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MOOVIES INC. SIGNS LETTER OF INTENT TO ACQUIRE MOVIES TO GO

GREENVILLE, S.C., Sept. 8 /PRNewswire/ -- Moovies, Inc. (Nasdaq-NNM: MOOV), today announced that it has signed a letter of intent to acquire MoveAmerica, Inc. d/b/a Movies To Go, which operates 13 video stores and other related operations in the Des Moines, Iowa area. The proposed acquisition will consist of cash and stock, and is expected to be completed in September, subject to due diligence and the execution of a definitive agreement.

Commenting on the announcement, John L. Taylor, president and chief executive officer of Moovies, stated, "This acquisition will increase Moovies geographic presence to 10 states and the company's video store count to 101 locations. We are extremely pleased with the initial success of our acquisition program and the potential it affords Moovies and its shareholders."

Moovies, Inc. operates 88 video specialty stores in nine states throughout the eastern half of the United States. The company also supplies and manages the video inventory of video departments located in certain supermarkets in several states. The company ranks among the top five video specialty superstore chains in the United States. On Aug. 3, 1995, Moovies completed an initial public offering of common stock.
 -0- 9/8/95


/CONTACT: F. Andrew Mitchell, chief financial officer, Moovies, Inc., 803-292-2072 or Janice J. Kuntz, Golin/Harris (ABOA), 404-659-0919/

(MOOV)

CO: Moovies, Inc. ST: South Carolina IN: ENT SU: TNM

TG-KW -- AT002 -- 0891 09/08/95 08:00 EDT
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Publication:PR Newswire
Date:Sep 8, 1995
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