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Top Nike Executive Joins Video City as New President.

TORRANCE, Calif.--(BUSINESS WIRE)--July 6, 1999--

Video City (OTCBB-VDCT) has named Richard T. Gibson, 36, President and Chief Operating Officer, Robert Y. Lee, CEO, announced today. Former Chief Operating Officer, Craig Kelly, will continue as the Executive Vice President of Retail Operations.

Mr. Gibson most recently served as Head of Finance for Nike Inc.'s Worldwide Retail Division where he was responsible for finance, strategic planning, and business development.

Prior to the Nike position, he held a series of senior management positions over the course of 9 years with the entertainment giant, Warner Bros. These included Vice President of Warner Bros. International Studio Store Division, Director of Finance and Operations for the European Studio Store Division, and Director of Finance for the UK Film Distribution Division.

"Mr. Gibson was a key member of the teams that managed the rapid growth at both Nike Retail and Warner Bros. Studio Stores. We are excited to bring that experience to help manage the very rapid growth at Video City" Mr. Lee said. He added "Mr. Gibson brings extraordinary business credentials and substantial entertainment industry experience to this key post at an important time for our company"

Video City owns and operates 139 video stores in 12 states. It has grown substantially from 18 stores in the past year and a half and is one of the nation's fastest growing video chains.

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, such as statements of the Company's plans, activities, expectations and intentions, that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the ability to make future acquisitions; the demand for video tapes, both rental and sales, which may be affected by seasonal factors, weather, the level of home viewing; competition from other retailers; the Company's ability to manage and staff its growth; and other factors disclosed under the caption "Special Considerations" in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1998.
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Publication:Business Wire
Date:Jul 6, 1999
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