From RB by Joe Pittera
By: jpittera
Reply To: None Wednesday, 18 Aug 1999 at 2:39 PM EDT
Post # of 1025
I am Joe Pittera, and I would like to address the shareholders of ITHC, GMKT and GAAY. I am vitally concerned about the direction in which certain rumors are heading, and I now find it necessary to set the record straight. This is the first time I have ever Posted upon a financial web site, and am only doing so, because it is time to step in and take control. Remember folks, I AM an Attorney, CEO, and President trying to steer this boat and focus upon the daily operations of running this enterprise. Frustration and stress is multiplied by having to stop our workday to address these serious allegations. My response here is to all the so called bashers who seem intent on causing strife between the Boards and slandering the good names of ITHC and GMKT. To set the record straight:
1. Any leaks of insider information did not emanate from ITHC/GMKT;
2. The Management of both GAAY and ITHC have worked closely together to accomplish this deal and there has been no acrimony between the two;
3. The intent behind this transaction is to build a larger company with more assets and programming and thereby make it to a listing on a national stock exchange;
4. The same venture capitalists that were behind GAAY, ITHC, and GMKT are behind this transaction and were the catalysts for the managements of GAAY and ITHC getting together in the first place;
5. GAAY never owned Palm Springs Television Studios, PSTS as we abbreviate it is a private corporation specifically formed to take possession of the subject property out of a federal bankruptcy court proceeding and all shareholders of ITHC and GAAY can thank Frank Olsen for accomplishing this - it was a brilliant maneuver;
6. All GAAY currently owns is the programming for Auction TV and Bingo TV but they do not have an ownership interest in any hard assets of which the television studio is a major one;
7. The intent behind the transaction as some people have pieced together from the various news releases is to leverage the assets of GAAY and PSTS into ITHC, change the name to Triangle Multi-Media Limited, Inc., change the CUSIP, and the NASD symbol (QBID) thereby creating a larger company with more assets that can then qualify for a national stock exchange;
8. In the negotiations there has been no talk of doing a reverse split;
9. Some of the same management at TBC will be jumping over to head Triangle Multi-Media Limited, Inc. because they have experience in programming that will be used by GMKT to run its Global Financial News Show to be known as Intermarket;
10. Once this deal is done I resign and the new management group from TBC and several outside directors are appointed;
11. No ITHC insiders benefited in any way, shape or form from the recent stock market jumps as all of our shares are locked up for 2/3 years in GMKT and we converted all of our ITHC shares into GMKT and therefore there would have been no profitability for the ITHC insiders from leaking information concerning the news releases;
12. the negative posters on ITHC and GMKT, who all know who they are, must be aware that their postings are slanderous towards ITHC and GMKT and that management, meaning myself, takes a dim view as to these posts and that if they do not cease, those responsible will suffer the consequences in the form of a lawsuit. As you all are aware companies across the country have begun launching lawsuits against posters who slander a company especially when their information/speculations are ludicrous. I have seen speculation that our $ is drug money, laundered money, that we have violated all kinds of SEC rules, that both management's are crooked and benefited from insider information. ALL OF THESE ALLEGATIONS ARE PATENTLY FALSE AND THEY SLANDER NOT ONLY ME BUT THEY SLANDER MANAGEMENT AT GAAY AS WELL. PLEASE CEASE AND DESIST THIS IRRESPONSIBLE ACTION AT ONCE AND LET BOTH MANAGEMENT'S CONSUMMATE THIS TRANSACTION FOR THE BENEFIT OF THE SHAREHOLDERS OF BOTH COMPANY'S. IF ANYONE HAS A CHALLENGE AS TO THE BENEFITS OF THIS TRANSACTION THEN THEY CAN SIMPLY PICK UP THE PHONE AND DIAL (310) 328-3588 OR E-MAIL ME AT EVLAM2000@AOL.COM.
Finally I see that most if not all GAAY shareholders respect their management team at TBC and so you should ask yourself whether your own management would sell you out for a bad deal. I think that the answer to that is clearly NO! Thank you.
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