DULLES, Va. -- Online consumers seeking the best video search engine will now find it on the leading free portal on the web - AOL.com (http://aol.com/video). Internet video search pioneer Truveo, Inc. has been acquired by America Online, Inc., solidifying AOL's leadership position as the premier destination for a full suite of video and search services.

AOL's acquisition agreement with Truveo was signed and closed on December 21, 2005. Financial terms were not disclosed. Truveo was previously privately held, and financed by strategic venture and angel investors.

Truveo (http://www.truveo.com), based in Burlingame, California, was co-founded by CEO Dr. Tim Tuttle and CTO Dr. Adam Beguelin in January 2004. Truveo subsequently launched its premier video search engine technology in September 2005.

Truveo's approach to video search utilizes a proprietary web crawling technology called "Visual Crawling". This unique technology has enabled Truveo to amass one of the most comprehensive indexes of high-quality, current video on the web. The strength of Truveo's Visual Crawling is its ability to automatically discover video files and related information on complex, dynamic web pages - a task that has been notoriously challenging for existing conventional crawling technologies. Truveo's technology continuously crawls the most popular video content sites on the web in real-time to provide consumers with the most updated and relevant results that include breaking news, sports, and entertainment video. And, as a result of this unique approach, Truveo's video search engine includes a large selection of popular video that cannot be found in any other search engine - helping consumers to find the 'eureka' moment in their online video search experience every single time.

Once Truveo is integrated within AOL's existing, industry-leading search and video products in the coming months, AOL.com will deliver a single, comprehensive and robust video 'one-stop-shop' search experience that provides consumers with the access, functionality, premium assets, original content, and advanced search tools for unparalleled online video discovery.

The acquisition of Truveo by AOL complements and enhances the early leadership established by AOL in the video search engine arena, beginning with the purchase of Seattle-based Singingfish in November 2003, and continuing with the launch of AOL Video Search in June 2005.

AOL has made several additional announcements recently, expanding its compelling repertoire of consumer video and search offerings to include: the launch of its Video on Demand destination on AOL.com; the record-breaking global broadcast online of the "Live 8" concerts; an extensive library of over 20,000 original, premium video assets; high-quality video playback through the new "Hi-Q" video format; landmark content and original programming agreements - such as the Warner Bros. "In2TV" offering and the AOL-Telepictures new, on-demand entertainment news network - TMZ.com; and, AOL's exciting investment and partnership with Brightcove, a web video distribution pioneer.

"Consumers across the web have eagerly anticipated a video search engine that offers relevant, up-to-the-minute, premium video results," said Jonathan F. Miller, Chairman & CEO of America Online, Inc. "The addition of Truveo's video search technology, video assets, and experienced talent complements the overall video experience on AOL and takes it to new heights. Truveo is a hidden gem in the video marketplace, offering AOL members and users of AOL.com a vast, new array of tools and an extensive collection of updated, hard-to-find video assets. The Truveo acquisition takes AOL even farther down the path of being the premier destination on the internet for video and search."

Time Warner Inc. (NYSE: TWX)