PALM SPRINGS, Calif. -- (Business Wire) -- March 21, 2005
Q Television Network (Pink Sheets: QBID) announced today
that is aggressively trying to purchase PrideVision TV. The company is
arranging the capital through a private investor group.
"As we announced on Friday, we have made a bid to acquire
PrideVision TV out of Canada," said Rene Schenk, Chief Financial
Officer of Q Television Network. "It is our goal to work with this
private investor group to obtain PrideVision at fair market value."
"I have been in discussions with Bill Craig, the President of
PrideVision TV, and I am hopeful that we will come to an agreement.
The network is not actively up for sale, but we at Q feel that by
aligning ourselves together it would benefit both Q Television Network
and PrideVision TV," continued Schenk. "We are offering to purchase
the network and let Bill Craig retain a percentage of PrideVision and
a seat on the Board. The negotiations are ongoing, but we have not yet
come to an agreement on the fair market value of PrideVision."
There will be no further press releases on this matter until it
has been resolved.
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. 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:
CWR & Partners, LLP
Ronnie Welch, 508-222-4802
Ronnie@cwrpartners.com
