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 90 percent, with an average of approximately 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 30, 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 15 employees in four offices, which are located in Reno, Dallas, Orlando and Germany.
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.
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 30, 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 15 employees in four offices, which are located in Reno, Dallas, Orlando and Germany.
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.
