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WEST COAST VIDEO DUPLICATING SAYS REPORTS OF EQUITY INTEREST BY HANNY MAGNETICS LTD. ARE ERRONEOUS

 SAN FRANCISCO, Calif., Feb. 21 /PRNewswire/ -- Privately held West Coast Video Duplicating Inc., headquartered in Brisbane, Calif., today said recent reports that Hanny Magnetics Ltd. of Hong Kong had acquired an equity interest in the company were false.
 "Recent releases in the Hong Kong financial press by Hanny Magnetics to the effect that it expected to acquire an equity interest in West Coast Video are completely erroneous," said John Roth, chairman of West Coast Video.
 "We do not have any business negotiations underway with Hanny Magnetics, and we have no present intention to enter into any joint venture or equity sharing arrangement, or other business relationship of any sort or description with Hanny Magnetics," Roth added. "Any statements to the contrary on the part of others are inaccurate and misleading."
 West Cost Video is one of three major videocassette duplicators in the American market.
 Roth did confirm that his company had explored various business arrangements with Hanny Magnetics in the past during the normal course of conducting its business, but characterized those discussions as "nothing beyond preliminary explorations" of areas of possible mutual interest for future collaboration.
 "No agreements resulted," said Roth, "and no further discussions are ongoing or anticipated for the future."
 West Coast Video has been a leading duplicator of videocassettes for the past eight years. It provides duplicating services for several major film studios in modern facilities at its Brisbane headquarters office and duplicating plant, and also maintains offices in Los Angeles and a major warehouse facility in Hayward, Calif.
 -0- 2/21/93
 /CONTACT: William E. Horwich of Proskauer Rose Goetz & Mendelsohn, 415-956-2218; or Keith H. Karpe or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for West Coast Video Duplicating/


CO: West Coast Video Duplicating; Hanny Magnetics Ltd. ST: California IN: ENT SU:

JB-JL -- LA001 -- 8735 02/21/93 18:00 EST
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Publication:PR Newswire
Date:Feb 21, 1993
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