July 17, 2008, 12:00 AM

Onstream Media agrees to acquire provider of Internet protocol TV services

Onstream Media Corp., an online service provider of live and on-demand Internet video, has signed a definitive agreement to acquire Narrowstep Inc., a provider of Internet TV and Internet Protocol TV services.

Onstream Media Corp., an online service provider of live and on-demand Internet video has signed a definitive agreement to acquire Narrowstep Inc., a provider of Internet TV and Internet Protocol TV services. The acquisition is expected to close by fall.

Under the agreement, Narrowstep shareholders will receive 11.1 million shares of Onstream Media common stock, plus the opportunity to earn up to an additional 8.9 million Onstream Media shares if Narrowstep’s business achieves substantial revenue growth targets during the 18 months following acquisition.

Narrowstep’s technology recreates a television-like experience on a desktop computer screen or through a television, and can be integrated with new set top boxes and other IPTV technologies. The combination of Narrowstep’s technology with Onstream’s Digital Media Services Platform is expected to create a comprehensive platform that can acquire, store, manage, process, protect, monetize and deliver digital broadcast quality video to TVs, computers, iPods, mobile phones and other devices.

“Since the founding of Onstream media, our strategic direction has been predicated on capitalizing on the integration of video-on-the-web and broadcast television, making web-based programming indistinguishable from over-the-air, cable or satellite-originated programming,” says Randy Selman, president and CEO. “With the addition of Narrowstep, we now have a full suite of enabling technologies to address this emerging market requirement.”

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