Redwood Broadcasting Inc. Announces Planned Internet Radio Venture

Business Wire, Jan 4, 1999

PHOENIX--(BUSINESS WIRE)--Jan. 4, 1999--Redwood Broadcasting Inc. (OTCBB: RWBC) Monday announced a change in control and a new strategic focus for 1999.

John Power and J. Andrew Moorer have resigned their positions as officers and from the board of Redwood Broadcasting and Ron Conquest and Greg Mastroieni are the newly appointed officers and directors.

In addition, a group of investors led by Andaman Investments, Ltd. has acquired a controlling interest in the company from a group of selling stockholders.

The change in control represented the first step in Redwood's planned acquisition of Interactive Radio Group ("INRG") which is developing technically advanced 2D/3D Web sites and internet content for the radio broadcasting industry.

Conquest and Mastroieni will oversee completion of the acquisition, which is subject to a definitive agreement and other conditions.

The company also completed the transfer of the majority of its assets and liabilities to Alta California Broadcasting Inc. As previously announced, shareholders of record as of Dec. 10, 1998 will receive shares in Alta California Broadcasting Inc. after the shares are registered pursuant to applicable state and federal securities laws.