Dec, 2001 : Sensar Signs Letter of Intent With VitalStream
📅 - Sensar Corporation (sensar.com) announced yesterday that ithas signed a Letter of Intent regarding a proposed merger with VitalStream,Inc. (vitalstream.com -> inap.com), a digital broadcasting company. The new company will retain the name VitalStream and be headquartered in Irvine, California.
The terms of the Letter of Intent, remain subject to further due diligenceby both parties, expected to be completed within 30 days.
VitalStream is a provider of products and services that enable the digitalbroadcast of audio and video content and other communications via theInternet. VitalStream provides audio and video streaming, Web conferencing,advanced media hosting, payment processing and consulting services.VitalStream will continue its efforts in the Webcasting and streaming mediamarketplace.
Additional investment will also be made in MediaConsole, a Web-basedapplication that enables VitalStream customers to control all aspects oftheir digital broadcasting efforts.
"VitalStream has an experienced and proven management team, an array ofproducts and services which are gaining rapid market acceptance and a clientlist including several Fortune 100 companies," said Steven Strasser, CEO ofSensar. "We believe that VitalStream will continue to attract premiumclients and, that with the additional resources made available as a resultof the proposed merger, that this trend will only accelerate."
Sensar currently has outstanding approximately 6.6 million shares of commonstock and 1.2 million options and other rights to purchase common stock.Sensar's outstanding shares of common stock are traded on theover-the-counter market under the symbol "SCII."
Under the Letter of Intent, it is proposed that the shareholders, optionholders and other rightholders of VitalStream receive in the merger anaggregate of 25,150,000 shares of Sensar common stock in exchange for theirshares of VitalStream stock and other rights. In addition, participatingbrokers and consultants are expected to receive an aggregate of 850,000shares of Sensar common stock and an aggregate of 2,850,000 options topurchase Sensar common stock in connection with the merger.
The terms of the Letter of Intent, remain subject to further due diligenceby both parties, expected to be completed within 30 days.
VitalStream is a provider of products and services that enable the digitalbroadcast of audio and video content and other communications via theInternet. VitalStream provides audio and video streaming, Web conferencing,advanced media hosting, payment processing and consulting services.VitalStream will continue its efforts in the Webcasting and streaming mediamarketplace.
Additional investment will also be made in MediaConsole, a Web-basedapplication that enables VitalStream customers to control all aspects oftheir digital broadcasting efforts.
"VitalStream has an experienced and proven management team, an array ofproducts and services which are gaining rapid market acceptance and a clientlist including several Fortune 100 companies," said Steven Strasser, CEO ofSensar. "We believe that VitalStream will continue to attract premiumclients and, that with the additional resources made available as a resultof the proposed merger, that this trend will only accelerate."
Sensar currently has outstanding approximately 6.6 million shares of commonstock and 1.2 million options and other rights to purchase common stock.Sensar's outstanding shares of common stock are traded on theover-the-counter market under the symbol "SCII."
Under the Letter of Intent, it is proposed that the shareholders, optionholders and other rightholders of VitalStream receive in the merger anaggregate of 25,150,000 shares of Sensar common stock in exchange for theirshares of VitalStream stock and other rights. In addition, participatingbrokers and consultants are expected to receive an aggregate of 850,000shares of Sensar common stock and an aggregate of 2,850,000 options topurchase Sensar common stock in connection with the merger.
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Company: vitalstream.com [vitalstream.com -> inap.com]
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