“Global Media Corp…, a Linux-focused award-winning Internet
company providing e-commerce and streaming tools for media and
entertainment companies, today announced the closing of its
previously announced transaction with Standard Radio Inc., the most
listened-to radio Group in Canada. Standard Radio is a subsidiary
of Standard Broadcasting Corporation Limited, the largest privately
owned multimedia company in Canada.”
“Under the terms of the transaction, Standard Radio has invested
US$2 million in the purchase of 338,983 restricted shares of Global
Media’s common stock at $5.90 per share. The shares have customary
piggyback registration rights. Furthermore, Global Media will
provide both its streaming and e-commerce solutions to all radio
stations owned by Standard Radio currently and in the next three
years. Eight of Standard’s managers will serve on an advisory
committee Global Media has established for the purpose of assisting
its sales and marketing efforts to the radio industry in the USA,
Canada and abroad.“
“Effective December 7, 1999, Gary Slaight, Standard Radio’s
president and chief executive officer, joined Global Media’s Board
of Directors. Commented Michael Metcalfe, Global Media’s president
and chairman, “I am tremendously pleased that Gary has joined our
Board. Gary brings to the table years of senior-level radio
industry expertise that will allow him to make a valuable
contribution. Additionally, we expect that Gary will be proactive
in helping the Company establish various strategic
relationships.”