The CAPITAL CAMPAIGN for KCPW INDEPENDENCE OR BUST!!!

TO:   Friends of KCPW

FROM: Ed Sweeney, President Wasatch Public Media ("WPM")

RE:   Status of purchase of KCPW by WPM

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We have until May 28 in which to obtain a $2.4M commitment letter ("Letter") needed to go to the next level of the purchase of KCPW.

Our greatest and most immediate challenge is to get the $2.4M Letter in place and accepted by Community Wireless of Park City by the May 28, 2008 deadline. Here is where we are as of Monday, May 05, 2008.

We have been working with Public Radio Capital and Public Radio Fund ("PRC") regarding the $2.4M Commitment Letter ("Letter"). PRC is a non-profit whose sole mission is to assist organizations like WPM finance the purchase public radio stations like KCPW. We have submitted a comprehensive financing pro forma to various lenders and non-profit funds ("Lenders") PRC has identified and worked with in the past and who may be willing to finance in whole or in part the $2.4M purchase price.

What we are hearing from potential lenders is that in order to give our financing package serious consideration and their willingness to execute the Letter by May 28, 2008, at least twenty five percent of the $2.4M purchase price must be in hand either in cash received or verifiable pledges that can be paid over three years. That means we need to have $600,000 in cash or verifiable pledges by May 28!

We currently have 60% ($362,600) in cash and pledges. We have additional grant requests outstanding and we add to that total daily. However, there is no certainty that any of them will be funded so we will continue to make requests until we have firm commitments of $600,000.

The three-year pledge allows donors the opportunity to increase the size of their pledge. It works. A number of our current capital campaign donors upon learning of the three-year pledge opportunity increased their pledges by an aggregate of over $38,000!

Please contact me at 801-509-6726 or ed@wasatchpublicmedia.org any time to make your pledge or answer questions. I will update the "What's Happening Today" blog on WPM's home page daily to let everyone know where we stand toward reaching our $600,000 goal.

THANK YOU FOR YOUR ONGOING SUPPORT!