ATLANTA, Jan. 28, 2003 (PRIMEZONE) -- Small Town Radio, Inc. (OTCBB:STWI), a radio broadcasting company focused on building a network of stations with continuous coverage areas through the acquisition and operation of radio stations, announced today that it has been joined by veteran broadcaster Mike McClain who will assume day to day responsibilities for the Company's station in Dahlonega, GA. McClain will be responsible for each of the stations that the Company acquires in the North Georgia area.
"Mike is a seasoned professional, capable of making things happen in our small markets," said Daniel W. Hollis, CEO of Small Town Radio, Inc. "He has proven himself in large and small markets, and has been particularly successful in directing the integrated media approach that we will be offering in our markets."
"I love the radio business," said McClain. "This opportunity is one that really excites me. I have done turnarounds and understand that you need to become part of the community when you re-brand the stations that you acquire. I firmly believe in the business plan of Small Town Radio, Inc. and am glad to be part of this team."
About Small Town Radio, Inc.
Small Town Radio, Inc.'s business strategy is to acquire a significant number of radio stations in smaller, less populated areas near, but not in, mid-sized and larger markets. The Company intends initially to acquire radio stations in rural sections of the Southeastern United States, with the goal of ultimately building a geographically contiguous coverage area for both its broadcast signals and advertising sales force. The Company believes a network of stations in contiguous broadcast areas with two or three common programming formats would provide an advertising and listener base of significant size. It expects to operate a studio in Atlanta, GA to provide high-quality programming, including local content, to its stations across the Southeast.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Words such as "intends," "expects," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning plans, objectives, future events or performance and assumptions and other statements that are not statements of historical fact. Although the company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by us. The Company cautions readers that the following important factors, among others, could cause the Company's actual results to differ materially from the forward-looking statements contained in this report: (i) the ability of the Company to successfully purchase radio stations in accordance with its business plan; (ii) the ability of the Company to operate its radio stations profitably; (iii) the ability of the Company to obtain adequate financing to finance its operations and execute its business plan; (iv) the effect on the Company's competitive position within its market area of the increasing consolidation within the radio broadcast industry; (v) the effect of changes in laws and regulations, including federal laws and regulations governing the ownership and operation of radio stations, with which the Company and its subsidiary must comply, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (vi)the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company's organization, compensation and benefit plans; (vii) shifts in population and demographics, competition, cost fluctuations, technology advances and challenges; (viii) financial, operational and other business problems associated with the acquisition of a number of radio stations in a short period of time; and (ix) general and industry-specific economic conditions. The Company cautions that the foregoing list of important factors is not exclusive. The company has no obligation to update or revise forward-looking statements to reflect the occurrence of future events or circumstances.