UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 30, 2000
Date of Report (Date of earliest event reported)
Streamedia Communications, Inc.
(Exact name of registrant as specified in its charter)
Delaware 22-3622272
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
244 West 54th Street, New York 10019
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(Address of principal executive offices) (Zip Code)
(212) 445-1700
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Registrant's telephone number, including area code
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(Former name or former address, if changed
since last report.)
<PAGE>
Item 5. Other Events.
Streamedia.Net Shareholders Approve Issuance of to Approximately 3.3 Million
Additional Shares of Common Stock
New York, NY - October 27, 2000 - Streamedia.Net(TM) (NASDAQ: SMIL - news, SMILW
- news; BOS: STA, STAW), a dynamic streaming media services company and global
Internet broadcaster of rich media content, announced today that its
shareholders approved the issuance of up to approximately 3.3 million shares of
common stock in connection with a private placement.
The securities will be offered pursuant to Regulation 506. In August,
Streamedia.Net closed the first installment of this financing, at which time
$1.2 million in additional capital was raised and 1 million shares issued. The
second part of this financing could yield up to an additional $1.8 million. The
capital raised from this transaction will be used for working capital, capital
equipment, sales, marketing and promotion, acquisition expenses and commissions
and, depending on the final amount of capital raised, acquisitions.
"This is a very important step in Streamedia's growth plans," stated Henry
Siegel, president and interim CEO of Streamedia.Net. "The capital raised in this
offering is necessary to expand the company's revenue producing capacity."
"We believe that we will be able to add to our design, development, and
delivery staff, and continue to develop our proprietary business-to-business
application service solutions with the capital raised in this offering," says
Gayle Essary, chairman of Streamedia.Net.
About Streamedia.Net
Streamedia.Net(TM) (www.streamedia.net) is a dynamic streaming media services
company that redefines how businesses communicate utilizing the power of the
Internet and streaming media. As part of our overall streaming solution, we
conceptualize and design our client's IT infrastructure to optimize their
streaming strategy as well as provide web design, application development,
third-party technology integration, encoding and hosting services. Additionally,
the recent acquisition of the celebrated Bijou Cafe (www.bijoucafe.com), touted
as a world-class showcase for independent films and works of cult interest, has
advanced Streamedia.Net's presence in the critical online, and offline, film
distribution industry.
Certain statements contained herein are "forward-looking" statements (as such
term is defined in the Private Securities Reform Act of 1995). Because such
statements include risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include continued
acceptance of the Company's products in the marketplace, the timing of
significant orders, delays in the Company's ability to develop or ship new
products, market acceptance of new products, competitive factors, general
economic conditions, currency fluctuations, and other risks detailed in the
Company's registration statements and periodic reports filed with the Securities
and Exchange Commission.
By making these forward-looking statements, the Company undertakes no obligation
to update these statements for revisions or changes after the date of this
release.
The securities that are the subject of this press release have not been
registered and may not be offered or sold in the U.S. absent registration or an
applicable exemption from registration.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 30, 2000
Streamedia Communications, Inc.
/s/ HENRY SIEGEL
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Henry Siegel
Interim President and CEO
