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EXHIBIT 99
VIDEO UPDATE, INC. TO FILE FOR REORGANIZATION
ST. PAUL, Minn. - (BUSINESS WIRE) - September 18, 2000 - Video Update,
Inc. (OTCBB: VUPDA), today announced that it will file for protection under
Chapter 11 of the U.S. Bankruptcy Code. The Company will attempt to restructure
its operations for the benefit of creditors and shareholders. The Company
intends to continue to operate normally during this restructuring period and
expects no interruption of service to its customers.
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Any statements that are not historical facts contained in this release,
including statements regarding management's goals and objectives and the
Company's future strategy, are forward looking statements. Those statements are
subject to a number of risks and uncertainties that could cause actual results
to differ materially from those anticipated, including but not limited to those
relating to the Company's cash liquidity and lack of working capital,
competition, lack of cooperation and support from current suppliers and
commercial bankers, and other risks identified in the Company's Securities and
Exchange Commission filings.
CONTACT: Video Update, Inc., St. Paul
Daniel A. Potter, Chief Executive Officer
Michael P. Gebauer, Chief Financial Officer
Phone: 651-312-2222
E-2
