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COMTEX) B: (QBID) Triangle Broadcasting to Sweeten Offer to Triangle B: (QBID) Triangle Broadcasting to Sweeten Offer to Triangle MultiMedia Limited for Business Combination PALM SPRINGS, Calif., Sep 14, 1999 (ENTERTAINMENT WIRE) -- Triangle Broadcasting Company (OTCBB:GAAY) announced today that it is increasing its share offer to Triangle MultiMedia Limited (OTCBB:QBID) for the purposes of facilitating a Business Combination. Management has requested that Triangle MultiMedia Limited "sticker" their current proxy to include the increased offer. Previously, management had offered a 1 share for 1 share exchange. The new offer is three and three-quarter shares of GAAY for each share of QBID. The offer is made to the QBID shareholders based upon the following items: (1) Net Asset Value of each company. (2) Number of shares outstanding in each company. (3) Management of each company. (4) Share Price and Market Capitalization of each company. Shareholders of QBID will be asked first to consider the new offer in their current proxy. If the offer is not accepted by QBID shareholders each company will continue as an individual entity. If the offer is accepted then it will need to be ratified by GAAY shareholders in a proxy within the next 30 days following the end of the QBID proxy period. If GAAY shareholders do not ratify the combination ratio then each company will go on as individual entities. If GAAY shareholders do ratify the combination ratio then the companies will be combined into a new entity also called Triangle MultiMedia Limited on a ratio of three and three-quarter GAAY shares to one QBID share. Due to a potential conflict of interest with GAAY shareholders neither management nor Frank Olsen will vote any of their GAAY shares. The decision to combine or not combine on the proposed ratios is solely in the hands of the public shareholders of GAAY at that point. Prior to the GAAY proxy, if it is needed, independent appraisals of QBID's assets and liabilities will be available for review by GAAY shareholders in the offices of Triangle MultiMedia Limited. Triangle MultiMedia is in the process of beginning its audit so that it may become a reporting company. If these audits are available to management on a completed or nearly completed basis they too will be made available to the shareholders of Triangle Broadcasting Company. Additionally a business plan for Triangle MultiMedia will be available to GAAY shareholders for review if complete at the time of proxy. Safe Harbor Statement Under the Private Securities Reform Act of 1995: The statements contained herein that are not historical facts are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking statement. There is no guarantee that the shareholders of either company will accept this offer of a business combination. Investors at this and other stages of this transaction are subject to a high degree of risk and can lose up to their entire investment on both companies at anytime. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Triangle Broadcasting Company James French, 760/322-1217 WEB PAGE: businesswire.com GEOGRAPHY: CALIFORNIA INDUSTRY CODE: ENTERTAINMENT INTERACTIVE/MULTIMEDIA/INTERNET Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. *** end of story *** | ||||||||||||||
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