thank you for the info on buy.com, and today's release of an agreement with cdnow did not hurt and wed will be good earnings with a positive cc on the new warehouse.
Monday November 1, 3:05 pm Eastern Time
Company Press Release
Valley Media Signs Two-Year Fulfillment Agreement with CDNOW
WOODLAND, Calif.--(BUSINESS WIRE)--Nov. 1, 1999--Valley Media, Inc. (Nasdaq:VMIX - news), a leader in the full-line distribution of music and video entertainment products, today announced it has signed a two-year fulfillment agreement for prerecorded, packaged music product with CDNOW, Inc. (Nasdaq:CDNW - news), a leading online music destination. Under the terms of the agreement, Valley will be CDNOW's primary fulfillment supplier for prerecorded, packaged music products. The agreement took effect on October 29, 1999. As part of the agreement, CDNOW will continue to use Valley's audiofile(TM) database as part of its commerce and information offerings.
``We are thrilled to continue our relationship with CDNOW for another two years,' said Rob Cain, Chief Executive Officer of Valley Media. ``CDNOW is a very important customer of ours. We have teamed up with Jason Olim since CDNOW was only a concept and have continued to work with him as he has grown the business. We appreciate his continuing to challenge us to improve our product and service offerings.'
``Valley's product, service and data offerings have been an important part of the CDNOW success story,' added Jason Olim, Chief Executive Officer of CDNOW. ``We look forward to continuing to work closely together.
About Valley Media:
Valley Media (Nasdaq:VMIX - news) is a leader in Internet fulfillment, the full-line distribution of music, video, DVD product and independent distribution, publications and proprietary database products. Valley Media operates facilities in seven states with primary distribution facilities in Louisville, KY, and Woodland, CA, where its corporate headquarters are located. Additional information regarding Valley Media is available at www.valley-media.com.
About CDNOW:
On July 12, 1999, CDNOW, Inc. (Nasdaq:CDNW - news) entered into a definitive agreement with Sony Corporation of America (NYSE:SNE - news) and Time Warner Inc. (NYSE:TWX - news) to merge with Columbia House, the leading club-based direct marketer of music and videos. The new public company resulting from the merger will be owned 37 percent each by Sony and Time Warner. CDNOW's existing stockholders will own the remaining 26 percent. The parties anticipate completion of the transaction by year-end.
CDNOW, Inc. is the online music destination that offers the most comprehensive, personalized connection to the world of music. CDNOW's offerings consist of more than 500,000 music and entertainment-related items, including CDs, DVDs, videos, cassettes, vinyl albums, custom CDs and music downloads, as well as music samples, intelligent album recommendations, a vast library of interviews and reviews from top music writers, music news from allstar News, and access to emerging artists through Cosmic Music Network.
This press release may contain forward-looking statements made pursuant to the ``safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by words such as ``will,' ``expects,' ``anticipates,' ``plans,' or ``intends' and by other descriptions of future circumstances or conditions. Actual results may differ materially from those projected in these forward-looking statements. Factors that could affect Valley Media's actual results include, without limitation, risks and uncertainties related to the following factors: intense competition, customers' ability or preference to buy product direct, facilities and systems integration upgrades, new electronic delivery technologies and copyright or royalty disputes. More information about these and other factors that could negatively affect Valley Media's financial performance and the value of its common stock is contained in Valley Media's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Readers of the 10-K should pay particular attention to the sections entitled ``Management's Discussion and Analysis of Financial Condition and Results of Operations' and ``Factors Affecting Operating Results.'
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