George Blank, Former CFO of Univision, Named CFO of Equity Broadcasting Corporation
January 08 2007 - 1:22PM
PR Newswire (US)
BOCA RATON, Fla., Jan. 8 /PRNewswire-FirstCall/ -- Coconut Palm
Acquisition Corp. (OTC:CNUT) (BULLETIN BOARD: CNUT) , which has
entered into an agreement to merge with Equity Broadcasting
Corporation (EBC), today announced that George Blank has been named
Chief Financial Officer of EBC, effective upon completion of the
merger. Mr. Blank previously served as the Chief Financial Officer
of Univision Communications, Inc. (NYSE:UVN) and its predecessor
company from September 1987 to March 2004 and as Executive Vice
President from December 1992 to March 2004. During Mr. Blank's
tenure with Univision, the company grew into the premier
Spanish-language media company in the United States. EBC is one of
the largest owners and operators of television stations in the
United States and is the second largest affiliate group of the top
ranked and rapidly growing Univision and Telefutura networks.
Richard Rochon, the Chief Executive Officer of Coconut Palm
commented that, "George is an exceptionally strong fit and the
right person to help lead EBC during the company's anticipated
growth phase following the closing of the merger." Larry Morton,
the Chief Executive Officer of Equity Broadcasting Corporation,
stated that, "George has a tremendous track record during his
17-year tenure as Chief Financial Officer of Univision, and he is
an excellent complement to EBC's management team and long term
strategy." George Blank said, "I was privileged to have been
associated with Univision for nearly two decades and to have been
part of one of the great success stories in the media industry. I
am looking forward to joining the management team of Coconut Palm
and EBC, which with the caliber of the people involved and the
diverse mix of assets presents a good opportunity for growth."
Prior to joining Univision, Mr. Blank, 55, served as Vice President
and Controller of the National Broadcasting Company (NBC) from 1981
to 1987. From October 1979 to 1981, Mr. Blank was NBC's Director of
Accounting Systems and subsequently served as Director of
Accounting and Financial Reporting. His prior employment was at RCA
Corporation and Arthur Andersen & Co. Mr. Blank earned his
Bachelors Degree in Accounting and his M.B.A. in Finance from
Fairleigh Dickinson University. Tom Arnost, former Co-President of
Univision Television Group and recently named CEO of Equity
Broadcasting Station Group effective upon completion of the merger
added, "It's great to reconnect with George again. In our many
years together at Univision, George proved to be a highly effective
and consistently supportive CFO throughout our successful business
development process. George will be a real asset to the future
growth of the Equity Broadcasting Corporation just as he was at
Univision." About Coconut Palm Coconut Palm Acquisition Corp. is a
blank check company that was formed for the specific purpose of
consummating a business combination. Coconut Palm raised net
proceeds of approximately $64 million through its initial public
offering consummated in September 2005 and has dedicated its time
since the offering to seeking and evaluating business combination
opportunities. Coconut Palm and EBC have entered into an agreement
and plan of merger, as amended, pursuant to which EBC will merge
with and into Coconut Palm with Coconut Palm as the surviving
company, subject to the approval of the shareholders of both
companies and regulatory approval, among other closing conditions.
Following completion of the merger, Coconut Palm will change its
name to Equity Broadcasting Corporation or a similar name. About
Equity Broadcast Corporation EBC is a growing broadcaster and
through the use and application of the Federal Communications
Commission (FCC) historic television licensing process and its
industry alliances, EBC has been able to develop its FCC asset
portfolio to a total of 128 full and low power permits and
licenses. During this time, EBC has acquired one of the largest
portfolios of both television stations and digital spectrum in the
United States. As of September 30, 2006, EBC operated or signed
agreements to acquire 24 full power stations and construction
permits, 37 Class A stations and 67 low power stations, which serve
primarily as translator stations. While EBC originally targeted
small to medium-sized markets for development, EBC has been able to
leverage its original properties into stations in larger
metropolitan markets such as: Denver, Colorado; Salt Lake City,
Utah; Kansas City, Missouri; Detroit, Michigan; Minneapolis,
Minnesota; Oklahoma City, Oklahoma; and Portland, Oregon.
Forward-Looking Statements This press release includes
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Words such as "expect," "estimate," "project,"
"budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. Forward- looking statements in this
press release include matters that involve known and unknown risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to differ
materially from results expressed or implied by this press release.
Such risk factors include, among others: difficulties encountered
in integrating merged businesses; uncertainties as to the timing of
the merger; approval of the transaction by the stockholders of the
companies; the satisfaction of closing conditions to the
transaction, including the receipt of regulatory approvals; and the
competitive environment in the industry of the combined entity and
competitive responses to the proposed merger. Actual results may
differ materially from those contained in the forward-looking
statements in this press release. Coconut Palm and EBC undertake no
obligation and do not intend to update these forward-looking
statements to reflect events or circumstances occurring after the
date of this press release. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement.
Coconut Palm and its officers and directors may be deemed to have
participated in the solicitation of proxies from Coconut Palm's
stockholders in favor of the approval of the acquisition.
Information concerning Coconut Palm's directors and executive
officers is set forth in the Coconut Palm's documents filed with
the Securities and Exchange Commission (available at
http://www.sec.gov/). Stockholders may obtain more detailed
information regarding the direct and indirect interests of Coconut
Palm and its directors and executive officers in the merger by
reading the preliminary and definitive proxy statements regarding
the merger, which are being filed with the SEC. DATASOURCE: Coconut
Palm Acquisition Corp. CONTACT: Stan Smith of Coconut Palm at
+1-561-955-7300
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