Underseas Research & Recovery Ltd.
Underseas Starts Financing Talks for SBN Satellite Radio
Underseas Research & Recovery Ltd. / Key word(s): Agreement Underseas Research & Recovery Ltd. / Tags: SBN, Internet, Radio, Internet Radio, Music, Entertainment Underseas Starts Financing Talks for SBN Satellite Radio Toronto, Canada – October 27, 2011 Underseas Research & Recovery Ltd. ('Underseas' or the 'Company'), a Toronto based holding company for the European internet radio SBN informs that management has initiated talks with two Canadian Banks and a venture capital fund to discuss various possibilities for funding of its satellite radio project in Europe. The company strives for an amount between EUR 10 and 20 Million to finance the first stage of its projected satellite radio. Under current terms details will be kept confidential. SBN SPA Ltd., the operator of the SBN internet radio located in Malta, has further advanced its preparations for the launch of a first terrestrial broadcast system scheduled for the year 2012, subject to sufficient financing. SBN has entered into an LOI with a leading manufacturer of terrestrial broadcast systems carried by stratosphere airships respectively low orbit satellite. According to technical measurements, a total of approx. 6 broadcast systems carried by stratosphere airships respectively low orbit satellites are required to cover Europe and certain surrounding areas for high-quality terrestrial perception. The investment costs for one such broadcast system are estimated at approx. EUR 7.5 Million; therefore a total of circa EUR 45 Million can be calculated for a full European coverage. SBN intends to start the terrestrial broadcast service of its SBN internet radio for Italy and surrounding areas with one broadcast system. The anticipated financial means deriving from this first round financing should be sufficient to launch a first terrestrial broadcast system as scheduled in 2012. In later stages the additional broadcast systems shall be acquired and activated in order to have a full coverage of Europe with a population of approx 700 million people expectably by the year 2014.
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Language: English End of Corporate News 27.10.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
143893 27.10.2011 |