ATLANTA, May 15 /PRNewswire-FirstCall/ --
Bull Run Corporation (Nasdaq: BULL) today announced a 1-for-10 reverse
stock split of its common stock will take effect on Friday, May 16, 2003. The
reverse stock split, approved by the Company's stockholders in February, is
intended to regain compliance with the continued listing requirements of the
Nasdaq SmallCap Market, and specifically, Nasdaq's minimum bid price
requirement. Nasdaq will append the Company's common stock symbol "BULL" with
the letter "D" for twenty trading days to signify the split, following which
time the "D" will be removed.
The Company also reduced the total number of authorized shares of its
common stock from 100,000,000 to 25,000,000. As a result of the reverse
split, the number of currently outstanding Bull Run common shares will be
reduced from approximately 39,725,000 shares to approximately
3,972,500 shares.
Bull Run, through its wholly owned subsidiary Host Communications, Inc.,
provides affinity, multimedia, promotional and event management services to
universities, athletic conferences, associations and corporations. Bull Run
also has a significant investment in Gray Television, Inc. (NYSE: GTN GTN.A),
an owner and operator of 29 stations serving 25 markets and four newspapers.
Of Gray's 29 television stations, 23 rank #1 in local news audience and
22 rank #1 in overall audience in their respective markets. The Company
currently owns 4% of the outstanding common stock of Gray, representing 18% of
the voting power.
Forward-Looking Statements
Certain statements in this press release are "forward looking" statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are not guaranties of future performance and actual results
may differ materially from those forecasted.
SOURCE Bull Run Corporation
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Related links:
http://www.bullruncorp.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/232438.html
CONTACT:
Robert S. Prather, Jr., President & Chief
Executive Officer, +1-404-266-8333, or Frederick J. Erickson,
VP-Finance & Chief Financial Officer, +1-704-602-3107, both of
Bull Run Corporation
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