NEWS: Triangle Multi-Media Limited, Inc. President announces acquisition of new company
Palm Springs, CA, Nov 20, 2001 (M2 PRESSWIRE via COMTEX) -- Triangle Multi-Media Limited, Inc. (OTC - QBID) President, Frank Olsen, today announced the acquisition of a company called Liquidation by Satellite, or LBS. LBS is a liquidation company specializing in large inventories of television equipment, heavy machinery, electric equipment, education materials and other products primarily related to the airline industry. LBS began in 1991 and has continued to do business up to this date. LBS`s main source of merchandise is the Boeing Company. LBS has purchased and resold millions of dollars of merchandise over the past 10 years and, with the help of Triangle Mutli-Media Limited over the past 24 months, LBS has helped to open up the California market.
With the current downsizing of airlines, there are numerous inventories for sale. There are also numerous customers. LBS has a specialized list of customers developed over the last 10 years that have other uses for airline equipment and this customer list continues to grow. LBS owns Rolling stock and leases warehouses in several areas.
When the original founders of LBS sold their interest in 1994, they remained active in consulting and sales. During the year 2001 Triangle Multi-Media has been involved in sales, advertising and marketing for LBS, generating substantial income for QBID. Due to the health concerns of the remaining principals of LBS, they offered, as of the first of the year, to sell LBS to Triangle in exchange for stock.
Olsen stated, "We are happy to announce that as of today Triangle Multi-Media will be taking over the LBS operation. This will ensure that Triangle will have additional revenue to continue the development of Triangle Television Network.. Mr. Olsen stated, "This is a great time to be in the liquidation business. It`s all marketing and fits in well under the Triangle umbrella.
We believe this acquisition will have a major positive impact on our cash flow. LBS offices will be moved to 1000 East Tahquitzin Palm Springs, but the company will maintain its independence. We want to thank the previous owners of LBS for the confidence they have shown in Triangle Multi-Media by accepting Triangle stock as payment. This is a great achievement for us and will enable us to continue to put funds into our operation."
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 un certainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; Triangle Multi-Media`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.
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