CORAL SPRINGS, Fla., May 5, 2004 (PRIMEZONE) -- The Sun Network Group, Inc. (OTCBB:SNNW) (Berlin:SWK.BE), which operates the Radio X Network and RadioTV Network ("RTV") through its wholly owned subsidiary RadioTV Network, Inc., announced today that it has completed its plan to redeem all of its outstanding Secured Convertible Debentures.
Sun Network entered into the Debenture agreement in June 2002, which provided for interest to be accrued at the rate of 12% along with very favorable terms for the institutional investor to convert.
Sun Network CEO, T. Joseph Coleman said: "Current market conditions have made it possible for us to fully redeem our Convertible Debentures and to now secure new and larger financing on far more favorable terms. In redeeming our existing Debentures, we have significantly limited shareholder dilution, substantially improved our balance sheet and paved the way for the Company to more aggressively grow our business in the near and long term."
About Sun Network Group, Inc.
Sun Network Group's Radio X is a nationally syndicated radio network that it owns and operates, in partnership with Sports Byline USA, the #1 sports talk radio network in the US. RTV is a proposed new television network that will produce and distribute TV versions of top rated radio programs.
For further information on SNNW please contact:
Sun Network Group, Inc. 954.360.4080
This announcement contains forward-looking statements about Sun Network Group, Inc., that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward- looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC website (http://www.sec.gov). All forward-looking statements are based on information available to Sun Network Group, Inc. on the date hereof, and Sun Network Group, Inc., assumes no obligation to update such statements.