Attached files
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8-K - Onstream Media CORP | v209394_8k.htm |
Exhibit
99.1
Media
Relations:
|
Investor
Relations:
|
Chris
Faust
|
Alon
Kutai
|
FastLane
Communications
|
ProActive
Newsroom
|
973-582-3498
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212-828-7373
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cfaust@fast-lane.net
|
Akutai@proactivecrg.com
|
FOR
IMMEDIATE RELEASE:
Onstream
Media Regains NASDAQ Compliance With Respect to
Minimum
Bid Price
POMPANO BEACH, FL, January 28, 2011
- Onstream Media Corporation (NASDAQ:ONSM), a leading online service
provider of live and on-demand Internet broadcasting, corporate web
communications and virtual marketplace technology, announced that it received a
letter today from The NASDAQ Stock Market (“NASDAQ”), stating that Onstream is
now in compliance with Listing Rule 5550 (a)(2)(a). We were considered compliant
as a result of our common stock closing at a bid price of $1.00 per share or
more for the ten consecutive business days ended January 27, 2011.
Compliance
with this minimum bid price and other NASDAQ Listing Rules is necessary in order
to be eligible for continued listing on The NASDAQ Capital Market. Onstream does
not currently comply with NASDAQ Listing Rule 5605 (c) (2) (A). This rule
provides that the audit committee of a NASDAQ-listed company have at least three
members, each of whom is independent and meets certain other specified criteria.
On June 14, 2010, the Company was notified that Mr. Robert J. Wussler, a
director and a member of its audit committee, had passed away on June 5, 2010.
He has not at the present time been replaced on the audit committee, which
currently has two independent members. In accordance with Listing Rule 5605 (c)
(4) (B), NASDAQ has provided the Company with a “cure period” until the earlier
of its next annual shareholders’ meeting or June 5, 2011 to regain compliance.
Until that time, the Company’s shares will continue to be listed on The NASDAQ
Capital Market.
Randy
Selman, Onstream’s President and CEO, stated, “As we announced at the time of
Mr. Wussler’s passing, we have already taken the necessary steps to comply with
NASDAQ’s requirement for an independent majority on our Board of Directors. We
are in the process of evaluating independent candidates to fill the vacancy on
the Board as well as on the audit committee. We will make that selection as soon
as possible, but in any event, the Company expects to be in compliance with the
NASDAQ Listing Rules within the cure period.”
About
Onstream Media:
Onstream
Media Corporation (Nasdaq: ONSM) is a leading online service provider of live
and on-demand Internet broadcasting, corporate web communications and virtual
marketplace technology. Onstream Media's innovative Digital Media Services
Platform (DMSP) provides customers with cost effective tools for encoding, managing,
indexing, and publishing content via the Internet. The company’s MarketPlace365™
solution enables publishers, associations, tradeshow promoters and entrepreneurs
to rapidly and cost effectively self-deploy their own profitable, online virtual
marketplaces. In addition, Onstream Media provides live and on-demand webcasting, webinars, web and
audio conferencing
services. To date, almost half of the Fortune 1000 companies and 78% of
the Fortune 100 CEOs and CFOs have used Onstream Media's services. Select
Onstream Media customers include: AAA, Dell, Disney, Georgetown University,
National Press Club, PR Newswire, Shareholder.com (NASDAQ), Sony Pictures and
the U.S. Government. Onstream Media's strategic relationships include Akamai,
Adobe, BT Conferencing, Qwest and Trade Show News Network (TSNN). For more
information, visit Onstream Media at www.onstreammedia.com
or call 954-917-6655.
99.1-1
Cautionary
Note Regarding Forward Looking Statements
Certain
statements in this document and elsewhere by Onstream Media are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such information includes, without limitation, the business outlook,
assessment of market conditions, anticipated financial and operating results,
strategies, future plans, contingencies and contemplated transactions of the
company. Such forward-looking statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties and other
factors which may cause or contribute to actual results of company operations,
or the performance or achievements of the company or industry results, to differ
materially from those expressed, or implied by the forward-looking statements.
In addition to any such risks, uncertainties and other factors discussed
elsewhere herein, risks, uncertainties and other factors that could cause or
contribute to actual results differing materially from those expressed or
implied for the forward-looking statements include, but are not limited to
fluctuations in demand; changes to economic growth in the U.S. economy;
government policies and regulations, including, but not limited to those
affecting the Internet. Onstream Media undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise. Actual results, performance or achievements could
differ materially from those anticipated in such forward-looking statements as a
result of certain factors, including those set forth in Onstream Media
Corporation's filings with the Securities and Exchange Commission.
99.1-2