Who is Wasatch Public Media?

 Wasatch Public Media ("WPM") is a Utah Non Profit Corporation established for the sole purpose of acquiring the assets of KCPW. WPM represents the Salt Lake based operation of KCPW with which you are familiar, including the KCPW staff. WPM plans to maintain KCPW's news operation in its current form and continue broadcasting from KCPW's facility at Library Square.

What does the March 28, 2008 Letter of Intent do?

 The Letter of Intent ("LOI") grants WPM the following:

  1. The right to move forward in the purchase of the 88.3 and 105.3 FM stations and certain assets from Community Wireless of Park City ("CW").
  2. The right to enter into an operating agreement ("OA") whereby CW allows WPM the right to manage and operate KCPW until such time as the FCC gives final approval to transfer the licenses to WPM and the payment of the purchase price of $2.4M. The transfer and final payment should take place sometime in August or September of this year. The OA should be in place by April 14, 2008.
  3. WPM has sixty days from the date of the execution of the LOI to obtain a commitment letter from a verifiable lending source that WPM will have the $2.4M purchase price and to enter into an Asset Purchase Agreement.

What immediate changes will occur when WPM takes over KCPW?

 For all intents and purposes KCPW will remain the same station including format, staff, location and base of support. It will be the KCPW you know, except we are beginning the process of severing the tie from CW which has been our parent organization in Park City. Upon entering the OA we will review matters pertaining to expenditures, programming and listener feedback; we will make changes as necessary. WPM will be forming a local board of trustees and community advisory board so as to provide the KCPW organization with leadership expertise and management accountability.

What happens if at the end of the sixty days WPM does not have the commitment letter?

 CW will sell the 88.3 FM and 105.3 FM to a third party.

Why can't Community Wireless give WPM the two FMs and the other assets in Salt Lake?

 There is underlying debt owed by CW associated with the acquisition of 1010 AM that has as its security 88.3 FM, 105.3 FM and other Salt Lake assets. In order to transfer the two FMs and other assets in Salt Lake free and clear the outstanding debt must be satisfied.

How long will it take for the FCC to grant final approval?

 As mentioned above, it is estimated that FCC approval will take 90 to 120 days from the date of submission of the request for transfer of the licenses -- taking the approval into August or September of this year.

What happens to the 1010AM?

 The 1010 AM is being sold to a third party for $1.3M.

Why doesn't WPM purchase the 1010AM?

 It would require WPM to finance an additional $1.3M. WPM's financial model based upon KCPW's projected operating expenses and revenues cannot justify the additional $1.3M.

What is required to obtain the $2.4M Commitment Letter within the 60 day period?

 It will be a combination of financing and fund-raising.

Do the funds have to be in place at the end of the 60-day period?

 No. CW will need a verifiable letter of commitment from a lending source that indicates the $2.4M will be available for transfer at closing which is established in the Asset Purchase Agreement.

Is it possible to get the financing and fund-raising accomplished in 60 days?

 Yes. WPM has retained the services of Public Radio Capital ("PRC") a non-profit corporation headquartered in Centennial, Colorado whose sole mission is to work with organizations like WPM to obtain the funding to purchase public radio stations. Since their inception in 2001, they have done over $142M in public broadcasting projects. We will be working closely with PRC to develop a financing and fund-raising package that will satisfy CW.

Have you done any fund-raising?

 Yes. We were very pleased to have received a $200,000 lead gift for the specific purpose of purchasing KCPW. This extremely generous, unsolicited gift was provided by a KCPW listener who wishes to remain anonymous. In the next 60 days, we will be meeting with as many individuals as possible to ask for their support.

Will there be a capital campaign?

 Yes. The immediate first phase of the capital campaign will be to make sure we have sufficient gifts and pledges in place so as to obtain the commitment letter. Once the commitment letter is in place we will launch a formal capital campaign.

What will be the purpose of the capital campaign?

 The capital campaign will raise funds to reduce or eliminate the interim financing used in the purchase of KCPW, as well as to address critical capital needs. Specific capital needs include a satellite dish to be located on the Main Library building (we currently rely on a satellite dish located in Park City that is shared with KPCW FM), a new location for our 88.3 FM antenna (to increase the quality of the signal), membership database software, and computer hardware. The capital needs will greatly decrease "dead air" as well as improve the day-to-day operation of KCPW.

When will the Spring 08 pledge drive take place?

 May 14-23

What will the pledges go towards?

 Pledges will go entirely to KCPW to keep it operational and on-air.

What happens to the pledges if a Commitment Letter is not obtained in the 60 day period?

 Pledges will be deposited into a trust account. In the unlikely event a commitment letter is not obtained at the end of the 60-day period, contributions will be refunded to donors.

Who will be paying for the day-to-day operation of KCPW up to the point of final closing?

CW continues to fund the operation of KCPW. Upon entering the Operating Agreement funds from the earnest money will help pay for the day-to-day operation of KCPW.

Where does funding come from for WPM?

 WPM will be funded entirely by supporters and from monies raised in the capital campaign.

How can I get involved now?

 We need financial support and endorsements supporting the purchase of KCPW. To record your on-air message supporting KCPW contact Andrea Ashbridge at 801-359-5279 ext. 200. To discuss or make a financial contribution to our capital campaign, contact Ed Sweeney at 801-509-6726.