Urban Television Network Corp. announced it has received the first two funding portions ($500,000) toward the $1,500,000 Bridge Loan Agreement entered into earlier in the year. The Lenders have the
right to loan additional amounts every 60 days over the 12-month term of the Loan Agreement. Randy Moseley, president/CEO of Urban Television Network Corporation said that the capital provided by the
Bridge Loan will allow the Company to continue to grow its affiliate base, and implement its sales and marketing plans and its technology plan. Fort Worth, Texas-based Urban Television Network Corp.
is a television network composed of affiliates broadcast television stations across the country that air programming supplied by the network via satellite transmission. The network competes with BET,
which is owned by Viacom Inc., for the urban market niche that the Company believes is underserved at this time. The network has approximately 70 affiliates with a household coverage of approximately
22 million households.