Cleveland, OH; (PRWEB) February 10, 2010
Concierge Technologies, Inc. (OTCBB: “CNCG”) today announces that it has entered into a binding Letter of Intent to sell 50% of its interest in Cleveland, Ohio based Wireless Village to Global Radio Network (“GRN”). Wireless Village has been providing streaming audio service via the Internet for Global’s Music of Your Life syndicated radio network since 2008. Wireless Village will also provide streaming audio and video for the new Billboard Radio program to be launched next month as a special weekend show on Music of Your Life.
Marc Angell, President and CEO of GRN said, “Combining the efforts and revenue of our companies will have increased value for all shareholders involved. Global Radio offers solid brands with Music of Your Life and Billboard Radio, which are currently heard on more than 60 radio stations across the country. Wireless Village provides the technical know-how to bring these brands to the next level of New Media”.
The transaction, when consummated, will exploit synergies between the two companies by eliminating redundant overhead, streamlining operations, providing increased revenues to Wireless Village and offering liquidity to Global Radio investors over time. Concierge is expected to further assist the expansion of Global Radio by providing a financing vehicle to facilitate growth. Wireless Village will continue to manage and provide customer support for Planet Halo, another Concierge subsidiary.
For more information contact:
Concierge Technologies, Inc.
David Neibert, CEO
Global Radio Network, Inc.
Marc Angell, President/CEO