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8-K - FORM 8-K - SPANISH BROADCASTING SYSTEM INC | c02218e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - SPANISH BROADCASTING SYSTEM INC | c02218exv99w2.htm |
EXHIBIT 99.1
For Immediate Release
Spanish Broadcasting Announces Appointment of Director and
Audit and Compensation Committee Member
Audit and Compensation Committee Member
Coconut Grove, FL, June 8, 2010 Spanish Broadcasting System, Inc. (SBS; NASDAQ: SBSA)
announced today that Manuel E. Machado has joined the Board of Directors effective June 3, 2010.
The Board has appointed Mr. Machado to serve on the Audit
Committee and on the Compensation Committee.
We welcome Manuel to the Board. We are delighted to have the benefit of his deep experience
and knowledge and we look forward to working with him, said Raul Alarcon, President and CEO.
Manuel E. Machado has been the Chief Executive Officer and Co-Chairman of MGSCOMM, an
integrated marketing communications agency, one of the fastest-growing marketing communications
agencies in the country, since its formation in March 2003. Mr. Machado was also elected to the
board of directors of Worldwide Partners, Inc. (worldwidepartners.com) on May 26, 2010. MGSCOMM and Worldwide Partners,
Inc. are not affiliates of the Company. Prior to the formation of MGCOMM in 2003, Mr. Machado
developed successful communications programs for some of the worlds most renowned brands such as
McDonalds Corporation, Coors Brewing, Ford Motor Co., Bacardi, Coca Cola, MasterCard
International, Ralston Purina, Proctor & Gamble, Nike, Pisco Chile and the Government of Chile. He
is also the founder of The Meka Group, a marketing communications agency later known as BVK/Meka,
and served as its CEO from 1994 to 2003. Mr. Machado has also held key positions in
companies of worldwide recognition such as Univision Network, Burson-Marsteller and Bacardi. Mr.
Machado is a Past Chairman of the Association of Hispanic Advertising Agencies (AHAA),
www.ahaa.org. He has
been involved with the community through several organizations, including being named Trustee of
the Vizcaya Museum and Gardens, the Latin Grammys Host Committee, the WLRN Board of Trustees, the
Voices for Children Foundation Board of Directors, the Miami-Dade County Sister Cities Program, the
Mercy Foundation Ambassadors Board of Directors, the Hialeah Foundation Board of Directors, Trustee
of the Greater Miami Chamber of Commerce, and Trustee of the Beacon Council.
On June 7, 2010, the Company received a letter from NASDAQ stating that, based on Mr.
Machados appointment, the Company has regained compliance with NASDAQ Listing Rule 5605(c)(2),
which requires each listed company to maintain an audit committee composed of at least three
members who meet certain eligibility criteria.
SBSA Safe Harbor Statement
This press release contains certain forward-looking statements. These forward-looking statements,
which are included in accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, may
involve known and unknown risks, uncertainties and other factors that may cause the Companys
actual results and performance in future periods to be materially different from any future results
or performance suggested by the forward-looking statements in this press release. Although the
Company believes the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that actual results will not differ materially
from these expectations. Forward-looking statements, which are based upon certain assumptions and
describe future plans, strategies and expectations of the Company, are generally identifiable by
use of the words may, will, expect, believe, anticipate, intend, could, estimate,
might, or continue or the negative or other variations thereof or comparable terminology.
Factors that could cause actual results, events and developments to differ are included from time
to time in the Companys public reports filed with the Securities and Exchange Commission. All
forward-looking statements made herein are qualified by these cautionary statements and there can
be no assurance that the actual results, events or developments referenced herein will occur or be
realized. The Company undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes to future operation
results.
About Spanish Broadcasting System
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and
entertainment company in the United States. SBS owns and/or operates 21 radio stations located in
the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, which are leading radio stations airing the Tropical, Mexican Regional, Spanish Adult
Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television
operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S.
and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto
Rico. In addition, the Company operates www.LaMusica.com, a bilingual Spanish-English online site
providing content related to Latin music, entertainment, news and culture. The Companys corporate
Web site can be accessed at www.spanishbroadcasting.com.
Contact:
Analysts and Investors
Joseph A. García
Sr. Executive Vice President, Chief Financial Officer
(305) 441-6901
tangel@sbscorporate.com
Joseph A. García
Sr. Executive Vice President, Chief Financial Officer
(305) 441-6901
tangel@sbscorporate.com
Media and Press
Todd St.Onge
Brainerd Communicators, Inc.
(212) 986-6667
stonge@braincomm.com
Todd St.Onge
Brainerd Communicators, Inc.
(212) 986-6667
stonge@braincomm.com
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