POMPANO BEACH, Fla. – May 24, 2007 – Onstream Media Corporation (OTC: ONSM), a leading online service provider of live and on-demand, digital media communications and applications, today announced it has signed an agreement to provide a full suite of digital media services to help power Bonnier Corporation’s new social networking and online community-building initiative for all of its leading magazine brands such as: Parenting, Babytalk, Popular Science, Field & Stream, Outdoor Life, SHOT Business, Yachting, Motor Boating, Salt Water Sportsman, SKI, Skiing, TransWorld SKATEboarding, TransWorld SNOWboarding, TransWorld SURF, TransWorld Motocross, TransWorld Ride BMX, QUAD: Off Road Magazine, TransWorld Business, Saveur, Spa, Islands, Destination Weddings & Honeymoons, Garden Design, Home Miami, Home Fort Lauderdale, Caribbean Travel & Life, Cruising World, Sailing World, Power Cruising, Florida Travel & Life, Resorts & Great Hotels, Boating Life, WaterSki, Sport Fishing, Sport Diver, Fly Fishing in Salt Waters, Kite Boarding, Marlin, Wind Surfing and Wake Boarding. Under the agreement, Onstream Media will leverage its industry-leading Digital Media Services Platform (DMSP) to provide turnkey, user generated video processing, storage, streaming and professional services for more than 40 Bonnier magazine brands that will be grouped by consumer interest into multiple social network sites. “As an early pioneer and constant innovator in the video publishing industry, it was not difficult for us to see how Onstream Media could immediately help us extend the value of our brands online,” said Mike Staley, online director for Bonnier Corporation. “Onstream Media’s advanced, user generated video technologies and their team’s commitment to a rapid deployment fit right in with our digital media strategy and business needs.” "Onstream Media continues to build momentum. The various leading digital media capabilities and technology we’ve developed over the years and continue to develop today is paving the way for future growth for many companies like Bonnier Corporation. It’s incredibly satisfying to know we’re not just another piece of technology, but a true business partner and growth driver for many organizations moving forward,” said Randy Selman, president and chief executive officer, Onstream Media. “We’re excited to be working with a recognized industry leader in Bonnier and look forward to delivering a best-in-class solution that will enable Bonnier to continue to meet their short- and long-term business goals.” About Bonnier Corporation: Bonnier Corporation (http://www.bonniercorp.com) is one of the largest consumer-publishing groups in America and the leading media company serving passionate, highly engaged audiences through more than 40 special-interest magazines and related multimedia projects and events. 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, Bonnier Corporation, Dell, Deutsche Bank, Disney, NHL, MGM, PR Newswire, Rodale, Inc., Televisa, Thomson Financial/CCBN, 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. |