Video Update makes announcement
ST. PAUL, Minn.--In response to recent trade magazine reports, Video Update, Inc. (Nasdaq National Market: VUPDA), (the "Company"), announced today that it is holding preliminary discussions with Moovies, Inc. ("Moovies") regarding a potential acquisition of Moovies by the Company. These discussions are preliminary in nature and no definitive terms or agreements have been reached and no assurances can be given that any such transaction will be consummated. The Company does not intend to make any further statements regarding these preliminary discussions unless there are material developments, that, in the Company's judgment, warrant disclosure.
CONTACT: MWW/STRATEGIC COMMUNICATIONS, INC.
Investor Relations - Tel. (201) 507-9500
Carolyn Bancone - (cbancone@mww.com)
Rob Swadosh (rswadosh@mww.com)
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