DealerAdvance, Inc. (PINKSHEETS: DLAD) (soon to become Cabal Communications Corporation) today announced that it has acquired an interest in Spectrum Broadcasting. On November 13, 2009 the Company announced that it had signed a letter of intent with Spectrum. Today's announcement confirms the relationship between the companies.
DealerAdvance CEO Steven Humphries commented, "We are very pleased that Spectrum has signed a letter of intent to purchase KZAM-FM in Wichita Falls, TX which will be followed by an asset purchase agreement within 30 days. This is the first of a series of radio station acquisitions in which the Company and Spectrum will jointly participate."
Humphries added, "We will assist Spectrum in the development of their business plan to acquire superior broadcast signals in medium size southwestern markets over the next three years."
Earlier this year DealerAdvance announced that it would become a broad-based media company with holdings in the print and broadcasting industry under the name Cabal Communications Corporation (the name change is pending approval of FINRA). In July the Company acquired an interest in Sports Page Weekly, a Dallas-Fort Worth weekly Sports publication.
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," ''expect," ''anticipate," ''projected," ''planned," ''forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, no guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.