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To: vcap who wrote (6785)	5/26/1998 9:36:00 AM
From: Fred Cooper	Respond to of 8835

Phoenix Media Acquires Radio Station Phoenix Media Group, Ltd. Suite 207 290 E. Verdugo Avenue Burbank, CA 91502 U.S.A. Tel: (818) 563-3900 Fax: (818) 563-4888 PRESS RELEASE TUESDAY, MAY 26, 1998 PHOENIX MEDIA GROUP , LTD. SIGNS RADIO DEAL. BURBANK, CALIFORNIA - Phoenix Media Group, Ltd. has signed a formal Asset Purchase Agreement with Glacier Communications, Inc. for the purchase of all assets of radio station KSWD AM 950, Seward, AK. This formalizes the Letter of Intent negotiated between the parties earlier this year. The transaction is subject to FCC approval and neither party anticipates any difficulty in obtaining that approval. KSWD AM 950 is the only commercial radio station licensed to the City of Seward, a rapidly growing resort town about 125 miles south of Anchorage on the picturesque Kenia Peninsula. 110 major cruise ships are scheduled to dock in Seward this summer and scores of charter fishing boats, tour boats and various pleasure craft ply its deep water harbor. Recently a new $56 million dollar Sea Life Center opened in Seward adding substantially to Seward's already well established position as a major Alaskan tourist destination. Phoenix Media Group, Ltd. is very pleased with this acquisition and is in discussions with several other entities about further acquisitions. Management believes it will be able to meet or exceed its 1998 goal of not less than three radio stations acquired. Phoenix Media Group, Ltd. (PXMG - OTC Bulletin Board) is an international media, advertising and consulting firm with offices in Burbank, California. FOR FURTHER INFORMATION PLEASE CALL (818) 563-3900.