RAYS .22 50M OS 23 FLOAT DOWN 50% NOBRAINER IMHO EASY TRIPLE THEIR UNIQUE TECHNOLOGY FOR VIDEO COMPRESSION MAY BE UTILIZED IN SMARTHPHONE & OTHER ADVANCED DEVICES
RAYS .22 RECEIVED SIGNIFICANT FINANCING, WAY OVERSOLD!!!
Raystream™ Announces Sale of up to $1.58 Million of 5% Convertible Promissory Notes to JMJ Financial
On March 21, Raystream Inc. (OTC BB: RAYS), a global HD video compression services company, entered into various financing documents with JMJ Financial, providing for the sale, by the Company, of up to $1.58 million of 5% convertible promissory notes, as well as warrants issuable prorated on the amounts actually funded to the Company.
The Promissory Notes are due on March 21, 2015 and $400,000 has already been advanced to the Company. In addition, the Financing Documents include customary representations, warranties and covenants, and grants a security interest in favor of JMJ Financial over the Company’s assets. The Promissory Note can be converted, at the holder’s option, into the Company’s common stock at the lesser of $0.40 or 70% of the lowest trade price in the 20 trading days prior to the effective date of the conversion.
“We are thrilled by this vote of confidence by JMJ Financial, as it demonstrates the incredible potential of Raystream and our HD video compression services,” said Raystream CEO Brian Petersen. “This financial arrangement will assist Raystream in further developing its products and services, and bringing much-needed HD video compression solutions to the marketplace.”
Raystream offers custom-designed HD video compression solutions designed for video-on-demand, for live streaming, and for full HD 3D videos, allowing users to view the compressed video on 3D video-enabled devices.
About Raystream
Raystream Inc. is bringing its video compression services to businesses that stream High Definition (HD) video online. Raystream’s technology drastically decreases bandwidth and data storage costs by reducing the file size of HD videos up to 90 percent, with an average of approximately 70 percent -- with no significant loss in HD clarity or quality. Click here to see the future of online video.
Raystream is a public company quoted on the OTC BB under the symbol RAYS. For more information, please visit us at www.raystream.com.
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.
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Source: Business Wire (April 4, 2012 - 8:00 AM EDT)
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