Yappn Completes Acquisition of Ortsbo Assets
NEW YORK, NY – September 16, 2015 – Yappn Corp. (“Yappn” or “Company”) (OCTQB: YPPN), 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: ITMTF / FRA: 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.
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
Jeanny So, VP, Corporate Communications
T: 1.800.395.9943 x 228
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Forward Looking Information
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