Teletouch Communications Completes Bridge Loan to Streamwaves.Com
December 05 2003 - 1:26PM
PR Newswire (US)
Teletouch Communications Completes Bridge Loan to Streamwaves.Com
TYLER, Texas, Dec. 5 /PRNewswire-FirstCall/ -- Teletouch
Communications, Inc. announced today that it recently completed a
$250,000 bridge loan convertible at various rates into Common Stock
of Streamwaves, Inc., a privately held Dallas, Texas-based Internet
digital music subscription jukebox and download service. Terms of
the loan were not disclosed. Robert McMurrey, Chairman of Teletouch
stated, "Streamwaves provides an opportunity to expand Teletouch's
product offering to its core customer base in the fast growing
market for digital music download services. We are looking forward
to Streamwaves providing Teletouch with the capability to download
songs, ring tones and customized content into our customer's PCs,
cell phones and various wireless devices." Streamwaves.com
currently offers the only browser-based subscription music jukebox
with individual song download capability. With an active audio
library of over 350,000 songs licensed from all of the major music
labels, including Universal Music Group, Sony Music Entertainment,
Warner Music Group, BMG and EMI Recorded Music, Streamwaves.com
provides subscribers with a broad range of music that can be
legally accessed for a low monthly fee. In addition, Streamwaves
has established an exclusive "for-pay" digital music marketing
relationship with Altnet, Inc. and its partner Kazaa, the world's
largest online file-sharing network attracting up to five million
users at any given moment. About Teletouch Communications, Inc.
Teletouch Communications, Inc. provides wireless and GPS telemetry
services, cellular and two-way radio communications throughout the
southern United States, including Texas, Arkansas, Louisiana,
Mississippi, Alabama, Tennessee, Missouri, Oklahoma and Florida.
Teletouch's common stock is traded on the American Stock Exchange
under the stock symbol: TLL. Additional financial and business
information on Teletouch is available at the company's web site:
http://www.teletouch.com/ and http://www.irinfo.com/tll . About
Streamwaves Streamwaves is one of America's leading providers of
digital music subscription downloads. Streamwaves was the first
Internet company to build a streaming subscription engine, the
first to license major label masters for a subscription service,
and the first company to launch a fully browser-based service with
major label content, including licensing agreements with BMG, EMI
Recorded Music, EMI CMG Publishing, Sony Music Entertainment,
Universal Music Group, Warner Music Group, The Harry Fox Agency,
BMI and others, as well as an exclusive "for-pay" digital music
marketing relationship with Altnet, Inc., the U.S. partner of
Kazaa, the world's largest peer-to-peer file sharing network.
Streamwaves' music jukebox and downloads can be found at
http://www.streamwaves.com/ . The statements in this press release
which are not historical fact are forward-looking statements that
involve risks and uncertainties including, but not limited to,
acquisitions, new products, pricing by competitors, entry of new
competitors, changes in the wireless and online music industry,
regulatory approvals and developments and other risks as detailed
in current filings with the Securities and Exchange Commission.
DATASOURCE: Teletouch Communications, Inc. CONTACT: Robert M.
McMurrey, Chairman of Teletouch Communications, Inc.,
+1-817-654-5259 Web site: http://www.teletouch.com/
http://www.irinfo.com/tll http://www.streamwaves.com/
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