POMPANO BEACH, Fla., Feb. 15 -- Onstream Media Corporation (OTC: ONSM - News), a leading online service provider of live and on- demand, digital media communications and applications, announced today it has been awarded a four year California Multiple Award Schedule (CMAS) contract for the Company's web-based communications services. The contract provides a purchase allowance for California State and local government agencies to directly procure the Company's turnkey media creation, encoding, webcasting and archiving services in a secure environment and affordable manner. Onstream Media's first successful initiative with the State of California is being conducted on behalf of the State's Board of Equalization (BOE). The BOE focuses on tax parity oversight, ensuring that county property tax assessment practices are equal and uniform throughout the state. Currently the tax programs administered by the Board are concentrated in four general areas: sales and use taxes, property taxes, special taxes and the tax appellate program. Onstream Media is providing live webcasts that are broadcast from the BOE's Sacramento Board Room, providing interested parties access to the State Meetings. To date, Onstream has completed 8 webcasts on behalf of the BOE, with the next webcast scheduled for February 22, 2007. "This multiple award schedule with California is particularly exciting given our long-standing presence in San Francisco, which includes the primary operations of our Digital Asset Management Group," said Randy Selman, President and CEO of Onstream Media. "As importantly, this contract is yet another addition to our growing list of ongoing public-interest projects, which now include webcasts with the Department of Energy, the Transportation and Safety Administration, the Veterans Association, the National Oceanic and Atmospheric Association, the Department of State and various presidential campaigns." About Onstream Media: Founded in 1993, Onstream Media Corporation ( OTC: ONSM - News) is a leading online service provider of live and on-demand, digital media communications and applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides its customers with the necessary tools for webcasting, web conferencing and webinars as well as managing digital assets, publishing content on the Internet in various files and formats and establishing e- commerce storefronts to transact business online. All of Onstream Media's services are focused on increasing productivity and revenues, and reducing capital expenditures and operational costs for any organization in an affordable and highly secure environment. As a result, 78% of the Fortune 100 CEOs and CFOs and almost half of the Fortune 1000 companies have used Onstream Media's services. Select Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Discovery Education, Disney, MGM, Deutsche Bank, Rodale, Inc., Thomson Financial/CCBN, PR Newswire and the U.S. Government. For more information, visit Onstream Media at http://www.onstreammedia.com or call 954-917-6655. At the Company: 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. |