PR News Release
| Source: Stingray Group Inc.
MONTREAL, June 26, 2020 (via GLOBE NEWSWIRE) — Stingray (TSX: RAY.A; RAY.B), a leading music, media, and technology company, is proud to announce that the establishment of the economic stimulus plan via its 104 radio stations helped 5,000 local businesses to obtain grants in the form of radio advertising during this unprecedented crisis. A total of $20 million is awarded in markets across Canada, where Stingray operates local radio stations. This amount represents $5 million more than initially planned.
Stimulus grants range from a minimum of $1,000 up to a maximum of $100,000 in radio advertising per business. The recipient business has twelve months to utilize the radio advertising towards booking and airing a radio advertising campaign and is not required to invest additional sums with Stingray radio stations to receive the grant. As provinces throughout Canada undergo various deconfinement phases, now is a crucial time to win back customers who are eager to access services and make long-awaited purchases.
“Radio advertising has long been a successful stimulus for local economic activity in our country,” said Ian Lurie, President, Stingray Radio. “We are delighted to award $20 million in advertising grants to help local businesses relaunch their business. The Stingray Stimulus Program is our way of helping to kick-start Canada’s economic engine for local business. This is a great opportunity for companies to inform and reassure their customers during these uncertain times.”
For the purposes of the Stingray Stimulus Plan, local Canadian business is defined as any registered Canadian business, not for profit organization or charity that operates within 100 km of the designated municipality in which the applicable Stingray radio operation is located. For more information, visit www.stingraystimulus.com.