LOS ANGELES, Feb. 14, 2005 (PRIMEZONE) -- Victory Capital Holdings Corporation (OTCBB:VTYC) announced today that it has signed a Letter of Intent for the acquisition of Union Media News Corporation. The Letter of Intent outlines a detailed acquisition agreement, which is expected to be completed within the next 30 days.
Union Media News (http://www.unionmedia.net), founded in 2003 and privately funded by Jim Boardman, a 25-year former executive for the Teamsters, was formed to develop and deliver a Labor-oriented electronic and cable news service to the Labor community, its members and its Unions.
Union Media News has an exclusive marketing opportunity to deliver VoIP, dial-up ISP and high-speed broadband services, Unified Communications, calling card services, and anti-virus software to its membership at a price and value that cannot be matched by any traditional communications entities. Union Media has an exclusive opportunity to reach over 25 million active and over 15 million retired Union members creating a unique and powerful purchasing opportunity, as well as the ability to pass on the benefits of this purchasing power by offering special pricing to all of the Union members.
"The mission of Union Media News is to build a centralized, modernized media channel to be used expressly by Unions to advance their efforts in organizing, bargaining, contract administration, and shaping public opinion on vital social and political issues," stated Jim Boardman, President & CEO of Union Media News. "This merger with Victory Capital Holdings Corporation gives Union Media News the exposure to the public markets, and the ability for future financial backing as Union Media News executes its business plan to reach and deliver information and financial value to its union members."
"Having had the opportunity to work with Jim and his staff over the past several months, I can clearly see the passion Jim exudes to bring the power of "one voice" to all the Labor Unions. Coupling this passion with the shear numbers of loyal union members that Union Media News can reach, makes for an exciting business opportunity for Victory Capital to support", stated Jon Fullenkamp, Chairman & CEO of Victory Capital Holdings.
Victory Capital Holdings Corporation (VTYC), organized in Nevada, is a publicly traded company. The Company is designed to leverage the assets of existing, proven technology and to infuse those assets with marketing, management and financial support to become the recognized leader in its space. (http://www.vtyc.com).
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.