GECC Unveils 'Sienna Broadcasting' -- A New Latino TV Concept
SPRINGDALE, Ark., June 3 /PRNewswire-FirstCall/ -- Golf Entertainment, Inc. (OTC Bulletin Board: GECC - News) today unveiled its long term vision, a name change and a step by step plan to redirect and re-establish itself, first, as a multi-station Spanish language TV broadcaster, and eventually as a nationwide TV network to serve the vast and growing Latino audience in the U.S.
First order of business, according to CEO Dr. Tim Brooker, is to change the corporation's name to one that better describes its new endeavor. "We are a TV broadcaster, no longer in the golf business," said Brooker. "As soon as we can file the paperwork, we'll be known as Sienna Broadcasting Corporation, or 'SBC'."
The SBC vision flows from the Company's development of inexpensive local transmitters erected throughout the nation for less than $250,000 each. Local commercials will be sold, but core Spanish language programming would be fed from the SBC Network Operations Center in Springdale, permitting quick, low- cost expansion.
"Low cost installation and operation will allow us to grow at a rapid pace," said Brooker. "The system will be operated efficiently by a dozen staffers in addition to the commission sales force. We will focus on those small communities which have mushrooming Latino populations to give us a continually expanding audience."
SBC is finalizing acquisition of KVAQ-LP, in Springdale, Arkansas, corporate headquarters of GECC, for a final payment of $291,000. Additionally, SBC has targeted two Oklahoma stations for immediate acquisition: one in Oklahoma City and one in Tulsa, for an estimated package price of about $750,000.
SBC created an immediate revenue stream and reported earnings in the first quarter of fiscal 2002 through operations associated with KVAQ-LP. The Company is now negotiating for acquisition of two additional stations in Oklahoma. SBC's plan is to market a 3-station Springdale-Tulsa-Oklahoma City regional advertising package.
SBC's goal is to create a revenue flow with these properties that will stabilize the book value of each individual station at about $2 million per station after a year of solid operation.
From a 3-station base, GECC plans to obtain FCC licenses to install economical pre-fab station modules in 10 additional locations in Arkansas, Mississippi, Tennessee, Alabama and Georgia at an initial expenditure of approximately $2.5 million dollars in 2003. Another 15 stations would be built in 2004 along the East Coast.
About Golf Entertainment: Golf Entertainment, Inc. is a commercial broadcast TV program provider. We offer a broad range of creative, news, infomercial and other programming products for the rapidly growing Hispanic population in the United States. The company is headquartered in Springdale, Arkansas.
SOURCE: Sienna Broadcasting Corporation
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