EBC Shareholders Approve Merger

EBC Shareholders Approve Merger

LITTLE ROCK, Ark., June 19 /PRNewswire/ -- Equity Broadcasting Corporation (EBC) announced today that its shareholders, at the annual meeting held on June 15, approved a merger with Coconut Palm Acquisition Corporation (CPAC). This approval was necessary for EBC to proceed with its agreement and plan of merger with CPAC (CNUT.OB) that was entered into on April 7, 2006. A total of 79% of the EBC Class A Common Shareholders voted on the merger, with 89% of those shareholders voting in favor of it. Univision Communications, Inc., a significant minority investor in EBC, voted in favor of the transaction and will continue to serve as a strategic partner, and own approximately 8% of EBC through common stock and preferred stock interest. Upon completion of the transaction, the company's shares are expected to trade on NASDAQ.

The merger, subject to CPAC shareholders' approval and regulatory approval, is expected to close before the end of the year.

Equity Broadcasting Corporation

Equity Broadcasting Corporation is one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media. EBC is the second largest affiliate group of both the top-ranked Univision television network and Univision's TeleFutura network. EBC currently owns and operates more than 130 television stations, with 39 network affiliates in 33 markets. EBC also provides outsourced management services of content delivery to station operators through its Central Automated Satellite Hub facility, consisting of more than 40 stations. For more information, visit http://www.ebcorp.net/.

Coconut Palm Acquisition Corporation

CPAC is a blank-check company that was formed for the specific purpose of consummating a business combination. CPAC raised net proceeds of approximately $64 million through its initial public offering consummated in September 2005 and has dedicated its time since the offering to seeking and evaluating business combination opportunities. CPAC currently has 14,000,000 shares of common stock outstanding and 23,000,000 warrants.

Univision Communications Inc.

Univision Communications Inc. ("Univision") is the leading Spanish- language media company in the United States. Its operations include television, radio, music and internet offerings that entertain and inform more Hispanics each day than any other media company in the country. Univision's television operations include the Univision Network, TeleFutura Network and Galavision. For more information, please visit http://www.univision.net/.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses; uncertainties as to the timing of the merger; approval of the transaction by the stockholders of the companies; the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals; and the competitive environment in the industry of the combined entity and competitive responses to the proposed merger. Actual results may differ materially from those contained in the forward-looking statements in this press release.

Source: Equity Broadcasting Corporation

CONTACT: Larry Morton, President and CEO, Equity Broadcasting
Corporation, +1-501-221-0400

Web site: http://www.ebcorp.net/
http://www.univision.net/

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