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Q Television Reduces its Tradable Stock by Fifty-Three PercentadvertisementRelated information E-mail this article Print-friendly versionStocks mentioned in this articleTRIANGLE MULTI-MEDIA INC(QBID) Quote, Chart, News
All Business Wire NewsQ TELEVISION NETWORK, (OTC: QBID), the first 24/7 premium network for the gay and lesbian community, announced today that, in an effort to bring fair value to its trading stock, QBID, Frank Olsen, President, CEO and majority shareholder, has converted all his personal QBID holdings into preferred stock, which makes up 53 % of the total shares.
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"We converted QBID shares into preferred stock, eliminating fifty-three percent of the tradable outstanding shares. We are confident this will strengthen the demand for our stock, and dry up the supply of trading shares that we feel are being manipulated in the market," said Olsen. "Converting our common stock into preferred stock will allow us to retain voting rights, but will also squeeze out the large short position in the stock. Q Television will continue to be as aggressive as possible, and do everything necessary to ensure our shareholders are treated fairly."
About Q Television:
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 network is telecast 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. 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.
Contact Information: Media Relations Contact:
CWR & Partners, LLP,
Ronnie Welch, 508-222-4802
Ronnie@cwrpartners.com or Investor Contact:
Equity Relations, Inc.,
Richard Brown, 617-314-7379
Staff@EquityRelations.com
© 2005 BusinessWire
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