InterTAN, Inc. Announces Sale of Australian Subsidiary

Apr 10, 2001, 01:00 ET from InterTAN, Inc.

    TORONTO, Apr. 10 /PRNewswire/ -- The Board of Directors of InterTAN, Inc.
 (NYSE:   ITN; TSE: ITA), a Toronto based retailer of consumer electronics
 products, today announced that the Company has reached an agreement to sell
 its Australian subsidiary, InterTAN Australia Limited, which operates as
 "Tandy" in the Australian market, to Woolworths Limited, one of Australia's
 leading retailers.  Woolworths Limited, which had fiscal year 2000 sales of
 over A$20 billion, operates approximately 1000 retail stores in Australia,
 including over 130 Dick Smith Electronics stores.  Subject to closing
 adjustments, proceeds on the sale are estimated to be approximately
 A$114,000,000 (approximately U.S.$55,000,000 at current exchange rates).
 Closing is expected to occur on April 30, 2001.  Further details of the
 transaction will be announced after closing.
     "We have made tremendous progress over the last few years in enhancing
 Tandy Australia's position in the marketplace," said Brian E. Levy, President
 and Chief Executive Officer of InterTAN, Inc.  "We've added new brands,
 developed a whole new look for Tandy stores, and developed a very progressive
 marketing campaign.  Now our directors unanimously agreed that it is in the
 long-term best interests of our shareholders to combine the Tandy business
 with a larger Australian entity," Levy concluded.
     InterTAN, Inc. continues to explore multiple strategic alternatives to
 enhance shareholder value.
 
     InterTAN, Inc., headquartered in Toronto, operates through approximately
 1,100 company retail stores and dealer outlets in Canada and Australia under
 the trade names of RadioShack(R) and Tandy(R), respectively.  As previously
 disclosed, InterTAN will announce its results for its third fiscal quarter
 ended March 31, 2001 on April 26, 2001.  A conference call, during which
 senior management will discuss the Company's results and the current state of
 the business, will be held on that date at 9:00 a.m. EDT.  This call will be
 simultaneously webcast on the Internet at http://www.intertan.com.  The call
 will remain on the website for a one-week period.  InterTAN will release its
 April sales results on May 4, 2001.
 
     Certain information disclosed in this press release, including, among
 others, statements regarding estimates of the net sale proceeds, constitutes
 forward-looking statements that involve risks and uncertainties.  Important
 factors that could cause actual results to differ materially from those in the
 forward-looking statements include, but are not limited to, foreign exchange
 fluctuations, post-closing adjustments, general political, economic and market
 conditions, in particular as they relate to small capital and retail industry
 stocks, and other risks indicated in filings with the Securities and Exchange
 Commission such as InterTAN's previously filed periodic reports, including its
 Form 10-K for the 2000 fiscal year
 
 

SOURCE InterTAN, Inc.
    TORONTO, Apr. 10 /PRNewswire/ -- The Board of Directors of InterTAN, Inc.
 (NYSE:   ITN; TSE: ITA), a Toronto based retailer of consumer electronics
 products, today announced that the Company has reached an agreement to sell
 its Australian subsidiary, InterTAN Australia Limited, which operates as
 "Tandy" in the Australian market, to Woolworths Limited, one of Australia's
 leading retailers.  Woolworths Limited, which had fiscal year 2000 sales of
 over A$20 billion, operates approximately 1000 retail stores in Australia,
 including over 130 Dick Smith Electronics stores.  Subject to closing
 adjustments, proceeds on the sale are estimated to be approximately
 A$114,000,000 (approximately U.S.$55,000,000 at current exchange rates).
 Closing is expected to occur on April 30, 2001.  Further details of the
 transaction will be announced after closing.
     "We have made tremendous progress over the last few years in enhancing
 Tandy Australia's position in the marketplace," said Brian E. Levy, President
 and Chief Executive Officer of InterTAN, Inc.  "We've added new brands,
 developed a whole new look for Tandy stores, and developed a very progressive
 marketing campaign.  Now our directors unanimously agreed that it is in the
 long-term best interests of our shareholders to combine the Tandy business
 with a larger Australian entity," Levy concluded.
     InterTAN, Inc. continues to explore multiple strategic alternatives to
 enhance shareholder value.
 
     InterTAN, Inc., headquartered in Toronto, operates through approximately
 1,100 company retail stores and dealer outlets in Canada and Australia under
 the trade names of RadioShack(R) and Tandy(R), respectively.  As previously
 disclosed, InterTAN will announce its results for its third fiscal quarter
 ended March 31, 2001 on April 26, 2001.  A conference call, during which
 senior management will discuss the Company's results and the current state of
 the business, will be held on that date at 9:00 a.m. EDT.  This call will be
 simultaneously webcast on the Internet at http://www.intertan.com.  The call
 will remain on the website for a one-week period.  InterTAN will release its
 April sales results on May 4, 2001.
 
     Certain information disclosed in this press release, including, among
 others, statements regarding estimates of the net sale proceeds, constitutes
 forward-looking statements that involve risks and uncertainties.  Important
 factors that could cause actual results to differ materially from those in the
 forward-looking statements include, but are not limited to, foreign exchange
 fluctuations, post-closing adjustments, general political, economic and market
 conditions, in particular as they relate to small capital and retail industry
 stocks, and other risks indicated in filings with the Securities and Exchange
 Commission such as InterTAN's previously filed periodic reports, including its
 Form 10-K for the 2000 fiscal year
 
 SOURCE  InterTAN, Inc.