Friday December 10, 3:36 am Eastern Time
Company Press Release
SOURCE: Global Media Corp.
Global Media Announces Closing of Standard Radio Inc. Transaction
Transaction involves financing and three year commitment of radio stations
VANCOUVER, Dec. 10 /CNW-PRN/ - Global Media Corp. (OTC BB:GLMC), a Linux-focused award-winning Internet company providing e-commerce and streaming tools for media and entertainment companies, today announced the closing of its previously announced transaction with Standard Radio Inc., the most listened-to radio Group in Canada. Standard Radio is a subsidiary of Standard Broadcasting Corporation Limited, the largest privately owned multimedia company in Canada.
Under the terms of the transaction, Standard Radio has invested US$2 million in the purchase of 338,983 restricted shares of Global Media's common stock at $5.90 per share. The shares have customary piggyback registration rights. Furthermore, Global Media will provide both its streaming and e-commerce solutions to all radio stations owned by Standard Radio currently and in the next three years. Eight of Standard's managers will serve on an advisory committee Global Media has established for the purpose of assisting its sales and marketing efforts to the radio industry in the USA, Canada and abroad.
Effective December 7, 1999, Gary Slaight, Standard Radio's president and chief executive officer, joined Global Media's Board of Directors. Commented Michael Metcalfe, Global Media's president and chairman, ``I am tremendously pleased that Gary has joined our Board. Gary brings to the table years of senior-level radio industry expertise that will allow him to make a valuable contribution. Additionally, we expect that Gary will be proactive in helping the Company establish various strategic relationships.'
Gary Slaight commented, ``We are confident that Global Media offers superior Internet solutions and we look forward to rolling out Global Media's streaming and e-commerce solutions to our radio station web sites. I am very pleased to be serving on Global Media's Board and for Standard Radio to be a Global Media shareholder.'
About Standard Radio Inc.
A subsidiary of Standard Broadcasting Corporation Limited, Standard Radio owns and operates twelve radio stations in major markets across Canada. More Canadians listen to Standard Radio's stations than to any other broadcasting group in Canada. Each week, almost 5 million Canadians spend over 47 million hours tuned to Standard Radio stations in Ottawa, Toronto, Vancouver, Montreal, Winnipeg, Calgary and Edmonton. In these markets, one in three people twelve years or older listen to a Standard Radio station each week. Standard's stations are especially strong in the 18-34 age group, reaching 45% of this group on a weekly basis. Standard Radio's network arm, Sound Source, is Canada's premier creator and marketer of syndicated marketing programming. As well as live concerts from around the world, Sound Source syndicates over 28 programs weekly, including: The Business Report, The Wall Street Journal and David Letterman's Top Ten. In partnership with Telemedia, Standard Radio also operates a radio sales division that represents 108 English and French language stations in Canada.
About Standard Broadcasting Corporation Limited (``SBCL')
With some 7,200 employees and annual revenues approaching Cdn$500 million, SBCL is the largest privately owned multimedia company in Canada. In addition to Standard Radio, SBCL has numerous subsidiaries and divisions. SBCL's subsidiary, Video One, is the largest distributor of pre-recorded home video cassettes in Canada, servicing both the video rental and sell-through markets. SBCL's division, Urban Outdoor, is the largest back-lit sign company in Canada with over 65% of the market. Its dramatic posters are located on high traffic streets in Canada's top 25 markets.
About Global Media Corp.
Winner of the prestigious Linux Journal award for the ``Best Overall Linux Solution' at this year's Comdex, Fall '99 in Las Vegas, Global Media provides e-commerce and streaming tools for media and entertainment companies, primarily in the radio and television industries, that are looking to leverage their existing brand names and customer base to the Internet. Global Media is a fully reporting issuer to the SEC and is listed in Standard & Poor's Corporation Records. The Company trades on the NASD OTC Bulletin Board under the symbol ``GLMC'. Key partners include RealNetworks (Nasdaq: RNWK - news), Liquid Audio (Nasdaq: LQID - news), MCI/Worldcom (Nasdaq: WCOM - news) and Muze. The Global Media e-commerce solutions offer private label e-commerce capabilities. The Global Media Broadcast Network (``GMBN') is a distributed, multi-tiered Internet broadcast network that combines leading edge signal aggregation and broadcast technologies to provide clients and end users with what Global Media believes to be the highest quality streaming media experience available.
SOURCE: Global Media Corp. |
