Narrowstep Inc. Approved for Quotation on the OTC Bulletin Board
August 08 2005 - 6:16PM
PR Newswire (US)
Stock Will Trade as 'NRWS'; Trading Restrictions Explained LONDON,
Aug. 8 /PRNewswire-FirstCall/ -- Narrowstep(TM) Inc., the TV on the
Internet Company, announced that shares of its common stock have
been approved for quotation on the Over-the-counter Bulletin Board
in the United States and will be quoted under the ticker symbol
"NRWS." Narrowstep CEO Iolo Jones commented, "We believe that this
is a step forward in improving the liquidity of our shares, and a
notable event for Narrowstep shareholders and that quotation of our
stock on the Bulletin Board will expose our company to more
investors in the US financial community." Narrowstep's latest
quarterly report on Form 10-QSB was filed with the Securities and
Exchange Commission (SEC) on July 14, 2005, and covers the quarter
ended May 31, 2005, which is the first quarter of Narrowstep's
fiscal year ending February 28, 2006. Its special financial report
on Form 10-KSB was filed on July 12, 2005. These and other reports
are available at http://www.sec.gov/. For the quarter ended May 31,
2005, Narrowstep reported revenue of $392,251 vs revenue of
$339,123 for the same period of the prior year. Narrowstep reported
a loss for the period of $1.2 million or $0.04 loss per share, vs a
loss of $1.2 million or $0.04 loss per share for the same period of
the previous year. For the year ended February 28, 2005, Narrowstep
reported revenue of $1,375,613 vs revenue of $520,760 for the prior
year. Narrowstep reported a loss for the year ended February 28,
2005, of $4.6 million or $0.16 loss per share, vs a loss of $3.2
million or $0.17 loss per share for the prior year. Narrowstep
cautions investors that sales may not be effected at this time
under its Registration Statement on Form SB-2 (File No. 333-108632)
because the Registration Statement must first be amended to update
certain information contained therein, including to reflect the
financial information summarized above. That amendment will be
required to be declared effective by the SEC before the
Registration Statement may be used. Narrowstep expects that the
Registration Statement will become available for sales before the
end of September. Narrowstep advises stockholders that Rule 144
promulgated under the Securities Act of 1933, as amended, may
enable certain stockholders to sell some or all of their shares in
the open market without using the Registration Statement to effect
those sales. Under Rule 144, stockholders who have held their
shares for more than one year may effect sales under that Rule,
subject to certain information requirements and volume and manner
of sale restrictions. Stockholders who have held their shares for
more than two years and who are not "affiliates" of Narrowstep and
have not been affiliates of Narrowstep for at least three months
may freely resell their shares without restriction under Rule
144(k). Any sales must be made in accordance with applicable state
securities laws. STOCKHOLDERS SHOULD DISCUSS WITH THEIR BROKERS OR
OTHER FINANCIAL ADVISORS THE RESTRICTIONS ON TRANSFER OF NARROWSTEP
SHARES THAT MAY APPLY TO THEM IN THEIR PARTICULAR CIRCUMSTANCES.
About Narrowstep Inc. Narrowstep Inc. (OTC:NRWS) (BULLETIN BOARD:
NRWS) is a leading provider of internet-based video content
delivery. Narrowstep's product and service offerings enable
customers to distribute channels of video-based content and provide
related services over the internet. The Narrowstep system, TV
Station in a Box(TM), enables comprehensive delivery of video
content and television-like programming to mobile, wireless,
internet, broadband and broadcast services. The Narrowstep system
enables owners and users of video content to reach audiences by
"narrowcasting" -- targeting delivery of specific content to
interested groups. Based in London, England, Narrowstep provides
services to clients in the United Kingdom, the United States, and
various other countries throughout the world, including Japan,
Germany, Sweden and the Netherlands. To learn more, visit
http://www.narrowstep.com/. Forward-Looking Statement Certain
statements in this news release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
or unknown risks, including those detailed in the Company's filings
with the Securities and Exchange Commission, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Contact: Allen
& Caron (investors) Narrowstep Inc. Joseph Allen Andria Allan,
Director of PR 212 691 8087 +44 7810 283098 DATASOURCE: Narrowstep
Inc. CONTACT: Investors, Joseph Allen of Allen & Caron,
+1-212-691-8087, , for Narrowstep Inc.; or Andria Allan, Director
of PR of Narrowstep Inc., +44 7810 283098, Web site:
http://www.narrowstep.com/
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