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INTERTAN INC. ANNOUNCES JULY 22 MEETING WITH TANDY CORPORATION AND BANKING SYNDICATE

 BARRIE, Ontario, July 16 /PRNewswire/ -- InterTAN Inc. announced today that a meeting is scheduled for July 22, 1993 with representatives of Tandy (NYSE: TAN) and InterTAN's principle banks to discuss restructuring of InterTAN's debt and re-negotiation of the distribution and license agreements. The company also stated that it has received, this day, a notice of termination of the distribution and license agreement between InterTAN and Tandy Corporation. Under the distribution agreement InterTAN presently has an accounts payable to Tandy of approximately $17,000,000 of which $7,600,000 is in default. As previously announced, InterTAN is also in default under agreements with its bank syndicate.
 The procurement of financing for the company's ongoing operations and a renegotiation of the distribution and license agreements is essential if the company is to continue as a viable operation.
 In the interim, InterTAN and Tandy have entered into new license agreements expiring on July 22, 1993.
 -0- 7/16/93
 /CONTACT: Keith H. Wettlaufer, senior vice president-finance and administration of InterTAN Inc., 705-728-6262/
 (TAN)


CO: InterTAN Inc., Tandy Corporation ST: Canada IN: CPR SU:

TM -- NY063 -- 2718 07/16/93 18:18 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:190
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