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MovieWeb.com Announces Strategic Investment; Leading Global Internet Company Invests in MovieWeb and Becomes Preferred Infrastructure Partner.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Sept. 26, 2000

Millennium Internet Corporation, owner-operator of popular online movie destination MovieWeb.com(TM), today announced that PSINet Ventures, the corporate ventures unit of PSINet, Inc., is making an investment in the company.

Additionally, PSINet will become the preferred Internet infrastructure and development services partner for MovieWeb.com and the MovieWeb Video Retail Network(TM), announced last month.

"We are very pleased to partner with PSINet and PSINet Ventures to network thousands of local video stores with MovieWeb.com. The quality and reach of PSINet's global Internet infrastructure was a crucial factor in our decision to work with PSINet. We are certain that our local retail affiliates, their business partners and consumer members will appreciate this important alliance," said MovieWeb's Chairman and CEO, Brandon Calder.

The MovieWeb Video Retail Network leverages the combined resources of local video stores and the popular MovieWeb.com online movie destination to empower studios, video retailers and movie consumers by providing seamless online integration with local video stores. Local MovieWeb affiliates receive point-of-sale software, connected to MovieWeb.com utilizing PSINet's global Internet backbone, enabling real-time online rental transactions, membership management and marketing, inventory control and a range of other critical business services.

Ed Frankenberg, Vice President of PSINet Ventures, added, "MovieWeb has a compelling vision for the future. Linking thousands of local video retailers to a leading online content, commerce and community property leverages the best of online and offline to benefit both consumers and the industry value chain. We are very pleased with the investment in this leading-edge venture."

About Millennium Internet Corporation

Headquartered in Los Angeles, Millennium Internet Corporation is the owner-operator of the popular online movie destination MovieWeb.com(TM), and the MovieWeb Video Retail Network, a one-stop marketing and business services solution for video retailers, their business partners and consumer members. Millennium Internet's investors include PSINet, leading technology law firm Wilson Sonsini Goodrich and Rosati, prominent media and technology executives and individual investors in Silicon Valley, Washington, D.C., and Los Angeles.

For more information, visit MovieWeb at www.movieweb.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Sep 26, 2000
Words:347
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