Equity Broadcasting Enters Into Agreement to Purchase Lexington Station

Equity Broadcasting Enters Into Agreement to Purchase Lexington Station

LITTLE ROCK, Ark., June 27 /PRNewswire-FirstCall/ -- Equity Broadcasting Corporation (EBC), which has entered into an agreement to merge with Coconut Palm Acquisition Corporation (CNUT.OB), announced today that it has agreed to purchase WBLU, Channel 62, in Lexington, KY. The company plans to use this station to launch a joint My Network TV and Retro Television Network (RTN) affiliation in Lexington, a market that reaches more than 470,000 households.

EBC plans to launch RTN on the station on August 1. RTN is a new network that airs ratings-proven programs from the 60's, 70's, 80's and 90's, in addition to local programming and sports entertainment. RTN is launching in selected markets this fall and will launch nationwide in 2007. On September 5th, EBC will add a My Network TV affiliation to the station, which will consist of primetime programming, Monday - Saturday.

EBC's President and Chief Executive Officer, Larry Morton, says, "We are thrilled to be coming into the Lexington market and feel that we are going to fill a programming void with our addition of both RTN and My Network TV programming."

Morton further states, "Although the station was not included in EBC's original merger with Coconut Palm, the acquisition will be included when the merger closes."

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 provides outsourced management services of content delivery to more than 40 network and station operators through its Central Automated Satellite Hub facility. EBC is also the exclusive service provider for Retro Television Network. 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.

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: Lindsey McGough, +1-501-219-2400, for Equity Broadcasting
Corporation

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

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