ANN ARBOR, Mich., April 27, 2004 (PRIMEZONE) -- Legend Studios, Inc., a subsidiary of Legend Mobile Inc. (OTCBB:LGMB), today announced that it has secured a financing commitment letter for the senior secured portion of the financing required for its proposed acquisition of seven radio stations in Virginia, West Virginia, and Missouri.
The proposed credit facility is in the amount of $994,890 and would be secured by the real estate, equipment, and radio towers of the stations. The proposed financing would not be dilutive to Legend Mobile or Legend Studios.
"We are pleased with the recent developments in our proposed acquisition. We are excited to potentially secure funding that is not dilutive to our shareholders," said Peter C. Klamka, President of Legend Mobile.
The financing is subject to completion of due diligence the lender as well as the assets having a certain value to support the financing commitment. The letter does not represent a binding commitment of the parties. In addition, the parties to the acquisition have not yet entered into a binding agreement, and Legend Studios is still conducting due diligence. It is possible that the transaction will not be consummated.
Forward Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Legend Mobile and Legend Studios will be conducting due diligence and the parties will need to negotiate and sign an acquisition agreement and obtain any required consents, including the consent of the Federal Communications Commission. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.