ORLANDO, Fla., March 18, 2004 (PRIMEZONE) -- TS&B Holdings, Inc. ("Company" or "TS&B") (OTCBB:TSBB) today announced the acquisition of Gulf Coast Records. TS&B executed an Investment and Management Agreement to acquire 49% of Gulf Coast Records, LLC. Glenn Cummings, with Gulf Coast Records, is a rising recording artist who is on the fast track. Glenn recently attended the Country Radio Seminar (CRS) in Nashville, Tennessee. At CRS Glenn attended panel discussions on the future of country radio and networked with program directors and DJ's from across the nation. Glenn's CRS schedule included interviews with various media outlets in order to promote his upcoming album. While in Nashville, Glenn also met with music industry executives and began assembling a team in preparation for his new album release. Individuals in contract negotiations with Gulf Coast Records, include H.L. Voelker and Miles Bell who will act as production consultants on Glenn's album, and Lisa Berg of Berg & Associates who will direct Glenn's press and publicity. http://www.glenncummings.net
The CEO of TS&B Holdings Inc., James E. Jenkins stated, "We're very excited about our ability to fund the investment in Gulf Coast Records. With the funds we have received from Compass Capital Group we are now in a position to start production of Glenn's first single and commence his radio tour. The financing commitment from Compass Capital Group has enabled TS&B to execute the current acquisition portfolio which will immediately add to the companies revenue stream and add shareholder value through other planned acquisitions." Country music is multi billion-dollar market. Artists realize revenues from several sources; CD's, concerts, merchandise and radio play. Revenue for Gulf Coast Records over the next three years is projected to be approximately $15 million with net income of approximately $6 million.
This press release contains certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to, market acceptance of products, services and technologies; changes in local currency valuations; the Company's ability to continue to secure sources of financing; and other factors as described in the Company's filings with Securities and Exchange Commission. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.