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Onstream Media Coporation announces that it has retained Wolfe Axelrod Weinberger Associates as its investor relations agency

POMPANO BEACH, FL – August 8, 2012 - Onstream Media Corporation (OTC: ONSM), a leading online service provider of live and on-demand internet broadcasting, corporate web communications and virtual marketplace technology, today announced that it has retained Wolfe Axelrod Weinberger Associates, LLC, as its investor relations agency to communicate Onstream's strategic goals and business developments to the investment community.

Mr. Randy Selman, CEO of Onstream Media, stated, "Onstream was seeking an established highly regarded IR agency with broad exposure to microcap investors that understood the value proposition that Onstream represented. After a considerable search and evaluation, we are highly confident that Wolfe Axelrod Weinberger Associates is the right firm to assist us in communicating our investment potential to investors."

Mr. Stephen D. Axelrod, CFA, Managing Member of Wolfe Axelrod Weinberger Associates, noted, "We are extremely pleased to have been selected to assist Onstream Media in communicating its investment opportunity to investors. It is our goal to educate the market as to Onstream Media's leadership role in the emerging virtual event industry. In our opinion, the growth and earnings potential for Onstream has been masked by market uncertainties that have impacted the market in general and more specifically, microcaps."

About Onstream Media:

Onstream Media Corporation ( OTC: ONSM), is a leading online service provider of live and on-demand corporate audio and web communications, virtual event technology, and social media marketing. 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 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, BT Conferencing, and Trade Show News Network (TSNN). For more information, visit Onstream Media at http://www.onstreammedia.com or call 954-917-6655.

Onstream Media Corporation
Randy S. Selman, CEO
(954) 917-6655

Wolfe Axelrod Weinberger Associates, LLC
Stephen D. Axelrod, CFA/Adam Lowensteiner
(212) 370-4500, (212) 370-4505
steve@wolfeaxelrod.com, adam@wolfeaxelrod.com