IBC Radio Network Nears Closing of 10-Station Affiliate Package; In Discussions with Satellite Radio Provider; Company Provides Update on Business Partnerships and New Opportunities
Business Wire - June 06, 2005 09:35
SPOKANE, Wash., Jun 06, 2005 (BUSINESS WIRE) -- IBC Radio Network, a division of International Broadcasting Corporation (OTCBB:IBCS), provides the following update:
The company is pleased to announce that a recent campaign for IBC Radio Network affiliate radio stations brought in inquiries from 13 radio stations around the United States. Areas covered include Bethlehem, Pennsylvania, Jacksonville, Florida, Mississippi and Oregon. Ten of the stations are a "package deal," placing IBC Radio Network content across all stations simultaneously. The company believes it is close to closing these ten stations and expects to announce an update on these potential affiliates within the next month. The remaining 3 radio stations are being negotiated on an individual basis, and the company is optimistic that they will also soon be part of the IBC Radio Network. The addition of affiliates greatly increases our listener base, and accordingly offers us more lucrative advertising opportunities and potential revenues.
Based on the collaboration between IBC and its syndication specialist, the company is extremely excited to announce that it is in discussions with one of the two major satellite pay radio services to provide IBC Radio Network Content across their service. The move to one of these satellite providers alone would expand the exposure of IBC exponentially. According to a recent April, 2005 Forrester research report, satellite radio will reach over 20M subscribers by 2010. To the Company's knowledge, neither provider currently has content comparable to 'StockTalkLive,' 'Dreamland,' 'The Lou Gentile Show,' and others.
The IBC Radio Network achieved a milestone this year by broadcasting its unique content to two AM radio stations in Florida. The company is consistently seeking to increase shareholder value, and continues to study other distribution outlets including broadcasting through shortwave. Particularly popular outside of North America, shortwave would allow IBC penetration into Europe, Russia, and other foreign markets. Combined with the existing internet, AM radio, and satellite initiatives, management feels the company is poised for consistent growth.
Daryn Fleming, President of IBCS, says, "We thank all shareholders for their patience and continued support of the Company as we work hard to execute our business plan. Our portfolio of companies has expanded dramatically over the past several months and our recent quarterly filings show tremendous growth when compared to the same quarter last year. In addition to radio, we continue to explore new, exciting business opportunities which we hope to announce soon."
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, 509-466-3413
invest@ibcmedia.com
Copyright Business Wire 2005
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