IBN PRESS RELEASE: Court Approved Sale of G98.7FM

IBN PRESS RELEASE: Court Approved Sale of G98.7FM

October 15, 2020 | G-BLOG, NEWS

On Tuesday October 13th 2020, the Court-appointed receiver of Intercity Broadcasting Network
Inc. (“IBN”), the operator of G98.7FM, delivered its latest report, which contained the receiver’s
recommendation on the outcome of the Court approved Sale and Investment Solicitation Process
(“SISP”) regarding IBN.

On June 3rd, 2019, the Order of the Ontario Superior Court of Justice (Commercial List) (the
“Court”) issued an Order granting IBN protection from its creditors under an “Administrative
Receivership” and appointing the receiver to monitor IBN’s affairs. The SISP was implemented
under a subsequent Order of the Court. The SISP garnered significant interest resulting in over
sixty (60) interested parties making inquiries.

Parties interested in acquiring IBN’s business and assets were required to deliver binding offers
to the Receiver by September 25, 2020.

The receiver and IBN reviewed the offers and recommend that the offer delivered by Mr. Neeti
Ray of CINA Radio Group be approved by the Court.

An established broadcast operator with radio stations in Ontario, Quebec and Michigan, Mr. Ray
has confirmed his commitment to IBN’s vision and mission. “As the licensee of G98.7 and
custodian of the FM frequency, my responsibility, first and foremost, will be to adhere to and
fulfil G98.7’s Conditions of Licence,” said Mr. Ray. “This includes, in particular, serving GTA’s
Caribbean, African & Black communities.”

The new ownership group will provide financial and operational stability, enabling the station to
grow and focus on providing high quality programming to its target audiences.

Mr. Delford Blythe, one of the original founding shareholders and directors of IBN, will continue
in his current role of Station Manager and CFO during the transition period until the necessary
regulatory approvals are granted by the Canadian Radio-Television and Telecommunications

IBN is the product of more than a decade of efforts by Mr. Blythe and the late Mr. Fitzroy Gordon
to secure CRTC approval to launch Canada’s only 24 hour Black and Caribbean Radio Station. The
CRTC approved the station in June 2011, and under Mr. Gordon’s charismatic leadership it quickly
became the leading voice of the Black community of Toronto and hosted numerous Caribbean
and Canadian political leaders, actors, artists and other celebrities on its iconic shows.

Mr. Ray has expressed his full commitment to continuing the objective of IBN as stated in its
Vision: A Greater Toronto Area that is alive with the sounds of Black & Caribbean music, news,
sports and talk for all people regardless of ethnicity, colour, gender, age, religion and culture.

Media Contact:
Delford Blythe
Station Manager/CFO
Intercity Broadcasting Network Inc.
Contact: 416-993-1315

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