TYLER, Texas, Dec. 5 /PRNewswire-FirstCall/ -- Teletouch Communications, Inc. (Amex: TLL) announced today that it recently completed a $250,000 bridge loan convertible at various rates into Common Stock of Streamwaves, Inc., a privately held Dallas, Texas-based Internet digital music subscription jukebox and download service. Terms of the loan were not disclosed.
Robert McMurrey, Chairman of Teletouch stated, "Streamwaves provides an opportunity to expand Teletouch's product offering to its core customer base in the fast growing market for digital music download services. We are looking forward to Streamwaves providing Teletouch with the capability to download songs, ring tones and customized content into our customer's PCs, cell phones and various wireless devices."
Streamwaves.com currently offers the only browser-based subscription music jukebox with individual song download capability. With an active audio library of over 350,000 songs licensed from all of the major music labels, including Universal Music Group, Sony Music Entertainment, Warner Music Group, BMG and EMI Recorded Music, Streamwaves.com provides subscribers with a broad range of music that can be legally accessed for a low monthly fee.
In addition, Streamwaves has established an exclusive "for-pay" digital music marketing relationship with Altnet, Inc. and its partner Kazaa, the world's largest online file-sharing network attracting up to five million users at any given moment.
About Teletouch Communications, Inc.
Teletouch Communications, Inc. provides wireless and GPS telemetry services, cellular and two-way radio communications throughout the southern United States, including Texas, Arkansas, Louisiana, Mississippi, Alabama, Tennessee, Missouri, Oklahoma and Florida. Teletouch's common stock is traded on the American Stock Exchange under the stock symbol: TLL. Additional financial and business information on Teletouch is available at the company's web site: www.teletouch.com and www.irinfo.com/tll .
Streamwaves is one of America's leading providers of digital music subscription downloads. Streamwaves was the first Internet company to build a streaming subscription engine, the first to license major label masters for a subscription service, and the first company to launch a fully browser-based service with major label content, including licensing agreements with BMG, EMI Recorded Music, EMI CMG Publishing, Sony Music Entertainment, Universal Music Group, Warner Music Group, The Harry Fox Agency, BMI and others, as well as an exclusive "for-pay" digital music marketing relationship with Altnet, Inc., the U.S. partner of Kazaa, the world's largest peer-to-peer file sharing network. Streamwaves' music jukebox and downloads can be found at www.streamwaves.com .
The statements in this press release which are not historical fact are forward-looking statements that involve risks and uncertainties including, but not limited to, acquisitions, new products, pricing by competitors, entry of new competitors, changes in the wireless and online music industry, regulatory approvals and developments and other risks as detailed in current filings with the Securities and Exchange Commission.
SOURCE Teletouch Communications, Inc.
CONTACT: Robert M. McMurrey, Chairman of Teletouch Communications, Inc., +1-817-654-5259