CORAL SPRINGS, Fla., March 11, 2004 (PRIMEZONE) -- The Sun Network Group, Inc. (OTCBB:SNNW) (Berlin:SWK.BE), which operates the Radio X Network and RadioTV Network ("RTV") through its wholly owned subsidiary RadioTV Network, Inc., announced today that it has entered into agreement with its current institutional investors to redeem all of their outstanding Secured Convertible Debentures. Sun Network entered into the Debenture agreement in June 2002, which provided for interest to be accrued at the rate of 12%.
Sun Network CEO, T. Joseph Coleman said: "Current market conditions are allowing us to redeem our Convertible Debentures and to secure new and larger financing. In redeeming our existing Debentures we will limit shareholder dilution, significantly improve our balance sheet and be able to secure new financing that will enable us to more aggressively grow our businesses."
About Sun Network Group, Inc.
Sun Network Group's Radio X is a nationally syndicated radio network that it owns and operates, in partnership with Sports Byline USA, the No. 1 sports talk radio network in the US. RTV is a proposed new television network that will produce and distribute TV versions of top rated radio programs.
For further information on SNNW please contact: Sun Network Group, Inc. 954.360.4080
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 website (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.