team. We achieved Facebook's first 3 years of growth in 9 months, established a Guinness World Record for Most Nationalities in an online chat, and had worldwide Live & Global events with KISS and Steve Nash, along with the development of a world class product, technology, marketing and execution team. As we look towards our 2nd year, we continue to accelerate Ortsbo at record pace, have 5 patent applications in process, numerous branding activities underway with partners like INDYCAR and Variety, upcoming mobile releases and a bevy of revenue opportunities emerging. Amongst all this, it's the emergence of our loyal users and supporters who have been the most exciting achievement as together we tear down the global language barriers,” said David Lucatch, president of Ortsbo and CEO of Intertainment Media, in a release.
The social media offering by Ortsbo continues to increase speed achieving record results during the first half of July 2011. It is a subsidiary of Intertainment Media Inc., a Rich Media Applications leader, focused on providing hi-tech marketing solutions enabling customers to power improved branding, allegiance initiatives and consumer engagement. Chosen to be a Microsoft Global Agency Initiative partner, Intertainment has connected with an influential group of interactive agencies globally, that Microsoft recommends to its partners and customers.