International Broadcasting Corporation Announces Receipt of Offer to Purchase Company
SPOKANE, Wash., Nov 08, 2005 (BUSINESS WIRE) -- International Broadcasting Corporation (OTCBB: IBCS), announced today that it has received a letter of intent from a private entity to purchase the company. The offer is in consideration for a $300,000 cash payment and a publicly-traded, non-reporting pinksheet shell that is owned by the buyer. The current management, assets, and operations the IBC Radio Network would be moved into the public shell while current shareholders of IBC would become shareholders of the private company merging in. IBC is currently in discussions with the buyer to receive permission to disclose more details about their business, revenue, and other information that will be of significance to shareholders.
Daryn P. Fleming, President and CEO of IBCS, says, "We are pleased to receive this offer and are currently evaluating if it is indeed in the best interest of our shareholders. We're currently in the due-diligence phase and will consider whether the offer is adequate. We will also explore the possibility of having a stock distribution/dividend in the public shell for existing shareholders of IBC, so that they may continue to have an equity interest in the company. If agreed to, our current assets, management and radio service would survive under the umbrella of another public company. Regardless of our decision, our business plan of acquiring AM radio station affiliates, sponsorships, and building our listener base will continue. We expect to respond to this offer within the next two weeks."
About IBC Radio Network
IBC Radio Network, a division of IBCS, is an all-talk radio service broadcasting 24/7, focused on business, news, science and paranormal content. IBCRN believes it is a viable alternative to larger networks that tend to make their affiliates all sound the same, effectively destroying local content. IBC seeks to enhance local content, thus increasing the value of its affiliates. Increased value translates into enhanced advertising revenues for IBC as well as affiliate radio stations.
SOURCE: International Broadcasting Corporation
CONTACT: International Broadcasting Corporation Daryn P. Fleming, 509-466-3413 invest@ibcmedia.com
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