Onstream Media Corporation Secures $750,000 Equipment Financing
New Financing Replenishes Cash
POMPANO BEACH, FL – October 11, 2005 – Onstream Media Corporation ( OTC: ONSM), a leading online service provider of live and on-demand, rich media communications, today announced that it has completed an agreement for equipment financing in the amount of $750,000. The financing is collateralized by hardware and software recently purchased by the Company for the continued build-out, enhancement and implementation of the next phase of its Digital Media Services Platform (DMSP). The financing was provided in the form of a five-year note, with 10.85% annual interest. At the Company’s option, and with the approval of certain shareholders, both interest and principal may be paid in the form of mutually agreed upon company securities. “We are pleased to have secured this new financing, which serves to replenish cash that the Company recently spent to make the equipment purchases,” said Randy Selman, president and chief executive officer of Onstream Media. “The recently added hardware and software are integral to our ongoing efforts to further extend the functionality of our DMSP to meet the demands of Fortune 1,000 companies and smaller corporate communications groups.”
About Onstream Media Corporation
Founded in 1993, Onstream Media ( OTC: ONSM) is a leading online service provider of live and on-demand, rich media communications via the Onstream Digital Media Services Platform. Specializing in audio and video corporate communications, Onstream Media's pioneering ASP digital media services technology provides the necessary tools for webcasting, web conferencing, digital asset management and content publishing services focused on increasing productivity and revenues for any organization in an affordable and highly secure environment. 78% of the Fortune 100 CEOs and CFOs have used Onstream Media’s webcasting services for investor relations announcements.
Onstream Media customers include: AOL, AAA, Disney, MGM, Deutsche Bank, Thomson Financial/CCBN and PR Newswire.
For more information, visit the Onstream website at http://www.onstreammedia.com or call 954-917-6655.
Barry A. Rothman
Onstream Media Corporation
Equity Performance Group
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.