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Yappn Completes Acquisition of Ortsbo Assets
September 16, 2015 10:13 AM EDT | Source: Yappn Corp.
New York, New York--(Newsfile Corp. - September 16, 2015) - Yappn Corp. (OCTQB: YPPN) ("Yappn" or "Company"), a leader in real-time language technology and translation services, is pleased to announce the acquisition of the intellectual property assets of Ortsbo Inc. ("Ortsbo"), a subsidiary of Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) ("Intertainment") as previously announced on May 26, 2015 was completed on September 14, 2015.
The purchased assets include US Patent No. 8,983,850 B2, US Patent No. 8,917,631 B2, US Patent No. 9,053,097 B2, and other intellectual properties including Ecommerce and Customer Care know-how for a total purchase price of approximately US $17 Million, which was paid by the assumption of US$1 Million in debt and the issuance of approximately US $16 Million worth of Yappn restricted common shares (319,870,000 shares at US $0.05 per share).
David Lucatch, Founder and CEO of Yappn Corp. said: "Our language services tools are a great way to support companies looking to globalize their offerings without incurring exorbitant localization costs and the ownership of these assets will accelerate our revenue programs and opportunities."
The Company continues to expand its efforts with Ecommerce and communications as it has been commercializing a number of solutions to enable single language online storefronts to effectively market, sell and support E-tailing efforts, including the shopping cart, in multiple languages.
About Yappn
Yappn is a real-time multilingual company that amplifies brand and social messaging, expands online 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 67 languages.
Yappn focuses on delivering global reach and efficiencies without the need of human intervention, making the language experience immediate through all phases of Ecommerce, online events and content programming.
Yappn Corp. is publicly traded in the U.S. on the OTCQB under the symbol "YPPN".
For more information, please visit http://www.yappn.com or contact:
David Lucatch, Founder and CEO
or
Jeanny So, VP, Corporate Communications
T: 1.800.395.9943 x 228
To learn more about Why Language Matters to a growing global economy, visit our blog at www.whylanguagematters.com
To be added to the news release distribution list, please email: jeanny@yappn.com with the word "News" on the subject line.
Forward Looking Information
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although Yappn Corp.'s management believes that such forward-looking statements are reasonable; it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. 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 including the Current Report on Form 8-K and each subsequently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.