ActionScript 2.0 :: Multiple MovieClips - Loading Text From External File

I have to modify an existing flash 8 movie (not created by me) which uses as2, and is composed of multiple movieclips. One such movieclip holds a textbox (static) which however needs to be updated frequently to show latest news, and because of this now I have to make this movieclip's textbox to read texts from an external file instead, a text file to be precise. How to proceed with this in Flash 8 AS2, whether I need to create a new layer for the as code or add it directly to the movieclip's layer, and also the as 2 code itself, as I tried the following but it is returning an error that cannot load the text file, I also change the textbox from static to dynamic and gave it an instance name Text1 (I once tried something like this in flash cs4 and it worked fine, but in flash 8 its not working.

Code:
var timeStamp:String = "&timeStamp=" + new Date().getTime();
var noCacheUrl:String = "?noCache=" + Math.random() + timeStamp;
var myLVars = new LoadVars();
myLVars.onLoad = function(success) {
if (success){
_root.mcNews.Text1.text = this.VarEn;
}}
myLVars.load("News_En.txt"+noCacheUrl);