New appointment for VRX

Michael Hannan has been the VRX Board of Directors. Mr. Hannan has extensive experience in the travel business having recently served as Executive Vice President of Intrawest Corporation, a world leading resort operator and developer; and as the President of Abercrombie & Kent, a former subsidiary of Intrawest Corporation. Abercrombie & Kent was voted the “World’s Best Luxury Tour Operator” by Travel Weekly in 2004.

Mr. Hannan joined Intrawest as Executive Vice President, Strategic and Corporate Development, in 2002 and was instrumental in the negotiation and successful acquisition of Abercrombie & Kent by Intrawest in 2003, increasing company revenues by more than US$200 million. He was subsequently appointed President of the world-class tour operator and during his tenure at A&K revenues grew by more than 50%.

“The operational, strategic, and industry experience Mr. Hannan gained while running the world’s leading luxury tour operator will bring tremendous value to VRX’s Board of Directors,” commented David MacLaren, President and CEO of VRX Studios. “In addition to his industry and executive experience, Mr. Hannan brings 16 years of financial experience to our Board.”

Prior to joining Intrawest, Mr. Hannan held various senior executive positions. Between 1995 and 1999, as CFO of the Canadian and Latin America division of UUNET, he managed the growth of revenues from $5 million to $200 million. In 1999, he took the helm of Amsterdam-based Versatel Internet Group as CEO and grew revenues from $7 million to $16 million. Within two years he moved the company from a loss position to an annual profit of $3 million.

Mr. Hannan began his career with Ernst and Young in 1988 where he qualified as a Chartered Accountant and later moved into E&Y’s Toronto Mergers & Acquisitions group. He grew up in Toronto, received his Bachelor of Arts degree in Administrative and Commercial Studies from the University of Western Ontario, and continues to hold the designation of Chartered Accountant.