InterTAN Announces Plans for Inversion to Canada TORONTO, Nov. 3 /PRNewswire-FirstCall/ -- InterTAN, Inc. (NYSE: ITN; TSX: ITA), a leading consumer electronics retailer of both private label and internationally branded products, announced today that the Company's Board of Directors has authorized management to proceed with a team of professional advisors to prepare for a change of the domicile of the Company from Delaware to Canada. Ultimate implementation of this change will be subject to shareholder approval and the Board's judgment that such a change is in the best interests of the Company having particular regard to legislative and market conditions at the time. When implemented, this transaction, referred to as an inversion, is expected to provide the Company with several advantages over its current structure. Such advantages include an anticipated annual savings of approximately $1 million (or $0.05 per diluted share) and the creation of the optimal platform for a subsequent conversion of the inverted entity to a Canadian income trust. Any such conversion will be subject to market conditions and the determination by the Board that it would be in the best interests of the Company's shareholders. The Board decided to initiate the preparation for the inversion transaction at this time because a significant portion of the recent uncertainty concerning the effect of proposed US tax legislation on an inversion transaction by the Company has been eliminated as a result of recent developments in the US legislative process. However, as definitive US tax legislation that may impact such a transaction has not yet been enacted, the Board has retained the discretion to defer the transaction or abandon it in its entirety at any time during the process as future developments may warrant. "We are extremely pleased that the clouds of uncertainty covering the US tax legislative landscape have begun to lift," said Brian E. Levy, President and Chief Executive Officer of the Company. "The decision of the Board in light of such developments to authorize the commencement of the process by which the Company re-domiciles in Canada, where all of its business operations reside, is a manifestation of its continuing commitment to enhance shareholder value in a responsible and prudent manner," concluded Levy. It is anticipated that requisite filings with the Securities and Exchange Commission will be made by early to mid January 2004 and that subject to obtaining necessary regulatory and shareholder approvals, the Company could complete the inversion by the end of April 2004. The costs associated with the transaction are estimated to be in the range of $1.2 to $1.6 million ($0.06 to $0.08 per diluted share), with as much as $750,000 (or $0.04 per diluted share) of such amount to be incurred in the second quarter of the current fiscal year. The potential incremental cost of these items, not previously indicated in the Company's prior guidance of $0.42 to $0.46 per diluted share announced on October 24, 2003, is expected to be $0.04 per diluted share during the current quarter. Certain information disclosed in this press release, including, among others, statements regarding the Company's future performance, and the Company in general, 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, consumer demand and preferences, product availability, development of new technology, general economic conditions, and other risks indicated in filings with the Securities and Exchange Commission such as the Company's previously filed periodic reports, including its Annual Report on Form 10-K for the 2003 fiscal year. In particular, there can be no assurances that the strategic transaction described above in respect of the inversion of the Company to Canada will be effected. InterTAN, Inc., headquartered in Toronto, operates approximately 960 company retail stores and dealer outlets in Canada under the trade names RadioShack(R), Rogers AT&T Wireless Communications Express(R), and Battery Plus(R). InterTAN will announce its sales results for the month of October on November 6, 2003. DATASOURCE: InterTAN, Inc. CONTACT: James P. Maddox, C.A., Vice President and Chief Financial Officer of InterTAN, Inc., +1-705-728-7111 Web site: http://www.intertan.com/

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