International Broadcasting Corporation Discusses Strategy for 2004; Plans to Enter AM Broadcasting, Seeks Merger Opportunities
Business Wire - January 05, 2004 11:41
SANTA MARIA, Calif., Jan 5, 2004 (BUSINESS WIRE) -- International Broadcasting Corporation (OTCBB:IBCS) said today that it plans to eliminate most of its debt over the next several weeks and abandon projects that the Company feels are expensive and have minimal profit potential for the near future. The Company also plans to break into the AM radio-broadcasting arena in order to be in on the forefront of digital AM and introduce the all-talk format of IBC Radio Network into local communities. IBCS will also seek merger opportunities whereby one or more private companies could be "vended" in.
Daryn Fleming, President of IBCS, says, "Early this year we will make our balance sheet more attractive, refine our strategies and continue to look for funding so that we can properly execute our business plan. In 2003, we had a lot of proposals for funding, however, we turned them all down because they were not shareholder-friendly."
The Company will release more details of the debt reduction program and its AM Radio strategy over the next several weeks.
Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties including the demand for the Company's services, litigation, labor market, and other risk factors identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE: International Broadcasting Corporation
International Broadcasting Corporation
Daryn P. Fleming, 805-938-5573
invest@ibcmedia.com
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