Triangle Multi Media CEO Addresses Shareholders
Triangle Multi Media Limited Inc. (OTC BB: QBID) addresses shareholders and the investment community.
I felt as the Chairman and CEO of both Triangle Multi Media and Q Television Network, I have a responsibility to dispel certain rumors and address specific concerns that have been expressed by the investment community.
Our primary goal, despite the financial challenges that we may face, is to make our company a success. Although we have had set backs in regards to our inability to produce audited financial statements, we have a dedicated team of professionals strategizing a business plan that we hope will not only repair our company, but allow it the opportunity to succeed.
Currently TMM has 350 billion shares authorized. Fifty-three percent, or 185,500,000,000 were issued to me and my investment team on March 7, 2006. This transaction was based on our agreement to take the financial and business responsibility away from the previous management team. This 53% is non-trading and is held restricted. Of the other 47% of common shares issued, roughly 140 billion are in the float. Since I've taken over, we have not and will not increase the float any further. I will be reviewing emails from concerned investors and hope to address specific facts to the best of my ability. Please send your questions to investor relations and they will be immediately forwarded to me.
Despite our loss in one market, The QTN launch into eight new markets in March 2006 takes our distribution to 6 million homes passed, which is the highest potential subscriber number to date, and we believe this will continue to grow. Additionally, the launch of internet based VDC with fifty million potential viewers has secured our footprint into an emerging technology that will only blossom as we move forward. Carol Hinnant and our sales team will continue to proactively uncover all carriage opportunities that fit into our business model and extend our reach into the GLBT community.
Finally, under the direction of newly appointed General Manager/Program Director, Frank Hagan, the positive feedback we have received from subscribers and the television industry regarding programming has been overwhelming. We are confident in Frank's ability to direct our exceptional talent pool and oversee production at our Burbank studio effectively and efficiently in regards to our existing programs and current projects. The next step will be focusing our efforts on our subscriber growth. I would personally like to thank all of the cable operators and the GLBT community for their continued support.
I am aware of the challenges we must overcome to see our company become a success, and I am disappointed that a handful of individuals with their own agendas have maliciously and recklessly disseminated bad information to cloud the investment community. We will consider taking legal action against these individuals. You have my word we will do everything within our power to gain the confidence of our shareholder base and continue to look for partners with value to build this network into the premier voice of the GLBT community.
Source: Market Wire (April 12, 2006 - 3:54 PM EDT)
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