Thanks Lobogotti for your honest Letter to frank, I'am sure i speak for everyone here in saying, your letter is 100% on the money, we can only hope frank will respond to you as soon as possible with honest answers, also By all means, please let us all know what his Reply is. Thanks Again!!!
Posted by: lobogotti
In reply to: None
Date:12/1/2005 3:18:38 PM
Post #of 192426
ATTENTION TO ALL INTERESTED INVESTORS?.
Okay, this is what I need all those whom are interested to do. Kindly email the four addresses below this with a copy of the letter provided below?.starting with the line ?To whom it may concern,????..?. Please read it in its entirety and only send if you agree with it. I know there are a lot of opinions, but this is what many people have put together to speak for those who agree. Credit seren, HowsMusic4U, junkmasterg and for the feedback and structure, also some folks who would like to remain anonymous. Again only send this letter if you agree with what it says, the more the better.
franko@qtelevision.com
staff@equityrelations.com
shareholderprotection@qtelevision.com
rich@qtelevision.com
To whom it may concern, but primarily Frank Olsen;
As you should already be aware, the shareholder morale is yet at another all time low due to a high degree of uncertainty regarding many issues related to Triangle Multimedia. There are many troubling things we have been left to ponder with since the last conference call.
First of all, when you spoke to a concerned shareholder during the conference call, you mentioned that there would be a "crisis summit" meeting regarding the price per share. You also said that if it took the company buying back "restricted" shares, then that is what the company would do. It has been well over a month since you made that statement. What was the result of the meeting? What is your planned strategy? Are you contemplating buying back shares at any point in time?
Secondly, it has been reported that on approximately November 7, 2005, the amount of authorized shares have been increased yet again, another 10 billion to a new total of 60 billion. This is extremely troubling for your shareholders, especially since we have not yet seen a certified audit. We feel it is only a matter of time before those shares hit the market. Many of us believe you are shielded from these dilution effects since for every one share that is issued and hits the market, approximately one share is issued to you; thereby maintaining your 53% holdings while eroding ours. There seems to be no control in place at the moment for preventing the authorized shares from increasing, along with the precious float. This may not be factual and is just a majority opinion by many, but it does need to be addressed.
What is the current status of the audit? As you already know, this has been a long time coming. As far as we know, it may have never been started. What is the reason for the delay? At this point in the game it is better to be up front and let us make an informed decision. Are you not aiming to be a transparent company? The strongest reasons as to why the price per share has reached these levels (currently .0003 x .0004) are below.
1. DILUTION. Up until roughly March of 2005 we were led to believe as per the Investor Relations page on the website that the outstanding share count was about 9.5 billion shares plus another 5 billion restricted as per the October 2004 conference call. Today as it stands it would appear that there are 44 billion outstanding and unfortunately going upwards.
2. LACK OF FINANCIAL TRANSPARENCY. The company can not expect to maintain any reasonable price per share as long as the market has no idea what the company is worth. A company cannot be valued at a certain price based on what the CEO says, what is on a company DVD or what is posted on a company website. It has to be based on an independent audit that is properly filed with related governing bodies for the world to see and be able to accept as genuine. Further it does appear that there should be some sort of corporate governing body put in place.
3. COMPANY FOLLOW UPS. A prime example of this would be regarding the crisis summit meeting. We were told or led to believe during the conference call that a status/result of the crisis summit meeting would be communicated to us. To this date nothing has been mentioned. This continuing lack of follow through and communication directly affects shareholder sentiment in an overwhelmingly negative fashion, and contributes to the declining share price daily. That fact was acknowledged and addressed by the CEO in a shareholder letter on the website on 9/15 with proposed steps that have yet to be implemented.
Is the company truly taking steps to get off the pink sheets? What concrete steps have been taken to do so? A specific and detailed course of action would be appreciated.
We are just extremely concerned. Many of us have left, accepted the losses and moved on; however, for some, losses are not easy to accept. Several of us have bought shares back when QBID was worth around the .01-.025 range spending $30-60 thousand dollars. These people have watched their initial investments erode to a few thousand dollars at best due to the reasons stated above. There are many that just want to recover their initial investments and leave. There are also many that want this company to succeed, including the ones that collaborated and sent you this email. No one is denying the tremendous growth of the network over the past year; however this growth has not translated to the price per share. As loyal investors, we feel entitled to solid answers with supporting data to our questions. We shall not be so easily dismissed nor disrespected. However, it is with respect that we continue to press for substantive communication from management.
Please respond to all and not some of the questions that we have posed. Please also provide us with specific and detailed answers. We are looking to feel more informed and confident about our investment. We are requesting the answers to be detailed and concise so that we don't have to ask more questions again after the fact. What we are aiming for is financial company transparency and to move to an upgraded exchange.
Statements suggesting selling and moving on are unacceptable and insulting. Too many of us have invested thousands of dollars based on PR's that in retrospect appear deceptive and misleading. Frankly, a comment like that is a slap in the face to your loyal investors. We are patiently watching our money disappear, please understand this and get back to us with something honest. We are supporting you sir, but it is becoming more difficult daily. The shareholder's ability to tolerate the silence has reached its limit.
We appreciate the time it takes to read and respond properly to this letter, we also will be looking forward to your updating us within a reasonable amount of time.
From the people who help support this wonderful network and your dream.
Sincerely,
Your QBID Shareholders
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