SOURCE: Virtual Media Holdings Inc.

October 31, 2006 09:30 ET

Virtual Media Holdings Inc. Forms New Technical Advisory Board

CHARLOTTE, NC -- (MARKET WIRE) -- October 31, 2006 -- Virtual Media Holdings Inc. (OTCBB: VMHIF) is pleased to announce the formation of its new Technical Advisory Board (TAB). The advisory board is made up of leading IT specialists who will advise company Management and Directors on technical requirements and issues important to the greater development of company websites.

This new Technical Advisory Board will include leading IT specialists John Faulkner Cornelius and Gary Joseph Solomon. They will serve on the company's Technical Advisory Board until December 31, 2011.

As Co-Chief Technology Officers for Blackbird Holdings Inc. (http://Blackbird.net), John and Gary managed the construction and deployment of Blackbird, the world's first electronic exchange for trading interest rate derivative products. This system, which was installed in many of the world's largest financial organizations, offered banks the ability to trade millions of complex financial products online in multiple currencies.

Through their experiences with Blackbird, and by contracting with and for such large clients as IBM and TIBCO, Gary and John have acquired a broad range of technology skills including large-scale system design, capacity planning, disaster recovery, network security and software quality control.

John earned a master's degree in computer engineering from North Carolina State University. Gary graduated from the University of North Carolina at Charlotte with a bachelor's degree in computer engineering.

According to Steve Gaspar, President of Virtual Media Holdings Inc., "Virtual Media Holdings Inc. is assembling a long-term team of leading technology experts capable of building the world's next internet powerhouse. John and Gary's history of accomplishments have proven them to be "True Internet Visionaries." Over the next 5 years we intend to put their history of success to work for our shareholders."

About Virtual Media Holdings Inc:

Virtual Media Holdings Inc. (OTCBB: VMHIF) is committed to changing the way merchants and consumers interact on the Internet. Through its proprietary marketplace platform, a custom-built software framework that facilitates the direct consumer-to-consumer and business-to-consumer buying and selling of new and pre-owned merchandise, the system combines a customized content management system with core order processing engines adapted to each unique market. The content management facilities support the creation of a comprehensive web-based user community for a specific market, including features such as session management, product reviews, live aggregated retail prices, forums, and community feedback. Order processing modules support market inventories, authenticated order processing, billing, order tracking, commissions, and other market-related tasks. Companies achieve increased web presence and revenues by partnering with VMHSales.com and using the company's unique e-commerce platform.

Safe Harbor Act Notice:

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. For further information about the company go to: www.vmhif.com

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