SOURCE: Virtual Media Holdings Inc.

January 09, 2008 09:00 ET

Virtual Media Holdings and Cortection Products Ltd. Sign Letter of Intent

VANCOUVER, BC--(Marketwire - January 9, 2008) - Jim Carroll, Chief Executive Officer of Virtual Media Holdings Inc. (OTCBB: VMHIF), announced that a Memorandum of Understanding (MOU) has been signed with Cortection Products Ltd. The MOU calls for both companies to complete their due diligence and finalize an agreement to merge by February 28, 2008.

Cortection Products Ltd. is a Canadian company committed to the research, development and design of garments, supports and braces that enhance athletic performance and contribute to improve overall quality of life for all ages and lifestyles. Ten years of research led to the development of CORESHORTS™, an anatomically correct compression short for support of the pelvis, groin and hip areas. CORESHORTS™ innovative-patented design has created a new industry standard and is rapidly becoming an essential component of both recreational and professional athletic equipment.

CORESHORTS™ is currently being used by professional athletes on every National Hockey League team, seventeen National Football teams, eight National Basketball Association teams, sixteen Major League Baseball teams, six Canadian Football League teams, four Major League Soccer teams, as well as over 175 Universities and Colleges.

The professional athlete and supporting medical community have embraced the new technology and recognize the superior benefits that CORESHORTS™ provide in injury prevention, recovery and performance enhancement.

Upon completion of the merger an application will be filed to change the Company's name to Cortection.

This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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