CORAL SPRINGS, Fla., March 18, 2004 (PRIMEZONE) -- The Sun Network Group, Inc. (OTCBB:SNNW) (BERLIN:SWK), 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 institutional lender Equities First Holdings LLC to obtain up to $2,000,000 in new financing.
The term of the new financing agreement is for two years, with an interest rate calculated at 100 basis points above LIBOR. The financing is on a non recourse basis and it will not cause any dilution to shareholders. The initial funds received by the Company, under the agreement, will be used to redeem the Company's outstanding Secured Convertible Debentures, as stated in the Company's press release of March 11, 2004.
Sun Network Group CEO, T. Joseph Coleman said: "We are very pleased with our new arrangement with Equities First Holdings. We believe the cost of funds is very reasonable, and the new financing will allow the Company to timely fund the redemption of our Debentures and to progress our immediate business plans."
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.
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.