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Video signatures are compact representations of video sequences designed for efficient similarity measurement. In this paper, we propose a feature extraction technique to support fast similarity search on large databases of video signatures. Our proposed technique transforms the high dimensional video signatures into low dimensional vectors where similarity search can be efficiently performed. We exploit both the upper and lower bounds of the triangle inequalities in approximating the high-dimensional metric, and combine this approximation with the classical PCA to achieve the target dimension. Experimental results on a large set of Web video sequences show that our technique outperforms fastmap, Haar wavelet, PCA, and triangle-inequality pruning.