latest news releases from the newsroom
Small Town Radio, Inc.
Small Town Radio Files For Reorganization under Chapter 11
ATLANTA, May 19, 2003 (PRIMEZONE) -- Small Town Radio, Inc. (OTCBB:STWI) announced that on Sunday, May 18, 2003, it filed for reorganization under Chapter 11 of the Federal Bankruptcy Act. Mr. Dan Hollis, Chairman and CEO, stated: "The filing became necessary both to preserve the Company's assets for the benefit of its proven creditors as well as to provide the Company with breathing room to reorganize its business and its financial structure." Mr. Hollis added: " We anticipate continuing to operate in the ordinary course during the Chapter 11 process and filing a plan for reorganization in due course as contemplated by the Bankruptcy Act."
Volvo Aero Issues Preliminary Lay-Off Notice
GOTEBORG, Sweden, May 19, 2003 (PRIMEZONE) -- The corporate management of Volvo Aero has today decided to submit preliminary notice of redundancy measures affecting 250 employees in Trollhattan to the County Labor Board. Of the employees affected, 150 are active within VA (blue-collar) and 100 within TA (white-collar).
Semcon Signs Letter of Intent with Saab Automobile
GOTEBORG, Sweden, May 19, 2003 (PRIMEZONE) -- Saab Automobile AB and Semcon AB have signed a Letter of Intent, which means that Semcon will take over the Service Development Unit that works with technical information, concentrating on service and spare parts, as well as product information. The agreement also means that the parties will form a long-term strategic partnership, with around 30-35 people being offered employment at Semcon.
Frontline Capital Adjustments
HAMILTON, Bermuda, May 19, 2003 (PRIMEZONE) -- One employee of Frontline (NYSE:FRO) has exercised options to acquire a total of 4,000 shares in Frontline. All shares have been acquired at a strike price of NOK 27.58 per share. Total proceeds were NOK 110,320.