SOURCE: Virtual Media Holdings Inc.

February 28, 2008 09:30 ET

Virtual Media Holdings Inc. Shareholders Update

VANCOUVER, BC--(Marketwire - February 28, 2008) - Virtual Media Holdings Inc. (OTCBB: VMHIF) -- Jim Carroll Chief Executive Officer announced that Meyers Norris Penny advised that a draft report on our forensic audit has been completed and we can expect to receive the final report within two weeks. It appears that the report will support our positions in the actions against former management and the cancellation of shares currently before the courts.

The merger with Coretection will not be completed by February 29, 2008. Two other merger possibilities have been presented to the Company and due diligence is now underway. Discussions have been initiated with a major investment dealer to raise funds to finance whichever direction the Company chooses to pursue.

We expect to announce which merger the Company will go with by March 15, 2008.

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. 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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