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Triangle Multi-Media Limited, Inc. Announces Failure to Deliver Financial Statements and Loss of Distribution in One Affiliate Market

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BURBANK, CA, Apr 05, 2006 (MARKET WIRE via COMTEX) -- Triangle Multi-Media Limited Inc. (QBID : triangle multi-media ltd inc com
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10:42am 04/05/2006

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QBID0.00, 0.00, 0.0%) announces that its will be unable to deliver audited financial statements due to the lack of required accounting records. In a March 24, 2006 press release, Lloyd Fan stated he was working on the Triangle Multi-Media books and hoped to release a financial statement in order to allow shareholders the fundamental data needed to make educated decisions on their investments.
Mr. Fan has worked diligently since March 7, 2006, the date of his appointment as Chairman and CEO of Triangle Multi-Media, to turn over all financial records to its accountant to have an audit conducted. "Day by day, it became more apparent that the proper records were not kept and that the necessary support documents for accounting entries are not available," stated Mr. Fan. "I am deeply disappointed by these discoveries and am working to find alternative solutions for the company," added Fan.
Additionally, Triangle Multi-Media's wholly owned subsidiary Q Television Network, Inc. was notified by an affiliate that its signal will be dropped in one market effective April 7, 2006.
Mr. Fan was unable to cure the late payments due to the financial difficulties caused by QTN's former management. At this time, it appears that the actual liabilities of Triangle Multi-Media and QTN are greater than the former management team had indicated. Mr. Fan has also discovered information that may indicate considerable accounting irregularities in Triangle Multi-Media.
Despite the challenges presented by the continuing investigation into the financial situation, Mr. Fan remains optimistic about the viability of the network.
About Q Television Network:
Q Television Network is a 100% wholly owned subsidiary of Triangle Multi-Media. This 24/7, premium television network is organized to create, develop and feature television programming for the gay and lesbian community, including live & interactive content every weeknight, plus sports, information and entertainment. 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 is available on a subscription basis to those desiring to subscribe. The monthly fee varies by region of the country. The network is telecast 24 hours per day, 7 days per week and features a variety of live and original programming. Q Television is available on such blue chip cable systems as Time Warner, Cox communications and RCN, among others, with availability approaching 3 million digital cable households in the U.S. Q Television Network is the official network of Gay Games(R) VII. The network is also ad-supported. For further information on programming and subscriptions, please visit www.qtelevision.com.
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.
Contacts: Corporate Contact 818-848-5800 TMM Investor Relations Richard Brown Equity Relations, Inc [phone] [e-mail]
SOURCE: Triangle Multi Media
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