Onstream Media Corporation
ONSM, a leading online service provider of live and on-demand
corporate audio and web communications, virtual event technology, and social
media marketing, today announced that its Board of Directors has voluntarily
decided to move the listing of its common stock from The NASDAQ Capital Market
("NASDAQ") to OTC Markets' OTCQB marketplace ("OTCQB"). Onstream Media expects
that its stock will begin trading on the OTCQB under its ticker symbol "ONSM"
effective October 22, 2012. As of that date, investors and other interested
parties will be able to view the Real Time Level II stock quotes for ONSM at
http://www.otcmarkets.com.
"We believe that our decision to move to the OTCQB is in no way an adverse
reflection of the financial stability or viability of the Company," stated
Randy Selman, President and CEO of Onstream Media. "We carefully evaluated our
options to maintain our listing on NASDAQ, including whether or not to
implement a reverse split to satisfy the $1.00 per share minimum bid price
requirement, and concluded that it was not in the best interest of our
shareholders. We believe the transition to the OTCQB will be relatively
seamless and will continue to provide existing and new shareholders a quality
marketplace to trade our stock."
Mr. Selman continued, "Our revenues and operating cash flow for the most
recently reported quarter represented Company records. Looking forward to
FY2013, we expect continued record revenue and cash flow as a result of
expanding sales into new markets for our new and existing products and
services."
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