AMARILLO, Texas, May 4, 1999--Hastings
Entertainment, Inc. (Nasdaq: HAST-news), a leading multimedia entertainment superstore
retailer, today announced that it has delayed briefly the launch of its new gohastings.com
e-commerce Internet site to address bandwidth technology issues that will significantly
enhance the site's performance going forward."We had
gohastings.com ready to launch, but determined that it would not deliver the level of
speed and convenience that over four million Hastings customers already pre-registered for
our site have come to expect from shopping at our 131 entertainment superstores,"
said John H. Marmaduke, president and chief executive officer. "We decided to move
our server to utilize the greater capacity and speed afforded by the expanded bandwidth of
T-3 line technology, caused unexpected delays. However, we feel that it was better to
delay the debut of our new site than to open with less than the best product that we could
offer to the global community we will be serving."
Marmaduke added that those Hastings customers who wished to take
advantage of the special offers that were advertised today in the print ads in USA Today
and The Wall Street Journal can call toll-free, 1-877-HASTINGS, to order the featured
products, including free shipping. The gohastings.com site features more than 10 million
new and used entertainment products and a "lowest price" guarantee program and
exceptional previously viewed video pricing offers, such as "Good Will Hunting,"
"Primary Colors" and "Rush Hour," packaged together for $9.99.
Founded in 1968, Hastings Entertainment, Inc. is a leading
multimedia entertainment retailer that combines the sale of books, music, software,
periodicals, DVDs and videotapes with the rental of videotapes, DVDs and video games in a
superstore format. The company currently operates 131 superstores, averaging 21,200 square
feet, primarily in small to medium-sized markets in the Midwestern and Western United
States. The company opened two superstores in the first quarter of fiscal 1999, and
anticipates opening up to 18 more superstores during the remainder of 1999. gohastings.com
will also provide general financial information about Hastings. In addition, complete
terms and conditions related to the "lowest price" guarantee program will be
detailed on the new Web site.
Certain statements set forth above are forward-looking statements
within the meaning of the Securities Exchange Act of 1934. Such statements are based upon
management's current estimates, assumptions, and expectations and are subject to a number
of factors and uncertainties that could cause actual results to differ materially from
those described herein. The forward-looking statements set forth above are subject to the
factors and uncertainties set forth under the heading "Risk Factors" in the
Company's Registration Statement on Form S-1 as filed with the Securities and Exchange
Commission and declared effective on June 11, 1998 and the company's annual and quarterly
reports on file with the Securities and Exchange Commission.