GREAT FALLS, Mont., May 22, 2003 (PRIMEZONE) -- Victor Industries, Inc. (OTCBB:VICI) announced today that it has entered into a letter of intent to acquire 100% of New Wave Media Corporation, a Great Falls, Montana-based operator of, and consultant to, FM radio stations. The Victor Industries Board of Directors has also appointed a new management team, voted to add one new director and has accepted the resignation of Penny Sperry from all positions she held with Victor Industries.
Incoming Director and Chairman, Josh Gager stated, "Over the past year, it has become evident to the Board that it would greatly benefit our shareholders if the Company diversified its business. While we have never been more pleased with the prospects for the growth and development of our fertilizer products business, we have been presented with an opportunity to enter into a business that we feel will bring a solid revenue, and more importantly, a profit stream for our shareholders. This is an opportunity that the Victor Board is very excited about, and which we expect to close for the benefit of our shareholders within the next 10 days."
The Board has accepted the resignation of Penny Sperry from all positions she held with Victor Industries.
In anticipation of closing the New Wave Media transaction, the Board has appointed Randy Oliver as the new Victor Industries CEO.
Mr. Gager commented, "Given the new focus of our business, we are extremely pleased that we were able to attract Randy to lead our Company. Randy brings with him a wealth of knowledge and experience in radio station sales and marketing, management, on-air production and operations, as well as FCC compliance. Randy is a proven leader that has the skills that we feel will enable us to grow its new business model."
Mr. Oliver added, "The Board has presented me with a business model that is, in my opinion, a radical approach to operating, managing and consulting to radio stations. When successfully executed, this business model will put our Company in a very strong competitive and strategic position. I am pleased that the Board has the confidence in my abilities and has charged me with executing this business model. I look forward to presenting this model to the radio station marketplace and the Victor shareholders."
Mr. Gager added, "We will update our shareholders on the New Wave transaction upon its closing and effectiveness. Effective immediately, all ENVIROLIZERTM sales will be facilitated by Rick Pontz of The Lawn & Garden Performance Group LLC of Scottsdale, Arizona."
About New Wave Media Corporation
New Wave Media Corporation is a Great Falls, Montana-based operator of radio stations. New Wave typically operates its business through local marketing agreements ("LMA") it signs with owners of radio station businesses. Currently, New Wave operates KEHT 100.3 of Great Fall under an LMA that was signed with Flinn Broadcasting Corporation of Memphis, Tennessee.
About ENVIROLIZER(tm)
ENVIROLIZER is a ready to use granular plant food that can be mixed in the soil by the by the homeowner to naturally reduce fertilizer loss and also attracts and saves water. ENVIROLIZER absorbs plant food and moisture, and releases them on plant demand, maintaining a consistent level longer than potting mixes. ENVIROLIZER's secret is zeolite, nature's best moisture and conservation tool. It comes pre-charged with plant food to assure plants reach maximum growth. The natural action allows ENVIROLIZER to be used on "everything that grows."
For more information regarding ENVIROLIZER, contact Rick@lgpg.com
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the Company and its operations are included on certain forms the Company files with the Securities and Exchange Commission.