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Fan Replaces Olsen at QTN

3/07/2006 5:32 AM Eastern

Lloyd Fan assumed the role of chairman and CEO of Triangle Multi-Media Ltd. and Q Television Network, replacing QTN founder Frank Olsen.

All officers and board of directors members at the GLBT-targeted (gay, lesbian, bisexual and transgender) network and its parent company resigned their positions and relinquished all responsibilities and affiliations effective Tuesday, and the company said details of its new management infrastructure -- with an emphasis on both television and the finance industry -- will be forthcoming.

The company added that it is reviewing all current and moving forward financial obligations, with a resolution to these situations to be announced in the coming weeks.

Fan is the owner of Best Prop Holding Group, which owns Pat Prod Productions and Patented Product Industries.

“The QTN business model presents a multitude of possibilities, and I look forward to taking outgoing chairman Frank Olsen's vision to the next level," Fan said in a prepared statement.

"I am committed to building an exceptionally strong, experienced management team, fortifying QTN's business partnerships and strengthening the network's commitment to providing high-quality, engaging television programming focused on the GLBT community,” he added.