"....Feahwuss Fwankie has 'all hands on deck' of the Pink Submarine "..U-Q.." with their bailing cans.......
Frank Olsen of Triangle Multi-Media Limited, Inc. States: There is No Business or Economic Reason for the Current Share Value Decline. 7/12/2004 6:00:00 AM
PALM SPRINGS, Calif., Jul 12, 2004 (BUSINESS WIRE) -- Frank Olsen, CEO of Triangle Multi-Media Limited, Inc., (QBID OTC Pink sheets) responding to inquiries by shareholders, advised today that management of the Company knows of no valid business or economic reason for the recent decline in the per share price of the Company's common stock.
Olsen went on to say, "All markets suffer from volatility, and this is especially true on the Pink Sheets. Our stock has had a long steady climb over the last six months with a number of peaks and valleys in between. As most of our investors are aware, Triangle management believes it has been a long-time target of short sellers, including large volumes of illegal naked short selling, which over the long haul has been a major contributor as a depressant on the price of our shares. However, also over this period, we have announced some of the most significant achievements in our history, and we believe these bear, to a great degree, in the growth of our share value.
"Naked Short Selling" is typical when a wholesale market maker sells shares in the public marketplace that are not held in their inventory, nor are the shares even borrowed from another market maker - and with no intention to obtain the shares or to ever cover the short position. Short sellers sell shares they do not own, but borrow them to protect the transaction and/or eventually cover, or buy in, their short positions. However, with the naked short selling tactics being made against stock, proper procedures are not occurring and thus have resulted in a greatly enlarged, and artificial, public 'float' which subsequently undervalues the quoted price of our stock. This practice is illegal and violates SEC and NASD rules, as well as other state and federal statutes."
"It was our expectation that our problems with the short sellers would be reduced, and eventually eliminated, when the SEC and NASD issued new rules and regulations to block illegal activities within short selling. It would appear, however, that as of yet these rules have not been effective, because the short abuses have not stopped. As a matter of fact, it appears in some respect they have only gotten worse. For the past two weeks market makers who appear to be most exposed by the short positions in Triangle stock have extended their illegal activities to selectively excluding the processing of large purchase orders for our stock. We are currently reviewing with legal counsel the steps we can take to deal with these latest activities."
Olsen commented, "This illegal activity is making it significantly more costly for Triangle to raise needed working capital, and has quite literally stolen millions of dollars from our market capitalization while the company has made numerous positive accomplishments. Accordingly, we have engaged forensic auditors, and outside legal counsel in Los Angeles familiar with the backroom workings of brokerage firms, to immediately investigate these short selling activities. In addition, we are tracking the trading activity in our stock, by day, by transaction, and by broker; and we are tracking the short positions by broker. Furthermore, a coalition of companies is considering other alternatives to aggressively combat this illegal activity."
Olsen concluded, "We have worked too hard to get our Company to where it is today to allow these illegal activities to interfere with funding opportunities and with the market capitalization of Triangle Multi-Media Limited, Inc., and to undermine the ability to enjoy fair market value for QBID stock."
Olsen continued, "By way of review, I would like to reiterate some of the major accomplishments that we have communicated to the financial community over the past two months. These include:
1. Our recent negotiations with major cable companies are in the final
stages and we expect to make an announcement within a short time.
We are acquiring programming at a fast pace and have opened up new
avenues of programming acquisition.
2. Our sales and marketing efforts are reality. We have opened an
office in New York City and now have sales representation in the
major advertising center in the US. Advertiser sales have begun
and response to date has been extremely encouraging.
3. Funding - Regarding additional funding, the Company has one firm
offer and several pending offers. Senior management visited New
York two weeks ago to explore several additional alternatives
About Q Television Network
This television network was organized to create and develop a network devoted to providing television programming for the gay and lesbian community. While the company expects much of its subscriber base to be comprised of members of the gay and lesbian population, management also believes that quality programming about the gay and lesbian experience, designed to entertain, educate and inform, will attract many other segments of the viewing public. The company's programming will be available on a subscription basis to those desiring its programming. The network will broadcast 24 hours per day, 7 days per week. Providing distribution via satellite ensures availability of the network across the United States, including Alaska, Hawaii and Puerto Rico.
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 uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the television network'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.
For more information regarding carriage and advertising opportunities, contact the network at 760-323-4455.
SOURCE: Triangle Multi-Media Limited, Inc.
Q Television Network, 760-323-4455
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