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Microcap & Penny Stocks : GAAY - Triangle Broadcasting Company (was TBCS)
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To: Mikee Hughes who wrote (1818)9/14/1999 3:51:00 PM
From: Sprintcar  Read Replies (1) of 2118
 
(COMTEX) B: (QBID) Triangle Broadcasting to Sweeten Offer to Triangle
B: (QBID) Triangle Broadcasting to Sweeten Offer to Triangle MultiMedia Limited
for Business Combination

PALM SPRINGS, Calif., Sep 14, 1999 (ENTERTAINMENT WIRE) -- Triangle
Broadcasting Company (OTCBB:GAAY) announced today that it is increasing
its share offer to Triangle MultiMedia Limited (OTCBB:QBID) for the
purposes of facilitating a Business Combination.

Management has requested that Triangle MultiMedia Limited "sticker"
their current proxy to include the increased offer. Previously,
management had offered a 1 share for 1 share exchange. The new offer is
three and three-quarter shares of GAAY for each share of QBID. The
offer is made to the QBID shareholders based upon the following items:



(1) Net Asset Value of each company.
(2) Number of shares outstanding in each company.
(3) Management of each company.
(4) Share Price and Market Capitalization of each company.

Shareholders of QBID will be asked first to consider the new offer in
their current proxy. If the offer is not accepted by QBID shareholders
each company will continue as an individual entity. If the offer is
accepted then it will need to be ratified by GAAY shareholders in a
proxy within the next 30 days following the end of the QBID proxy
period. If GAAY shareholders do not ratify the combination ratio then
each company will go on as individual entities. If GAAY shareholders do
ratify the combination ratio then the companies will be combined into a
new entity also called Triangle MultiMedia Limited on a ratio of three
and three-quarter GAAY shares to one QBID share.

Due to a potential conflict of interest with GAAY shareholders neither
management nor Frank Olsen will vote any of their GAAY shares. The
decision to combine or not combine on the proposed ratios is solely in
the hands of the public shareholders of GAAY at that point. Prior to
the GAAY proxy, if it is needed, independent appraisals of QBID's
assets and liabilities will be available for review by GAAY
shareholders in the offices of Triangle MultiMedia Limited.

Triangle MultiMedia is in the process of beginning its audit so that it
may become a reporting company. If these audits are available to
management on a completed or nearly completed basis they too will be
made available to the shareholders of Triangle Broadcasting Company.
Additionally a business plan for Triangle MultiMedia will be available
to GAAY shareholders for review if complete at the time of proxy.

Safe Harbor Statement 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 statement. There is no guarantee that
the shareholders of either company will accept this offer of a business
combination. Investors at this and other stages of this transaction are
subject to a high degree of risk and can lose up to their entire
investment on both companies at anytime.



Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Triangle Broadcasting Company
James French, 760/322-1217

WEB PAGE: businesswire.com

GEOGRAPHY: CALIFORNIA

INDUSTRY CODE: ENTERTAINMENT
INTERACTIVE/MULTIMEDIA/INTERNET

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.

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