IndeNet announces redemption date of Class B warrants.

LOS ANGELES--(BUSINESS WIRE)--Oct. 2, 1995--IndeNet Inc. (NASDAQ/NM:INDE) Monday announced that it has sent a notice to all registered holders of its redeemable common stock Class B purchase warrants (the "warrants," NASDAQ/NM:INDEW) stating that IndeNet has elected to exercise its option to redeem those warrants on Nov. 1, 1995, at a price of 5 cents per warrant.

Each warrant entitles the holder to purchase, at a price of $2, one share of IndeNet common stock. As standby purchaser, Sutro & Co. will have the option to purchase from IndeNet, for $2 per share, the number of shares of common stock equal to the number of warrants that are not exercised prior to the redemption date and redeemed by IndeNet.

There are 1,291,520 Class B warrants outstanding to purchase an aggregate of 1,291,520 shares of IndeNet common stock. Warrant holders desiring to exercise the warrants must do so prior to 5 p.m. MST on Nov. 1, 1995.

At that time, the right to exercise the warrants and trading of the warrants on NASDAQ will terminate, the warrants will become void and all rights available to a warrant holder, other than the right to receive the redemption price for all warrants then owned, will cease.

Payment by IndeNet of the redemption price for warrants not timely exercised will be made upon presentation and surrender of certificates representing such warrants on or after the redemption date to the information and warrant agent, American Securities Transfer, 938 Quail St., Suite 101, Lakewood, Colo. 80215; telephone [phone].

Lew Eisaguirre, the company's chief financial officer, commented, "If all warrants are exercised, the company's cash position should exceed $5.5 million, which will provide us enough cash to close the acquisition of Channelmatic without reliance on outside financing sources.

"We have also been advised that simplifying our capital structure may enhance our access to institutional investors, and will eliminate what may be perceived by the market as an overhang of warrants."

IndeNet's core business is the delivery of broadcast advertising and syndicated television programming to broadcast TV stations, cable systems and other suppliers in both analog and digital formats.

With the acquisition of Channelmatic Inc., the company will be accelerating the deployment of its Digital Broadcast Network, which should increase operating profit margins and market share. IndeNet common stock and Class B warrants are traded on NASDAQ under the symbols INDE and INDEW, respectively.

CONTACT: IndeNet Inc., Los Angeles 

John Zarchen, 213/466-6388