Raystream Inc. Announces Company Restructuring
October 04 2011 - 5:26PM
Business Wire
Raystream Inc. (OTCBB: RAYS), formerly known as Interdom
Corp., announced today that the company has changed its name and
trading symbol to reflect the company’s new focus on providing HD
online video services to other businesses. Raystream recently
acquired Raystream Gmbh, a German company that developed a
proprietary video-compression technology that can reduce the
bandwidth required to stream HD video online by up to 70
percent.
Raystream recently filed its quarterly report for the quarter
ended July 31, 2011 with the Securities and Exchange Commission
(SEC), reporting total assets of $1,975,183, which included total
cash of $1,969,350. This cash was injected into Raystream by a
recent third party investment (disclosed on Raystream’s Form 8-K
filed with the SEC on July 21, 2011).
Additionally, as disclosed on Raystream’s Form 8-K filed with
the SEC on September 23, 2011, the debenture holder chose to
convert a $2,000,000 debenture that it held with Raystream, thus
reducing Raystream’s total liabilities by this amount, leaving
Raystream with minimal liabilities and a very strong balance
sheet.
“This is a very exciting time for our company,” said Brian
Petersen, Raystream’s President and CEO. “We are in an extremely
positive cash position. The recent restructuring allows us to bring
our video compression technology to market and to begin to earn
revenues, adding value to our company, and our shareholders. Online
HD videos present an amazing market opportunity for businesses, but
bandwidth costs and limitations have been major obstacles in the
past. Raystream easily and instantly removes those barriers. This
translates into substantial savings in bandwidth cost for
businesses, and a vastly improved experience for the viewer. Our
disruptive technology could forever alter the way business is done
online.”
Additionally, as of September 28, 2011, Raystream had a total of
49,975,000 common shares issued and outstanding, including a public
float of 24,975,000 common shares. Currently Raystream has four
offices in Reno, Dallas, Orlando and Germany.
About Raystream:
Raystream Inc. is bringing its proprietary video compression
technology to businesses and consumers worldwide. This technology
drastically decreases bandwidth costs by reducing the file size of
HD videos up to 70 percent, so they can be streamed online without
buffering or stopping, with no decrease in video quality or
clarity. Raystream’s technology puts high definition video in the
reach of nearly every Internet user on the globe.
Raystream is a public company quoted on the OTC BB under the
symbol RAYS. For more information please visit us at
www.raystream.com.
Forward-Looking Statements:
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements. Actual results may differ materially from those
described in forward-looking statements and are subject to risks
and uncertainties. See Raystream Inc.'s filings with the Securities
and Exchange Commission which identify specific factors that may
cause actual results or events to differ materially from those
described in the forward-looking statements.
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