EXHIBIT 99.1

                                  PRESS RELEASE


                                  See attached.







        FOR IMMEDIATE RELEASE
        INVESTOR CONTACT:            INVESTOR CONTACT:
        Peggy Jo Toth                Todd A. Fromer           MEDIA CONTACT:
        248-644-0500 ext. 42873      KCSA                     Kerri Budde
        vsih@vsi-hq.com              212-682-6300             248-554-6532
                                     tfromer@kcsa.com         kbudde@vsi-hq.com



      VSI Holdings, Inc. Reports Action in Its Suit Against SPX Corporation

                  Court Sets Time-table for Process and Hearing

BLOOMFIELD HILLS, MICHIGAN, JANUARY 17, 2001 -- VSI Holdings, Inc. (AMEX:VIS)
today announced it has been advised of scheduled hearings for its class-action
lawsuit against SPX Corporation (NYSE:SPW) and its Directors.

         VSIH filed the lawsuit on September 21, 2001 in Oakland County Michigan
circuit court. The class-action suit, filed on its own behalf and on behalf of a
plaintiff class consisting of approximately 1,600 shareholders and options
holders of the Company, alleges that SPX failed to perform its obligations under
the merger agreement of March 24, 2001. The Company suit requests the court to
require SPX to complete the $197 million merger acquisition of VSIH or award the
Company and the plaintiff class damages.

         SPX filed an answer denying VSIH's allegations and a counterclaim
alleging breach of contract and seeking recovery damages including a termination
fee of approximately $9 million.

         Commenting on the counterclaims, Steve Toth Jr., Chairman and CEO of
VSIH said, "The Company asserts that the counter claim is without merit and that
SPX had no legal basis to terminate the Merger Agreement.

                                     (MORE)






"We intend to vigorously defend our position and our shareholders in the
upcoming proceedings. Furthermore, we will continue to focus on our business
objectives and the enhancement of shareholder value. To this end, we will
continue to pursue strategic alternatives for VSIH and have initiated
discussions with investment bankers that will help us identify opportunities
that meet our long-term goals."

ABOUT VSI HOLDINGS, INC.

         The VSI Networks provide customer relationship management services,
Internet/Intranet communications, education and training, and
edutainment/entertainment, through its networks and offers integrated marketing
services using a wide range of technology-driven alternatives.

         The spectrum of services of the Networks include concept development
through implementation of Web-based offerings including seamless CRM/e-commerce
integration, customer interaction center and back-end fulfillment; long-form
cable programming; interactive satellite-driven and Web-based education and
e-learning; integrated logistics and distribution; database management;
site-based marketing and touring events. Information about VSI Holdings is
available on their Web site at www.vsiholdings.com.

VSINETWORKS ... PEOPLE WHO GET IT!

         Certain statements in this press release included are forward looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as amended, and
are subject to the safe harbor created thereby. These statements involve a
number of risks, uncertainties, and other factors including potential changes in
market conditions that could cause actual results to differ materially. Please
refer to the Company's filings with the Securities and Exchange Commission for a
discussion of certain important factors that relate to forward looking
statements contained herein. Although the Company believes that the expectations
reflected in any such forward looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct.