!!!NEWS!!!
F2 Broadcast Network, Inc. Sells Bricks and Mortar Assets
BOCA RATON, Fla., May 29, 2001 /PRNewswire via COMTEX/ -- F2 Broadcast Network Inc. (OTC Bulletin Board: FBNI), a fully reporting company, announced that it has executed all final documents for sale of the Company's radio station in Gillette, Wyoming. F2 Broadcast is also nearing finalization of the sale of its 80% ownership in First Films, Inc., the owner of the Comedy Works comedy club in Denver, CO.
Legend Communications of Wyoming, LLC the owner of multiple radio stations, has acquired KGWY in Gillette, Wyoming for $1.9 million, including land, building, antennae, and licensing. Of the $1.9 million, $570,000 is in the form of a note receivable and approximately $500,000 will be used to pay existing debt related to the radio assets. The parties have executed the definitive sales agreement, and pending FCC approval, the transaction is expected to close within the next 60 days. First Films will be sold for $300,000 in cash and assumption of debt of approximately $250,000. The parties intend to close within the next 10 business days.
"This cash infusion and debt reduction allows F2 to pursue its core competence in Internet Video Production. This is the model we have identified that can be monitized," states Howard Stern, Chairman/CEO.
"With significant liquidity available to remove the Company's existing obligations, the restructuring of the company, and the significant reduction in expenses, and new production relationships with PGATOUR.com and Tournament Radio, F2Broadcast is poised to become a premier Internet video production company," continues Stern.
About F2 Broadcast
F2 Broadcast Network is a provider of Internet video production services specializing in the creation of turnkey solutions for live, on demand, and archived convergent media. F2 Broadcast delivers content via both high-speed Internet access and satellite uplink. With satellite downlink facilities at both its Palm Beach, and Broward County locations F2 Broadcast is uniquely positioned to successfully produce and stream content from any location and deliver it to the World Wide Web.
Note: Certain statements herein that are not historical are forward-looking statements, which involve risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which the forward-looking statements are based are reasonable, it can give no assurances that such expectations and assumptions will prove to have been correct. See the Company's Annual Report on Form 10-KSB for the years ended December 31, 2000 and 1999 and its Forms 8-K reporting events occurring on November 7, 2000, December 21, 2000, December 28, 2000, and January 8, 2001, January 22, 2001, February 2, 2001 and February 23, 2001, for additional statements concerning important factors that could cause actual results to differ materially from the Company's expectations, including factors related to the Company's financial condition and the uncertainty of its ability to satisfy its operating expenses until revenues from the sale of certain assets, or from any other source or sources, become available.
For more information or a complete F2 Broadcast Media Kit, please contact: Robert Fuchs, or Howard Stern of F2 Broadcast, 1-866- F2 Video.
