Narrowstep Inc. (NRWS)

[Rckhnd]

Be careful, they got slammed by a business partner.
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http://ih.advfn.com/p.php?pid=nmona&cb=1238388278&article=37008700&symbol=NB^NRWS

As disclosed in various previous filings with the Securities and Exchange Commission (“SEC’), including our Form 10-Q for the period ended November 30, 2008 and filed with the SEC on January 14, 2009, Onstream Media Corporation, a Florida corporation (“Onstream”) and Onstream Merger Corp., a newly formed Delaware corporation and a wholly owned subsidiary of Onstream (“Merger Sub”) had entered into an Agreement and Plan of Merger (the “Definitive Agreement”) with Narrowstep Inc., a Delaware corporation (“Narrowstep”) and W. Austin Lewis IV, as stockholder representative (for the Narrowstep stockholders), dated as of May 29, 2008 and which Definitive Agreement was subsequently amended on August 13, 2008 and September 15, 2008.


On March 18, 2009, based on a provision in the Definitive Agreement, Onstream terminated the Definitive Agreement and the acquisition of Narrowstep, Inc. Since the Effective Time, as defined in the Definitive Agreement (as amended), did not occur on or prior to November 30, 2008, the terms of the Definitive Agreement allowed that it might be terminated by either Onstream or Narrowstep at any time after such date under certain circumstances. Narrowstep is reviewing is rights and remedies under the Definitive Agreement and applicable law.
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