Message 9469821
Triangle Broadcasting CompanyInc. Announced Today a Strategic Alliance to acquire ProductionStudios in Palm Springs, Calif.
May 11, 1999 04:16 PM
PALM SPRINGS, Calif.--(BUSINESS WIRE)--May 11, 1999--Triangle Broadcasting Co. Inc. GAAY President Frank Olsen announced the signing of an interim agreement to acquire the facilities of Sun System Broadcasting Co., which consists of 12,000 square feet of the television facilities at 1000 Tahquitz Canyon Way, including state of the art television production equipment, satellite facilities and studios.
The new company will be called Palm Springs Studios Inc. and will include three major profit centers: Palm Springs Production Center, Palm Springs Studios Productions and Video Caddy Productions. Triangle's Peabody Award winning Executive Vice President Dick Weiner, will serve as executive vice president and general manager of the newly created Palm Springs Studios Inc. in addition to his duties at Triangle Broadcasting Co.
The newly formed Palm Springs Production Center will be available for a full array of commercial and program production, video editing and duplication. It will meet the demands for television production in the dramatically expanding Coachella Valley marketplace and satisfy the burgeoning demands in Palm Springs from the Hollywood production community.
Palm Springs studios Productions will be producing television and radio programming to meet the needs of the vastly expanding television and radio market.
Video Caddy Productions is a unit specifically created to capture individual great magical moments on the magnificent, world famous golf courses of the Palm Springs area.
The Triangle Broadcasting Co. will immediately move its studios and headquarters into the new facility. In addition, Frank Olsen was delighted to announce a new profit center with the development of a new high technology interactive Web site to be called Triangle.com, full of surprises and excitement, now in development. Triangle's newest board member, Dr. Marion Sherman, will oversee this project to insure it will come to fruition.
The Triangle Broadcasting Co. Board of Directors voted to seek approval from the FCC for a new full power television station to broadcast from its existing studios to serve the entire Coachella Valley in Southern California.
The Triangle Radio Network will be broadcasting live 24 hours a day, 7 days a week from the new facilities and will continue offering unique programming targeted for the lucrative gay and lesbian market.
Forward looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of 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 detailed in the company's filings with the Securities and Exchange Commisssion. |
