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News on VMHIF -- Virtual Media Holdings, Inc.
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COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Virtual Media Holdings: Revolutionizing the Future of eCommerce

As Leadership Does an About Face, the Company Solidifies Plans to Move Into a New Era of Online Innovation

SAN FRANCISCO, CA, May 18, 2007 (MARKET WIRE via COMTEX) -- Jim Carroll, president of Virtual Media Holdings Inc. (OTCBB: VMHIF), is pleased to announce that our newly invigorated management and technology team is working on a myriad of levels to increase shareholder value. The new management team were investors before taking on leadership responsibilities and hold the same concerns of all VMHIF shareholders. They do not intend on authorizing any further unnecessary issuance of shares except for mergers or acquisitions that improve the overall structure of the company.

The Information Technology Team, John Cornelius and Gary Soloman (serving until the end of 2011), were brought on for both their technical and marketing/sales configuration abilities. Their successful development of the Blackbird.Net Derivative Trading Platform more than exhibits the team's capabilities.

Clear and Present Outlook

As part of current planning, Virtual Media Holdings is strengthening both fiduciary and sales relationships with its enterprise partners such as Caimen.com and DVD Legacy to name a few, as well as increasing its presence with search engine giant Mamma.com. As VMH expands into a comprehensive "one stop" comparative marketplace it will offer items as varied as low end to high end, brand name, individual sales, used items and factory direct in a manner that allows users to get the best price across retail partners in real time. The site currently has in excess of 5 million unique offerings with a goal of reaching 100 million within 12 months as the scope of products offered expands. With this strategic move VMH is poised to become a major Internet destination.

Glimpse at the Past

The current Management is focused on two priorities, building on proven profit centers and investing in development that will drive future revenues. Previous management was able to develop various sales models that produced considerable revenue. Media sales in 2005 were 3.6 million, then the previous management transitioned to media rentals losing focus on other profit centers, revenues dropped off to 1 million in 2006. Unfortunately, neither of these revenue-producing models were fully pursued. The Company's focus is now placed on growing revenues by expanding its business model, which could become the new standard for handling Internet sales and marketing.

Management is moving forward on a comprehensive internal investigative audit. This will look at possible illegal issuances as well as overall share structure as part of clarifying true investor value. The company is also transitioning from a 20F yearly reporting to a more transparent 10K quarterly reporting schedule as a means of furthering their devotion to shareholder value.

Looking to the Future

VMH is positioning itself to take advantage of the explosive growth of online commerce. The Dept. of Commerce data shows double-digit growth in eCommerce revenue for 2006, with a total of $108 Billion growing 23% over 2005, with 2007 totals estimated at $130 Billion. There are current discussions of merging with an Internet technology partner that can thrust VMH forward growing sales exponentially, while also increasing traffic. While these visionary steps are in their earliest stages they do serve the purpose of maximizing future plans.

About Virtual Media Holdings

http://www.virtualmediaholdings.com/

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 can achieve both increased web presence and revenues by partnering with VMHSales.com and using the Company's unique e-commerce platform.

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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SOURCE: Virtual Media Holdings Inc.

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