American Communications Enterprises Signs Asset Purchase Agreement for `Flagship' Stations in First Phase of 400 Station Network Consolidatiion Plan.AUSTIN, Texas--(BUSINESS WIRE)--Nov. 22, 1999-- American Communications Enterprises (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ACEN ACEN Anglican Communion Environmental Network ACEN Assembly of Captive European Nations ) announced today that the Asset Purchase Agreement for four radio stations in west central Texas has been executed. KXYL AM/FM AM/FM Amplitude Modulation / Frequency Modulation AM/FM Auto-Mapping/Facilities Management in Brownwood Texas and KTSA AM/FM in Coleman Texas are planned to be ACEN'S regional "flagship" stations for the Company. Dain Schult, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACEN, signed the agreement Friday Nov. 19, 1999. Application for FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. license transfer will be made in the next few days. These acquisitions represent the first step in Company's strategic plan to become the nations foremost consolidator of non-rated radio broadcast properties. ACEN plans to acquire small market radio stations in clusters on a regional basis and expand to a nationwide network of 400 or more stations. ACEN plans to use a "Radio WalMart" approach that will centralize functions such as programming, accounting and national and regional sales to significantly reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and enhance profits. ACEN'S Internet component is planned to include a variety of entertainment, gaming, and e-commerce sites along with local and national weather and news in a unique configuration that will successfully compete in this growing segment of the Internet Industry. In addition to the entertainment and information components, ACEN plans to utilize the web site to increase national and regional advertising sales for the network. The Beta version of ACEN'S web site can be accessed at www.radioace.com. The Company's performance and financial results could differ materially from those reflected in the forward looking statements due to general financial, economic regulatory and political conditions or additional factors unknown to the Company at this time, as well as specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including, but not limited to, its most recent reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , Form 10-Q and Form 10K, copies of which are available upon request over the Internet at www.sec.gov). |
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