POMPANO BEACH, FL – May 10, 2007 – Onstream Media Corporation ( OTC: ONSM), a leading online service provider of live and on-demand, digital media communications and applications, announced today that as a result of its recent four year California Multiple Award Schedule (CMAS) contract, it has been awarded contracts by the State’s Resources Agency and the State's Board of Equalization to provide turnkey media creation, encoding, webcasting and archiving services for each of those agencies. The State of California Resources Agency (CRA), which is engaged in restoring, protecting and managing the State's natural, historical and cultural resources, selected Onstream Media to produce and stream live and archived video and audio webcasts of meeting and workshop proceedings over a 20-month period for its Delta Vision Blue Ribbon Task Force, Delta Vision Stakeholder Coordination Group, California Bay-Delta Authority and Bay-Delta Public Advisory Committee, as well as other public meetings as necessary. The State of California Board of Equalization (BOE), which focuses on tax parity oversight, ensuring that county property tax assessment practices are equal and uniform throughout the State, awarded Onstream Media a service contract to provide full turnkey audio webcasts of Board and other meetings over a 15-month period. The meetings will be broadcast from the BOE's Sacramento Headquarters, as well as its offices in Culver City. Randy Selman, President and Chief Executive Officer of Onstream Media, stated, "These two prestigious contracts, which have a total revenue value of approximately $500,000, are a direct result of both Onstream’s status as a qualified CMAS vendor and the proven ability of our full featured webcast delivery platform to reliably provide a comprehensive set of services applicable to the BOE and CRA’s requirements. We look forward to continuing to expand our relationship with the State of California and are actively pursuing additional contractual relationships with other state agencies.” About Onstream Media: Onstream Media Corporation ( OTC: ONSM) is a leading online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content on the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user- generated content in combination with social networks and online video classifieds. Onstream Media also provides live and on-demand webcasting, webinars, web and audio conferencing services. Almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services. Onstream Media customers include: AOL, AAA, AXA Equitable Life Insurance Company, Dell, Disney, MGM, Deutsche Bank, Rodale, Inc., Televisa, 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. Media Relations 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. |