VANCOUVER, British Columbia, July 27, 2005 (PRIMEZONE) -- Videomoviehouse.com Inc. (OTCBB:VMHVF), an innovative online DVD sales and rental company, announces that it has been approved by the NASD for trading on the Over the Counter Bulletin Board. The effective date is July 28, 2005.
"This is a great day for the company and its shareholders," said Mr. Steven Gaspar, President and CEO of Videomoviehouse.com. "From the very beginning we've set goals to move to more broadly traded exchanges when appropriate for our business. It was time to move to the Bulletin Board, and we're pleased to have received approval to be traded on this exchange."
The Company recently announced its entrance into the $6 billion online DVD rental sector, which was added to compliment the Company's well-established online DVD sales operation. Through its website www.videomoviehouse.com, U.S. customers will now be able to rent as many DVDs as they can watch for a flat monthly fee of $17.99 per month without having to worry about paying late fees. Canadian customers will also be able to rent movies from the same website.
The company has been selling movies online worldwide since June 2001. Its existing database of over 200,000 customers represents a solid launching pad from which it will commence its rental operations.
Last quarter, the company recorded its first-ever operating profit and is projecting gross sales in excess of $3,500,000 for the fiscal year ending June 30th, 2005. This represents an increase of 250% compared to the previous year and sales are continuing to grow rapidly.
About VideoMovieHouse.com:
Videomoviehouse.com Inc., through its website www.videomoviehouse.com, sells and rents DVDs to both U.S. and Canadian residents. Customers are able to rent as many DVDs as they can watch for a flat monthly fee of $17.99 per month without having to worry about paying late fees. The company has an existing database of over 280,000 customers from DVD sales. By offering a truly one-stop shopping experience, the online customer will have the option to either buy or rent a DVD at anytime. With both options together on one site, the company expects to see increased traffic and sales in both divisions. The company currently has approximately 20,000 unique titles in its ever-expanding movie database.
Safe Harbor Act Notice:
This information contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings. Third party statements contained herein and information contained on any third party website are not endorsed by or adopted by the Company.
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