QBID News.
Wednesday June 7, 11:59 am Eastern Time
Company Press Release
SOURCE: Triangle Multi-Media Limited, Inc.
Triangle Multi-Media, Inc., President Frank Olsen Announces That Triangle
Multi-Media Has Entered Into a Letter of Intent With Major Media
Company For Sale of BingoTelevision Rights
PALM SPRINGS, Calif., June 7 /PRNewswire/ -- Triangle Multi-Media Limited, Inc. (NQB Pink Sheet: QBID) today
announces that it has entered into a Letter of Intent, supported by a ``good faith'' cash deposit, with a major national
broadcasting company for the sale of the United States rights for the English and Spanish version of the show,
BingoTelevision. This unsolicited agreement, dated May 23, 2000, provides the purchaser to pay Triangle Multi-Media a
purchase price of between seven and eight million dollars, depending on the percentage of foreign domestic language rights
purchased.
The closing date is scheduled for July 7, 2000, 45 days from the original signing day. The terms of the agreement limits the
purchaser's identity until closing.
Frank Olsen, Triangle Multi-Media's CEO and President, stated: ``This proposed purchase will enable Triangle Multi-Media
to pay short-term, private placement investors and to retire the debt related to both the acquisition of the license for
KPSP-TV (channel 58) and the purchase of our 40 foot Satellite truck. Additionally, Triangle Multi-Media will continue to
make long-term financial commitments to purchase the equipment necessary to attract a major television network affiliation
in the Coachella Valley and acquire a much needed local radio broadcast frequency. The asset and cash value realized from the
sale of BingoTelevision directly supports one of Triangle Multi-Media's main objectives of developing programming for
syndication as well as producing and distributing minority and alternative programming.''
Forward looking statements (Statements which are not historical facts) in this release are made pursuant to the safe harbor
provisions on the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks and uncertainties details in the Company's filings with the
Securities and Exchange Commission. |
