Some good news this afternoon about Video Movie House that should bump this baby up nice!
VMH VideoMovieHouse.com Signs Memorandum of Understanding to Acquire DVD Marketplace.com
VANCOUVER, British Columbia, Sept. 15, 2005 (PRIMEZONE) -- Steve Gaspar, President of VMH VideoMovieHouse.com (OTCBB:VMHVF), is pleased to announce that VideoMovieHouse.com has signed a Memorandum of Understanding to acquire the assets and business of DVD Marketplace.com, (www.dvdmarketplace.com) an established online DVD retailer offering entertainment products for sale from third party merchants in the USA.
According to Mr. Gaspar, "With this acquisition, VMH will be able to attract third party sellers looking for exposure to its worldwide on-line customer base. DVD Marketplace.com's platform is sophisticated, user friendly and easy to navigate, with a proven order processing and payment system."
The existing system has the capacity to be expanded to offer other goods and services from third party merchants worldwide, similar to Amazon.com in the USA and Rediff.com in India.
Through its websites www.videomoviehouse.com and www.videomoviehouse.in (India) the company sells and rents DVDs online worldwide. In 2005, overall product sales exceeded US $3.6 million, and are expected to continue to grow at a rapid pace. VMHVF recently entered the online DVD rental market, an area that has seen significant success by Netflix. More expansion is in the works, as VMHVF is formulating plans for an IPO to help accelerate its growth through acquisitions, mergers and possible takeovers.