TORONTO, Feb. 7, 2005 (PRIMEZONE) -- Velocity International Corp. "VELOCITY," (Pink Sheets:VITJ), or the "Company," today announced the creation of a mobile-only video-anime & music label, "Velocity Mobile" to release videos, anime & music, including exclusive and custom ring tone content, through a number of wireless distribution outlets. VITJ believes that the mobile video & music market may become a significant part of its business in many territories and is very excited about the growth that is taking place in the U.S. VITJ intends to provide great opportunities for artists and their videos & music, publishing and distributing ringtones and offering other creative mobile products to fans around the world. VITJ believes that it will begin distributing new faces, products and services in the first and second quarter of 2005.
VITJ intends to have artists and independent labels sign with their videos, anime & music. VITJ is planning to guarantee features for artists and labels with leading mobile storefronts such as, Dwango Wireless, INgrooves, 9 Squared (RealTone JukeBox(tm) and www.RingToneJukeBox.com) and Hudson Entertainment (The Source Mobile).
The revenue potential of mobile distribution is huge according to Mobile Media Japan; the conversion to 3G mobile phones capable of utilizing video ringtones is well under way. As of January 2005, approximately 25 million of the 84 million registered mobile phones were 3G. The majority of the mobile phone subscriber base in Japan is expected to convert to 3G technology by the end of 2005. Velocity believes it will be well positioned to take advantage of this growth as the demand for video content via ringtones increases. Artists and independent labels will be able to sign up with Velocity for Internet distribution and will be able to choose to sign solely for mobile distribution. VITJ wants to give creators and owners of music as much flexibility as possible when it comes to digital distribution by leveling the playing field with the majors when it comes to Internet and digital distribution of music and is well positioned to effectively serve the artist community.
About INgrooves -- www.ingrooves.com.
INgrooves is the world's largest digital record company and a leader in the digital entertainment industry. As the digital representative for top artists and labels, INgrooves provides valuable marketing, promotion and distribution services that increase the online exposure and earnings potential of its artists and labels. INgrooves distributes to all the major online services through it's patent-pending software platform, Digital Music Access(tm), features content for ring tones worldwide, licenses music to TV and films, and ties its artists in with the marketing campaigns of major consumer brands.
About Dwango(r) Wireless -- www.dwango.com
Dwango(r) Wireless offers a comprehensive approach for bringing lifestyle and affiliate brands to the wireless arena through customized entertainment content, ringtones, games and applications for mobile phones. Dwango Wireless holds exclusive technology and trademark licenses from Dwango Co. Ltd. of Japan. Dwango Wireless is not otherwise affiliated with Dwango Co. Ltd. Dwango North America.
About Velocity International Corp. -- www.VelocityIntCorp.com
Velocity International Corp. ("VELOCITY," "VITJ," or the "Company") is a publicly traded development stage company created to acquire operating talent and modeling agencies along with acquiring existing technology service companies supporting the professional and amateur talent and modeling agencies, professional and amateur athletes, designers, creative professionals and support entertainment industry professionals. Ultimately, the company intends to provide one-stop solutions and services that address the needs of the fashion and entertainment production client throughout the world.
Safe Harbor Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of Velocity International Corp. management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in any reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.