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08/17/99
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To print this story
August 17, 1999 10:42
Triangle Broadcasting Company Inc. and Integrated Healthcare Inc. Announce Business Combination
PALM SPRINGS, Calif.--(BUSINESS WIRE)--Aug. 17, 1999--Triangle Broadcasting Company Inc. (OTC BB:GAAY), which launched a "pac man" defense against Integrated Healthcare Inc. (OTC BB:ITHC), today announced that it has agreed in principle to combine its business with that of Integrated Healthcare.
"We believe that this business combination will make us a stronger company in the long run. We are very excited about the endless possibilities that will now come to us," stated Triangle management.
Earlier today, Integrated Healthcare announced the execution of a definitive letter of intent to acquire 100 percent of the outstanding stock of Palm Springs Television Studios Inc. A current appraisal is about to begin on the television studio and the station so that an accurate value can be placed on it.
"I am excited to see what the combined assets will be of these two entities, and if we would qualify to be listed on some exchange. That's my question right this minute!" stated Integrated Healthcare's Pro Tem Chairman Joseph L. Pittera. "The shareholders of ITHC and GAAY have a great deal here with Frank Olsen at the helm.
"Mr. Olsen, of course, is the largest individual shareholder of Triangle and has agreed to restrict the sale of his stock for another two years. I must say we were caught off guard with the counter offer, but I believe at all times Mr. Olsen had an idea of what would increase shareholder value and how we were going to get to the point we are now at."
The business combination vehicle will be called Triangle Multi-Media Group Limited with a proposed symbol of "QBID." Further information will be available as the final documents are drawn and the appraisal becomes available.
Safe Harbor Statements Under the Private Securities Reform Act of 1995: The statements contained herein that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including certain delays in testing and evaluation of products and other risks detailed from time to time in filings with the Securities and Exchange Commission by both Triangle Broadcasting Co. and Integrated Healthcare. Individuals are further warned that they could suffer losses to the full extent of their investment. This security represents high risk. This transaction is not yet fully completed.
CONTACT: Evans, Lambert & Associates
Rod Evans, 310/328-3588
Evlam2000@aol.com
INTERGRATED HEALTHCARE INC - ITHC
Price 0.06
Net Change +0.02
Volume (000) 640
Day High 0.06
Day Low 0.05
TRIANGLE BROADCASTING CO NEW - GAAY
Price 0.185
Net Change -0.035
Volume (000) 1795
Day High 0.225
Day Low 0.17
as of
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