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PALM SPRINGS, Calif., Aug 29, 2005 (PRIMEZONE via COMTEX) -- Q Television Network (Pink Sheets:QBID), the first 24/7 premium network for the gay and lesbian community, announced today that partial completion of the independent audit being held has begun to detail Q Television's financial status.
"We are pleased with our year over year growth, our revenues have grown more than one hundred percent since Q1, 2004, our subscriber base has grown by three hundred percent in twelve months, our sponsorship will grow a staggering fifteen hundred percent in eleven months and our carriage expansion and visibility has far outpaced the industry standard," said Frank Olsen, President, CEO and Founder of Q Television Network. "We, as a company, felt with Q Television's one-year anniversary upon us, we would detail our accomplishments and projections going forward to investors and the markets."
"We are confident the current market capitalization on our security should be trading more in line with the accomplishments highlighted throughout 2004-2005. Q Television's business model is being viewed as concrete by industry analysts, and our company is currently being courted by many large financial institutions on Wall Street seeking an ownership position in the company. Based upon the offers presented by these companies, Q Television's current value is two hundred million dollars, or ten times the market capitalization that the market has put on our trading stock, Triangle Multi-Media, the trading security for Q Television Network (a subsidiary of Triangle Multi-Media). Q Television's assets outweigh the total market value by seven times our stock price, and industry executives know this. We have been offered a low eight-figure deal for our company, and we refused. Our financial team is confident that Q Television will be worth one billion dollars in twenty-four months. Q Television has signed some of the largest cable carriers in the country, secured total broadcasting rights to the Gay Games VII, and owns and operates a multi-million dollar studio in California, to name a few of our accomplishments. The equity markets will not keep us at these levels for very long. We know that the outstanding share count has increased with some restricted stock coming due and selective purchases, but this stock was strictly used for tangible assets and was done in the best interest of the company. We will update the markets upon full completion of the audit," said Olsen.
AI
