QBID-Defunct-COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Q Television Network Signal Terminated
BURBANK, CA, May 25, 2006 (MARKET WIRE via COMTEX) -- Triangle Multi-Media Limited (PINKSHEETS: QBID) and its wholly owned subsidiary the Q Television Network (QTN) announced today that Q Television Network is no more. Effective 5:30pm Central time, the Q Television Network signal broadcasting programming was shut down. Previously, the entire Q Television Network staff had been terminated.
Chairman and CEO Lloyd Fan stated that he was unable to secure funding for the network and therefore unable to meet the financial obligations of the company. "When I took over control of the network on March 7, 2006, the company was roughly 7 million dollars behind in payments to vendors; numerous lawsuits had been filed against the company and over $600,000 was owed to former employees. The financial challenges that the network faced proved too difficult and I was simply unable to turn around the network." Mr. Fan added, "Given the GLBT demographic and the success the network had experienced in distribution, I thought securing funding would be easy -- I was wrong. I am deeply disappointed that the network failed. Many talented people devoted themselves to saving the network and it is sad that it has come to this end.
"I would like to thank the cable affiliates, our uplink provider, all the vendors and the staff that supported my takeover. I had hoped to make good on all the debts incurred and owed by the former management team and truly thought that the new team, with proper funding, could make Q Television Network a success. My sincere apologies to all individuals and businesses that have suffered because of their affiliation with Q Television Network." A full forensic accounting and bankruptcy proceedings will follow.
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.
