Bentley Commerce Signs Letter of Intent to Acquire Radio Forecast NetworkMonday April 23, 6:00 am ET
BEVERLY HILLS, CA--(MARKET WIRE)--Apr 23, 2007 -- Bentley Commerce Corporation (Other OTC
LYC.PK - News) (www.bentleycommerce.com) today announced that it has signed a nonbinding letter of intent to acquire Radio Forecast Network (www.radioforecastnetwork.com) which provides "recorded-live" weather reports to radio stations in exchange for advertising inventory it sells to clients nationwide. The acquisition of RFN is dependent on the Parties completing due diligence and executing a Final Agreement.
Radio Forecast Network, founded by Larry Usner in 2004, currently earns over $600,000 per month in radio spot advertising inventory on 216 radio stations in 37 states in addition to Puerto Rico and the Virgin Islands that it then sells to advertisers. It receives the advertising inventory in exchange for delivering over 40,000 professionally recorded-live weather reports that air about 500,000 times each month. It has been growing at the rate of 40% per year, adding an average net gain of four to five new client stations per month.
RFN's rapid growth is due to a unique combination of bartering its recorded-live forecast services for advertising time on the stations, and its proprietary ManageWX(TM) software. With its software, more than 80 professional announcers and meteorologists now provide client radio stations with "recorded live" weather feeds specific to their coverage areas, using their call letters, a custom open and close that can include a sponsor, and a jingle, all at 100% barter.
ManageWX(TM) announcer software, allows the 80 meteorologists and forecasters on the RFN team to see, in one screen shot, exactly how each affiliate station wants their weather presented -- the open, the close, the sponsor, the length of the feed, the daypart in which it airs, and, of course, the weather data specific to that station's coverage area. Once recorded, it's uploaded to RFN's website and available for download by the station, either through RFN's partnership with Digital Jukebox and its "Radio Spiders" software and the station's automation system, or manually by a station staff member.
Many radio stations, which have been reducing their own staffs, have leapt at the opportunity to obtain the weather forecasts with bartered time instead of cash. The radio stations can then attract cash-paying advertisers to sponsor their local weather forecasts, which typically have resulted in RFN receiving long-term contracts. The advertising space RFN receives airs at excellent times, between 6am and 6pm. It sells this advertising for cash (typically at a discount) or can use it to sell others' products and services for a revenue share of sales.
Because of its proprietary software, RFN can quickly ramp up 10-fold with little additional operational expense, to attract a greater share of the approximately 9,998 domestic commercial radio stations. This is important because the more stations RFN provides their services to, the better the national coverage RFN can offer to advertisers. This in turn, makes the media more valuable and reduces the discount rate RFN may offer on advertising sales.
In addition to expanding its weather forecast business, Bentley Commerce plans to exponentially grow RFN advertising inventory by providing content beyond local weather reports to broadcast radio clients. New content may include recorded-live sports, news and stock market micro-cap reports. Plans are also underway to expand to other countries, as well as provide services to emerging new media, such as the Internet in exchange for advertising inventory.
About Radio Forecast Network:
Radio Forecast Network, which began with one station and one announcer in February 2004, has grown to more than 80 professional announcers and meteorologists. It uses its own proprietary announcer software, ManageWX, to deliver and monitor nearly 40,000 forecasts a month, as well as advertising insertion orders along with proof of performance affidavits. Its announcers deliver personalized weather feeds for local radio stations for their precise coverage area that can include the stations' call letters, an open and close, a weather jingle and even a sponsor, all at 100% barter.
About Bentley Commerce Corporation:
Bentley Commerce Corporation (Other OTC
LYC.PK - News) (www.bentleycommerce.com) provides barter, trade, media, asset management and alternative capital financial transactions for small to midsize businesses, Fortune 500 companies, governments, and barter exchanges. The company facilitates traditional and online trade transactions that greatly expand liquidity and improve bottom line profitability.
Forward-Looking Statements:
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Contact:
Contacts:
Bentley Commerce Corporation
Bruce Kamm
Email Contact
Phone: 941-870-4952
http://www.bentleycommerce.com Radio Forecast Network
Larry Usner
Email Contact
Phone: 337-886-9323
http://www.radioforecastnetwork.com --------------------------------------------------------------------------------
Source: Bentley Commerce Corporation
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