Thursday May 13, 12:55 pm Eastern Time
Company Press Release
SOURCE: Definition, LTD.
Definition, Ltd. Enters Agreement To Sell Television Station
LAKE PARK, Fla., May 13 /PRNewswire/ -- Definition, LTD. (OTC Bulletin Board: DFNL - news) has reached a final agreement to sell WINQ-TV in West Palm Beach, Florida. After weighing several offers, the Board of Directors has accepted an offer by a director to acquire WINQ-TV for the following considerations:
1. Cancellation of $400,000 in loans made to the company.
2. Assumption of approximately $175,000 in debts owed by the company.
This will make Definition, LTD. debt free.
3. Return of 300,000 shares of Rule 144 stock in Definition, LTD. This
stock will be used for other acquisitions.
It is expected the sale will close upon the filing of all legal documents and final accounting.
WINQ-TV has been losing money for the past three years and will require substantially more capital for equipment and relocation of the station to more suitable quarters. Additionally, the FCC license is owned by a third party and will require a substantial outlay to acquire the license. Dr. William B. Turner will provide the hands-on ownership to provide guidance and direction and the capital required to enable WINQ-TV to become a profitable entity. Dr. Turner lives in the area, is at the station daily, and has personally funded the operation and purchased new equipment needed to enable the station to meet its commitments. Dr. Turner will resign his position as a director of Definition, LTD in order to provide full attention to WINQ-TV.
The sale of the station will allow Definition, LTD. to finalize pending acquisitions in the film and Internet business. Several acquisitions, including Media Classics, are in the works that will generate substantial revenues and can now be completed. All pending acquisitions will be made from currently issued stock so that there will be no additional dilution to the shareholders.
Disclaimer Forward-looking
Except for historical matter contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Definition, LTD. business and prospects and cause actual results to differ materially from these forward-looking statements.
For more info Contact:
Worldvision Financial
888-345-6060 or 407-834-8944
Email: relations@wvfg.com
Website: www.wvfg.com
|
