Onstream Media Completes Acquisition of Auction Video
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POMPANO BEACH, Fla., March 28 / -- Onstream Media Corporation (NASDAQ:ONSM), a leading online service provider of live and on- demand, digital media communications and applications, announced today that it has completed the acquisition of the assets, technology and patents pending of privately owned Auction Video, Inc., a Utah corporation and Auction Video Japan, Inc., a Tokyo-Japan corporation.
Auction Video is a developer of web based, user-generated content applications that are used in social networks, video classified advertisements, online auctions and other Web 2.0 applications. Onstream Media previously announced that it had signed a purchase agreement to acquire the assets of Auction Video in a press release dated March 6, 2007. The specific terms of the transaction can be found in the Company's Form 8-K filed with the SEC on March 12, 2007 and available at http://www.sec.gov/.
About Onstream Media:
Onstream Media Corporation (NASDAQ:ONSM) is a leading online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content on the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user-generated content in combination with social networks and online video classifieds. Onstream Media also provides live and on-demand webcasting, webinars, web and audio conferencing services. Almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services.
Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Dell, Disney, MGM, Deutsche Bank, Rodale, Inc., Televisa, Thomson Financial/CCBN, PR Newswire and the U.S. Government. For more information, visit Onstream Media at www.onstreammedia.com or call 954-917-6655.
At the Company:
Barry A. Rothman
Onstream Media Corporation
954-917-6655
brothman@onstreammedia.com
Media Relations:
Beth Amorosi
FastLane Communications
917-208-7489
bamorosi@fast-lane.net
Investor Relations:
Gary Geraci
Equity Performance Group
617-723-2373
gary@equityperfgp.com
Source: Onstream Media Corporation
Web site: www.onstreammedia.com/
