PALM SPRINGS, Calif., Sept. 21, 2005 (PRIMEZONE) -- Q Television Network (Pink Sheets:QBID) announced today that Frank Olsen, President, CEO and Founder of Q Television Network, has sent the following letter to shareholders.
Dear Shareholders:
I'd like to briefly share some information with you about the network.
The studio is up and running, and is presently producing 5 hours a day of live new shows this month. Everything is within budget and within the time expected. I'd like to give a special thanks to Scott Withers & Alexis Fish for their hard work & dedication. Scott Withers has become Vice President of Q Television Network, replacing Joseph Morales.
I'm aware of shareholder concerns and I'm also aware that the shareholder meeting was supposed to be held at the end of September. That being said, we are a little behind schedule.
The DVD for shareholders should be mailed during the beginning of October. If you haven't sent an e-mail to Richard Brown yet, please do so, because the earlier we have your information, the sooner you will receive your DVD. The DVD will detail the company's growth, position in the marketplace, and specific answers to shareholder questions.
We have pushed the shareholder meeting back to Tuesday, October 11th. Originally, we were going to lease a hotel chain so shareholders could watch the simulcast of this meeting. Logistically, that was too difficult. We have a contract with an internet company to simulcast the meeting in type. The meeting will be interactive so that shareholders can ask questions.
We are on time with the audit, and it will be made public upon completion. The audit will outline certain points.
1. Triangle Multi-Media owns Q Television Network. If Q Television Network is sold, Triangle Multi-Media shareholders will be paid.
2. The additional assets of Triangle Multi-Media will also be disclosed in the audit, and this audit will ultimately bring us to reporting status. Please allow another 60 days for this to be completed. Due to government agency reporting, we cannot pinpoint or control the exact date for completion of the audit and fully reporting status. I understand this information has been a long time coming and well deserved for the shareholders. This audit will show that the financial side of Triangle Multi-Media is just as structured as the creative side of Triangle Multi-Media.
3. The teleport has become an income-producing entity, and more importantly, the land we purchased with the teleport is on high ground with minimal damage. We have been running fiber uplinks throughout the country, and by week's end we will have digital uplink service throughout the country.
I ask you to have confidence in our network. Contracts have been signed and are pending approval by the carrier companies. We will put this information out on the wire when we can. New advertisers have been signed, and you can view them on Q Television Network.
It's our goal to be a profitable company. If Triangle Multi-Media continues on the path it's on, we should break even by January 2006 and profitable by May 2006.
Finally, on national coming out day, Tuesday October 11th, we plan to have an open house for our studio. We have a limited number of seats available. But, please e-mail Richard Brown at staff@EquityRelations.com, and we will provide seats for shareholders on a first-come, first-serve basis.
Thank you for your time.
Frank Olsen
About Q Television:
This 24/7 premium television network is organized to create, develop and feature television programming for the gay and lesbian community, including live & interactive content every weeknight, plus sports, information and entertainment. While the company expects much of its subscriber base to be comprised of members of the gay and lesbian population, management also believes that quality programming about the gay and lesbian experience, designed to entertain, educate and inform, will attract many other segments of the viewing public. The company's programming is available on a subscription basis to those desiring to subscribe. The network is telecast 24 hours per day, 7 days per week. Providing distribution via satellite ensures availability of the network across the United States, including Alaska, Hawaii and Puerto Rico. Q Television Network is the official network of Gay Games(R) VII. The network is also ad-supported. For further information on programming and subscriptions, please visit www.qtelevision.com.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the television network's ability to execute its business model and strategic plans; and the risks described from time to time in the company's Securities and Exchange Commission filings.