ANN ARBOR, Mich., July 6, 2004 (PRIMEZONE) -- Legend Studios, Inc., a subsidiary of Legend Mobile (OTCBB:LGMB), today announced that it has entered into a definitive agreement to acquire WQMS AM 1500 in Quitman, Mississippi. Effective immediately, Legend Studios, Inc. has assumed management of the station and operational control of its broadcast assets. All revenues and expenses are now recognized by Legend Studios, Inc.
"We are very excited about WQMS. Quitman, Mississippi is a perfect place to continue to expand our strategy of buying media properties in growing communities. We are looking for additional stations in smaller markets that depend on radio for news, weather, and the latest local happenings," said Peter Klamka, President of Legend Studios, Inc.
The acquisition was financed with cash contributed from Legend Studio's management and a promissory note issued by Legend Studios, Inc. to the seller. The acquisition is not dilutive to Legend Mobile shareholders.
Legend Studios also operates 7 other radio stations in Missouri, Virginia, and West Virginia. The company expects to record positive EBITDA for the next twelve months.
WQMS-AM began broadcasting in 1978. Legend Studios, Inc. expects to announce shortly a new format for the radio station.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof, and the company assumes no obligation to update the forward-looking statements included in this news release whether as a result of new information, future events, or otherwise. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Please refer to the Company's Form 10-K and other filings with the SEC for additional information regarding risks and uncertainties, including, but not limited to, the risk factors listed from time to time in such SEC reports.