American Communications Enterprises Signs Letter of Intent to Purchase AM/FM Station Group in Texas.Business Editors/Entertainment Writers AUSTIN, Texas--(BUSINESS WIRE)--Jan. 31, 2000 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 ) Monday announced that the company has signed a Letter of Intent to purchase two stations in central Texas. These stations would be added to the proposed &uot;flagship&uot; stations as part of a west central Texas regional network cluster according to ACEN Chief Executive Officer and President Dain Schult. 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 has been made and accepted by the FCC for ACEN'S proposed &uot;flagship&uot; stations. The Asset Purchase Agreement for those stations, KXYL AM/FM AM/FM Amplitude Modulation / Frequency Modulation AM/FM Auto-Mapping/Facilities Management in Brownwood, Texas and KSTA AM/FM in Coleman, Texas, was executed by Schult on Friday, Nov. 19, 1999, and accepted for filing for license transfer consideration by the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. on Thursday, Dec. 2, 1999. Closing on the purchase of these stations is anticipated to be in March of this year. ACEN has tendered LOI'S for 10 other stations located in Texas, Colorado, Arizona, New Mexico and Oklahoma. Additionally, pre-LOI offers (written and/or verbal) have been made on 25 stations in Texas, Georgia, Florida, Wyoming and Virginia. ACEN plans to acquire small market radio stations in clusters on a regional basis and expand to a nationwide network of as many as 400 or more stations. ACEN plans to use a &uot;Radio WalMart&uot; 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. ACEN'S performance and financial results could differ materially from those reflected in this release due to general financial, economic, regulatory and political conditions or additional factors unknown to ACEN at this time as well as specific risks and uncertainties such as those set forth in documents filed by ACEN 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 Form 10-Q See 10-Q. and Form 10-K copies of which are available upon request over the Internet at www.sec.gov). |
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