CORAL SPRINGS, Fla., July 5, 2002 (PRIMEZONE) -- Sun Network Group, Inc. (OTCBB:SNNW) today announced that it has received $250,000 in convertible debt financing from an institutional investor. This is the first installment of a $750,000 funding cycle that has a total funding potential of $3,000,000. The Company shall receive an additional $250,000 upon the filing of a Registration Statement with the Securities and Exchange Commission relating to the shares of stock underlying the convertible debentures and another $250,000 upon the effective date of the Registration Statement.
SNNW is the parent company of the RadioTV Network, Inc ("RTV") a new television network that produces and distributes television versions of top-rated radio programs. Mr. T. Joseph Coleman, the Company CEO, commented, "This new financing will allow the Company to progress its current business plans and create a valuable, new institutional partner for the Company moving forward."
RTV has been developing its network for over three years and has successfully tested its business model in the Chicago and Pittsburgh markets. The RTV format capitalizes on the enormous cross-promotional synergies between the radio and TV audiences and the instant brand awareness generated by the known personalities.
The securities offered will not be or have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
For more information on Sun Network Group, Inc., please visit their Web site: http://www.sunnetworkgroup.com or contact:
Stephen Kern Investor Relations 323.937.4022 sjkern@dslextreme.com
This announcement contains forward-looking statements about Sun Network Group, Inc., that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward-looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC Web site (http://www.sec.gov). All forward-looking statements are based on information available to Sun Network Group, Inc. on the date hereof, and Sun Network Group, Inc. assumes no obligation to update such statements.