Monday, April 10, 2006

Coconut Palm Acquisition Corp. to Merge with Equity Broadcasting Corp.; Will be HQ'd in Little Rock

Source: Yahoo News Coconut Palm Acquisition Corp. today announced that it has entered into an Agreement and Plan of Merger with Equity Broadcasting Corporation ("EBC"), one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media. Upon completion of the acquisition, EBC will merge with and into CPAC, with CPAC remaining as the surviving corporation. Following closing of the acquisition, CPAC will seek to change its name to Equity Media Group to reflect its new status as a diversified media services company serving Spanish-language markets and apply for listing on the NASDAQ Stock Market. As one of the leading operators of Spanish-language stations in the U.S., EBC currently reaches approximately 15.1 million households, nearly 14% of all U.S. households.

"We are thrilled to be part of building a leader in Spanish-language media in the U.S. through this strategic transaction," said Larry Morton, President and Chief Executive Officer of EBC.

Upon completion of the transaction, Equity Media Group will be based in Little Rock, Arkansas, and will also have offices in Boca Raton, Florida and New York City.

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