TREAT THEM LIKE GOLD! PHILADELPHIA--(BUSINESS WIRE)--IBCS--
International Broadcasting Corporation (OTCBB:IBCS)
announced today that it has eliminated some of its debt in a
conversion to Equity program. Much of the debt of the Company is in
the form of deferred salaries since the inception of the Company. This
has been converted to equity issued to employees, who have worked
without pay almost since the inception of the company.
With the improved financial picture, the Company continues to
pursue its aggressive plan for growth. With the help of the recently
announced venture capitalist and continued growth of the listener
base, more lucrative advertising deals than ever are coming to IBC
Radio Network. Reduced debt and increased revenues confirm the
viability of the business plan.
Daryn Fleming, President of IBCS, says, "A lot of our debt was in
the form of deferred salaries. By taking care of these salaries in an
employee plan we improve our balance sheet. Employees with a direct
interest in the success of IBCS are the only parties involved in the
deal. We thank all shareholders for their patience and support as we
continue to provide our unique services."
