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Article: Urban Television Network Announces Details of Wright Entertainment, LLC Investment.
- Article from:
- PR Newswire
- Article date:
- October 31, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Urban Television Network Corporation (BULLETIN BOARD: URBT) announced that Wright Entertainment, LLC, whose ownership is African-American and located in Las Vegas, Nevada, has purchased 14,000,000 common shares for $7,000,000. The stock sale was structured as an installment sale with the terms being as follows: $500,000 down, the $6,500,000 balance payable on a promissory note at $875,000 quarterly, including 6% interest on the declining balance. The first quarterly installment is due on December 31, 2003. All of the shares have been pledged as collateral for the promissory note and will be physically held by the company. Additionally, the board of directors ...