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To: afrayem onigwecher who started this subject8/4/2004 2:24:29 PM
From: StockDung
   of 978
 
GAYLE ESSARY IN THE NEWS

Reuters
May 24, 2001

Web firm dispute reopens news hoax concerns
By Daniel Sorid

NEW YORK, May 24 (Reuters) - Business Wire, one of the largest distributors of corporate announcements, has been snagged by a bitter internal conflict at a tiny New York technology company in a dispute that rings of the press release hoax last year involving Emulex Corp.

On Monday, San Francisco-based Business Wire published a statement from Streamedia Communications Inc., whose stock is traded on the Nasdaq for just 23 cents, declaring the ``expiration'' of its chief executive's term and the return of its one-time chairman.

Business Wire published a second release on Wednesday from the company, a Web services provider, claiming the first release had been unauthorized and contained ``significant misrepresentations of important facts'' concerning Streamedia.

The first release was authorized by Streamedia's former chairman, Gayle Essary, and the second by the chief executive, Henry Siegel.

On March 12, Streamedia released a statement that said its board had terminated Essary as director and vice president of the company, effective March 9, ending his involvement with Streamedia.

Business Wire President Larry Lokey said it has now banned the company from its service until the power struggle between Essary and Siegel has been settled. It is also investigating the matter, Lokey said.

But the fact that two contradictory releases from the same source remain on the record has troubled some experts on the media.

``It sounds like there should have been a lot more security at that level,'' Sreenath Sreenivasan, a professor of new media at the Columbia University Graduate School of Journalism, said. ``You expect it to be true if it's on a press release.''

Meanwhile, Lokey said Business Wire has policies in place to keep illegitimate releases off its wire, but that it cannot, ultimately, be held responsible for the absolute veracity of each release.

``We provide the rough news,'' he said. ``The news media then receive it and then they verify it.''

But even a single false press release can have brutal consequences, as the Emulex scandal showed.

In August of last year, a 23-year-old college student staged one of the largest Internet financial hoaxes by issuing a false press release over Internet Wire, a minor player in the distribution of media releases.

The stock of Emulex, a technology company traded on the Nasdaq, tanked after the release was picked up by several news wires, and many investors took major losses as a result. The student, Mark Simeon Jakob, netted hundreds of thousands of dollars in profits.

The student pleaded guilty to manipulating the stock in December.

But the scandal led to questioning about the validity of the system of issuing press releases through third parties. News wire services and other media outlets rely on press releases as a major source of news, and investors regularly buy and sell stock based on a media release's statement.

In the Streamedia dispute, the Monday press release from the company stated that Essary ``has returned'' to facilitate an ongoing merger ``following the expiration of the term of Interim President/CEO Henry Siegel.'' That press release was written by Essary.

Siegel, who in a recent company filing to U.S. regulators was listed as the CEO, said Essary lacked any authority to speak for the company in a press release. Essary, in an interview, said he was authorized to issue the release.

Business Wire's Lokey summed it up this way: ``It's the 'he said, she said' type of thing. We are a middle man carrier.''

sree.net > quotes > Reuters on hoax

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To: afrayem onigwecher who started this subject8/4/2004 2:48:23 PM
From: StockDung
   of 978
 
Streamedia Co-Founders, Via Investment Entities and Trusts, Provide Financing
Business Wire, Jan 5, 2001

Business & High Tech Editors

NEW YORK--(BUSINESS WIRE)--January 5, 2001

Streamedia Communications, Inc. (TM) (NASDAQ: SMIL, SMILW; BOS: STA, STAW), New York (www.streamedia.net) and Los Angeles (www.bijoucafe.com), a U.S.-based streaming media services company and global broadband technology provider for rich media content, today announced that its co-founders, Gayle Essary, Chairman, and James D. Rupp, a Director, in concert with their respective investment companies, ESCO Capital Management Co., Austin, TX, and Web2Ventures, Ltd., Hasbrouk Heights, NJ, have sold 250,000 combined shares in order to provide the company with an interim round of financing.

The co-founders took this action to provide interim working capital for the company until additional filings can be completed. The broker was instructed to sell the shares after the markets had closed.

Neither Essary nor Rupp nor any of their related companies or entities will receive any of the proceeds of the sale, which are being passed on to the company interest free, according to Henry Siegel, President and CEO. "The company owes Mr. Essary and Mr. Rupp a debt of gratitude for stepping up to assist in this interim period." He said the company will issue new shares to the two co-founders to replace the shares sold.

Additional shares from the principals, as well as from the ESCO Trusts and their principals, may be similarly registered during the interim period. All such shares will be sold in a similar manner, and all proceeds from all shares utilized in this fashion will be provided directly to the company.

ABOUT STREAMEDIA:

Streamedia Communications, Inc. (TM) (NASDAQ: SMIL, SMILW; BOS: STA, STAW), located at www.streamedia.net, is a dynamic broadband services company that redefines how businesses communicate utilizing the power of the Internet and streaming media. As part of its overall streaming solution, Streamedia conceptualizes and designs its clients' IT infrastructure to optimize their streaming strategy as well as provide web design, application development, third-party technology integration, encoding and hosting services. The Company has recently signed a Letter of Intent to acquire a strategic interest in Nomad General Corp., A.G., Zurich (www.nomad.ch), with a warrant to acquire the entire company."

Additionally, the acquisition of the celebrated Bijou Cafe (www.bijoucafe.com), touted as a world-class showcase for independent films, has advanced Streamedia.Net's presence in the critical online, and offline, film distribution industry. The company has been referenced by U.S. Bancorp Piper Jaffray, whose analysts concluded that "streaming media is the next macro growth driver on the Internet ... the Internet of tomorrow (two to five years) will resemble television of today in terms of audio and video quality, while enabling users to control the media viewing experience." The research report is located at: gotoanalysts.com.

ABOUT ESCO CAPITAL:

ESCO Capital Management Company, Austin, Los Angeles and New York, (www.escocapital.com) is a private investment and management firm with diverse interests and a concentration on new media. The company participates either directly or via its principal or the ESCO Trusts. Todd Essary and Lisa Westfall, Austin, are Co-Managing Directors of the ESCO Trusts. Essary, the principal of ESCO, also serves as Chairman of the Board for Streamedia Communications, Inc. (www.streamedia.net), President of the non-profit Streaming Media Alliance, Inc. (www.streamingmedialliance.org) and Executive Chairman of Investrend Communications, Inc. (www.investrend.com). 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.

COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group

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To: afrayem onigwecher who started this subject8/4/2004 2:53:23 PM
From: StockDung
   of 978
 
HO HO HO L0LOL->"Gayle Essary, Investrend president, announced that John M. Dutton, professional securities analyst qualified in the PAR program, published his Quarterly Update PAR coverage of Starnet Communications (OTCBB: SNMM) on August 12, 1999. Mr. Dutton has reconfirmed his BUY recommendation. His 12 month price target is $30 - $35."

PAR Analyst Announces Investment Opinion On Starnet Communications
Business Wire, August 12, 1999

NEW YORK--(BUSINESS WIRE)--Aug. 12, 1999--

Public Analysis & Review (PAR) is the unique professional independent analyst program administered by the non-profit Investors Research Institute, Inc. PAR research is distributed by Investrend Research. Gayle Essary, Investrend president, announced that John M. Dutton, professional securities analyst qualified in the PAR program, published his Quarterly Update PAR coverage of Starnet Communications (OTCBB: SNMM) on August 12, 1999. Mr. Dutton has reconfirmed his BUY recommendation. His 12 month price target is $30 - $35. Mr. Dutton will continue to follow Starnet Communications and issue Quarterly Update Reports. Mr. Essary noted that Investrend Research will be releasing shortly the previously announced Quarterly Update of MedCare Technologies (NASDAQ:MCAR). Initial Research Reports were recently issued on Vasogen Inc. (OTCBB:VSOGF) and M&A West (OTCBB:MAWI).

A summary of the Starnet Communications report follows. The entire report including disclaimers can be downloaded from the Investrend Website at www.investrend.com/research/snmmupdate1.html.

Please read the disclaimers posted on the Investrend site before investing.

We reaffirm our strong BUY recommendation. The reasons for the continuation of this recommendation are as follows.

1. The stock price of SNMM is down over 50% since its recent high of $29. We believe this decline is the result of side bar events coupled with nervous investors. The stock is presently at attractive levels.

2. Management is on course in executing its business strategy to become the dominant factor in most major phases of internet gaming. A current market share of 35% - 40% of all internet gaming sites belong to Starnet and its licensees. Present estimates are that only 10% of potential internet gaming customers use the internet to gamble.

3. Like most highly successful internet companies, Starnet is a dominant factor in its industry in both marketing and technology. It endeavors to pick franchisees capable of aggressive marketing to build a customer base. It exchanges a low initial license fee for an average 25% of their net revenues as an on-going license fee. It becomes their partner. However, unlike most top Internet companies, Starnet has escalating earnings and EBITDA.

4. At current prices, the stock sells at a P/E of 28x current year EPS estimate of $.47, and 11.8x the $1.13 estimate for next year. In fiscal 2001 and 2002, SNMM should obtain the earnings benefits from the high margins flowing from a large licensee base. Given a reasonable market 12 months hence, we expect SNMM to trade at 30x - 40x the $1.13 fiscal 2000 forecast of EPS, supported by a valuation of 25x to 30x EBITDA.

We further note the following:

For the year ending April 30, 1999, sales increased $6.4 million to $9.8 million, of which gaming accounted for $6 million of the increase and on-line interactive (adult) the balance of $0.4 million. EBITDA (earnings before interest, taxes, depreciation and amortization) expanded $3.6 million to $3.4 million from a negative ($0.234) million in 1998. Sales of gaming licenses to new operators totaled 36 in 1999 and 1 in the initial year of 1998. Recognized revenues from initial license sales in 1999 were $1.6 million. Revenues from on-going license fees from the 15 operating licensees of 20 completed sites totaled $3.5 million. Starnet's own casino (World Gaming Services) and its transaction service fees (EFT credit card processing) contributed revenues of $1.1 million. Total gaming revenues were $6.2 million. There were no significant comparable revenues in 1998.

In May 1999, 11 new licenses were sold bringing the total sold to 47 as of June 1. As of 2000 Q1 end, we estimate there were 25 operating licensors. Management has stated that it believes approximately 3-4 new licenses can be sold monthly for fiscal 2000 and 2001. Our earnings model assumes lower franchisee additions. Revenues from on-going licensee fees are a majority of StarnetAEs gaming revenues. In the current 2000 fiscal year, we expect initial license fees of $4.7 million and reoccurring license fees of $33.1 million. Revenues from World Gaming and transaction service fees should exceed $2.0 million. Total gaming revenues should total $39.8 million.

Finally, SNMM shares should be accepted for listing on the NMS of NASDAQ within 60 days. This listing coupled with the absence of the adult segment whose sale should be announced shortly, should broaden the stock's appeal to the institutional market place. With capital presently being raised, we expect shareholder's equity to exceed $50 million at year end, up from $9.4 million.

Mr. Dutton is the par supervisory analyst. He is a member of both the Boston and Los Angeles Security Analyst Societies, and has been an analyst and director of research at several firms including Moseley, Hallgarten, Estabrook & Weedon and LH Friend, Weinress, Frankson & Presson. He was president of Corsair Asset Management, an asset management firm, for over 11 years. For seven years, he was Executive Vice President of the international hospital company American Medical International. Mr. Dutton's past work includes development and execution of strategic and financial planning for small cap companies. Mr. Dutton presently is charged with expanding the PAR program.

For Further Information, please contact:

Starnet Communications, Inc., 425 Carrall Street, MezzanineLevel, Vancouver, B.C. V6B 6E3, Canada, Mr. Robert Grace, Investor Relations Phone 604-608-6035, Fax 604-684-0391 Email: mailto:robg@starnetc.com, website www.starnet.ca Investrend Research, John M. Dutton, President 801 S. Figueroa, Suite 1100, Los Angeles, CA 90017 Phone (213) 630-4401 Fax (213) 623-4590 e-mail: jmdutton@mediaone.com web site: www.investrend.com.

COPYRIGHT 1999 Business Wire
COPYRIGHT 2000 Gale Group

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To: afrayem onigwecher who started this subject8/4/2004 2:58:54 PM
From: StockDung
   of 978
 
Investors Research Institute, Inc.
P.O. 750471, Forest Hills, NY 11375-0471
Telephone 212-484-4747, Fax 718-523-2137
E-mail: iri@pipeline.com

April 17, 1998

Via E-mail: rule-comments@sec.gov

Jonathan G. Katz,
SecretarySecurities and Exchange Commission
Mail Stop 6-9
450 Fifth Street, N.W.
Washington, D.C. 20549

Re: File Number S7-2-98

Hon. Commissioners:

On February 17, 1998 the Commission published certain proposed
amendments to Form S-8 and related rules and solicited public comments.
Release No. 33-7506.

The purpose of these comments is to address certain practical
aspects and applications of the S-8 Rulemaking process.

First, the non-profit Institute, whose missions advocated on behalf
of its small but diverse Membership include high standards for "disclosure"
and "accessibility" of information about public equities to public
shareholders and potential shareholders, was established during an
environment in which there has been insufficient guidelines for disclosure
of dilutive events, and far too many abuses of the S-8 rule whereby shares
appear to have been issued in many instances in amounts which far exceed the
monetary value of the services rendered to the issuer.

The Institute applauds the Commissioners for revisiting these
guidelines for the purpose of curing these inefficiencies of the present
rule. Public companies which enroll as Members of the Institute already
must agree to voluntarily adhere to such higher standards. Of course, the
Institute has no enforcement power nor staff to monitor abuses. It is
limited to the withdrawal of Membership privileges should a Member or the
public bring an abuse or instance of non-compliance with its standards to
its attention. And unfortunately, the investing public does not presently
have a commitment re: these "best practices in investor relations" standards
from the vast majority of public companies which have not to date adopted
the Institute's standards.

However, we would propose that the Commission move cautiously so as
not to "throw out the baby with the bath water."

More specifically, we are talking about the huge disparity between
the financial and resource-rich "blue chip" companies and the financial and
resource-poor "small capitalization" and "micro-cap" companies. In the
former instance, such companies often have entire departments devoted to
development and distributions of company information to investors and
potential investors. In the latter instance, some companies have no
assigned staff whatsoever for this purpose, and it remains in the best
interests of investors and potential investors for there to be a means by
which such companies and their investors to achieve a level of information
parity with their larger-capitalization peers.

It does not serve the investing public if such companies are left
without the necessary resources to pay for quality opportunities to present,
achieve professional scrutiny and distribute information in a timely and
enriched fashion.

We would argue that the rule here should be on what is reasonable
and proper in terms of compensation guidelines, what is reasonable and
proper in terms of investor relations activities, and what is reasonable and
proper in terms of disclosure as to whether products, services and resources
are paid through equity distributions where the investor's holdings are
diluted or are paid through operational expenditures where the investor's
holdings may be impacted by lesser profit margins.

It should be up to the management of the company to decide which of
these means to inform investors is in the best interests of the
shareholders, as the shareholders have remedies should management
subsequently make an inefficient choice.

Where the shareholder and investor needs protection is in the
issuance of stock for exhorbitant fees and compensation or to directly or
indirectly enrich insiders.

We would also ask the Commission to distinguish between
"promotional" activities by a Company which coincide with stock trading by
recipients of S-8 stock, perhaps putting limits on sales of stock during
periods that the recipients are in the process of aggressively distributing
information, and the strictly "informational" activities where services
designed to enhance exposure and investor scrutiny, such as conferences,
exhibitions, reviews and other means where the investor public has an
opportunity for dialogue and interaction with company executives is the
primary usage of S-8 distributions.

Also, a company may have legitimate purposes for S-8 distributions
to suppliers of non-investment related products and services, and the
Commission may wish to survey small capitalization public companies to
determine whether undue restrictions on the usage of such stock not
considering the appropriateness or comparative valuation of the products and
services received for operational purposes or for professional services,
such as legal, etc., may in some instances disserve the shareholder by
undermining the ongoing financial solvency of borderline entrepreneurial
enterprises in which members of the public have acquired an equity stake.

Thank you for your consideration, and we hope that we have given you
additional insights to assist you in your final determination on this matter.

Sincerely,

Gayle Essary
Executive Director
Investors Research Institute, Inc.

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To: afrayem onigwecher who started this subject8/4/2004 3:18:49 PM
From: StockDung
   of 978
 
Investrend Needs Designer + Webmaster or all-in-one! in NYC

Financial website (www.investrend.com) gearing up to be portal for public company profiles, data, research and official announcements. Needs profile search engine, news data feed, dynamic broadcast sub-portal,
PublicAccess [tm] interactive system, self-posting for enrolled public companies, live quotes and research charts (some of this already developed but requiring integration). Willing to separate design from webmastering, but prefer both, and some financial editorial background would be a definite plus. In fact. for right person, this could be a Divisional VP or President position, with stock and options (company filing Form 10, public offering already completed). Can be part-time, no office work locale needed. Contact Gayle Essary at 212-484-4747, fax 508-526-5696 or write investrend@usa.net .

64.233.161.104

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To: afrayem onigwecher who started this subject8/4/2004 3:31:00 PM
From: StockDung
   of 978
 
PRESS RELEASE

JUNE 3, 1999

For Release After 12 noon EDT

INVESTORS RESEARCH INSTITUTE PRESS RELEASE
M & A WEST, INC. PRESS RELEASE

Public Analysis & Review (PAR) Announces M & A West, Inc. (MAWI) will be Covered Quarterly by Analyst James F. Reda, to be Distributed by Investrend Research.

NEW YORK CITY (BUSINESS WIRE) June 3, 1999 (InvestorWire) -- Public Analysis & Review (PAR), administered by the non-profit Investors Research Institute, Inc., has announced that James F. Reda, Atlanta, GA, a professional analyst qualified in its unique continuing analyst program, will initiate coverage of M & A West Inc. (OTCBB: MAWI), beginning immediately. The reports will be distributed nationally by Investrend Research, according to John M. Dutton, President, and Supervisory Analyst.

James F. Reda. Mr. Reda, a member of the New York Society of Security Analysts, has over 15 years of financial analysis experience for public and private companies, including valuations, mergers and acquisition, and tax matters. Mr. Reda is a Level III CFA candidate. He has a BS degree from Columbia University and an SM in management from the Sloan School of Management, MIT. His firm, The Reda Group, is located in Marietta, GA

The initial report is expected to be issued within a few weeks, and subsequently MAWI will be followed on a quarterly basis after the issuance of each quarterly report.

M&A West develops, invests in, and operates Internet and Technology related companies. M&A West's strategy includes the internal development and operation of majority owned subsidiaries within the "M&A West" family, as well as the investment in other Internet companies, either directly by M&A West or through other venture capital arrangements. The Company's strategy also envisions and promotes opportunities for synergistic business relationships among the Internet companies within its portfolio. M&A West has capitalized and hopes to continue to capitalize on its position as a Seed Round Internet Startup investor.

Some 16 public companies are enrolled in the unique PAR program, including ALYA International, Inc., M & A West, Inc., Aphatrade.com, Scottsdale Scientific, CorpHQ, Inc., Whatsonline.com, MedCare Technologies, Crys-Tel Telecommunication.com, Cadapult Graphic Systems, Inc., Starnet Communications, Inc., Virtuallender.com, AutoTradeCenter.com, Boystoys.com, AmeriClean, Inc., and Planet City Corp.

Thirteen wirehouse-quality analysts have qualified in the PAR program. Their reports are issued completely independent of both the Institute and covered public companies. Analysts who have qualified include Joyce Baynard, NYC, Richard Bliss, NYC, Gary N. Clark, Ph.D, CFA, Pasadena, CA., William W. Davison, Ph.D., Fairfield, CT, John M. Dutton, Los Angeles, J. Freedman, Miami, Gerald F. LaKarnafeaux, CFA, Ivins, UT, Stanley Lanzet, NYC, Randall D. Lewis, Los Angeles, James F. Reda, Marietta, GA, Darren Robinson, CFA, Toronto, ON, Harvey Robinson, CFA, Laurel, MD and Bradley S. Wilds, CFA, NYC.

Initial reports will be issued shortly on Scottsdale Scientific, (OTCBB: STDS) and Quarterly reviews are to be issued shortly for AutoTradeCenter.com (OTCBB: AUTC), and BoysToys.com (OTCBB: GRLZ).

Contact:
Investors Research Institute, Inc.
John M. Dutton, Supervisory Analyst, 213-630-4401
investrend@usa.net
www.investrend.com



M&A West, Inc.
Mr. Scott Kelly, President
583 San Mateo Avenue, San Bruno, CA 94066
Phone: 650-588-2678
Email: scott@mawest.com
Web site: www.mawest.com.

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To: afrayem onigwecher who started this subject8/4/2004 4:54:51 PM
From: StockDung
   of 978
 
web.archive.org*/http://escocapital.com

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To: afrayem onigwecher who started this subject8/4/2004 10:00:01 PM
From: StockDung
   of 978
 
GAYLE ESSARY->Domain Name.......... ceocouncil.net
Creation Date........ 2002-04-09
Registration Date.... 2002-04-09
Expiry Date.......... 2003-04-09
Organisation Name.... Investrend Communications, Inc.
Organisation Address. P.O. 750471
Organisation Address.
Organisation Address. Forest Hills
Organisation Address. 11375
Organisation Address. NY
Organisation Address. UNITED STATES

Admin Name........... Gayle Essary
Admin Address........ P.O. 750471
Admin Address........
Admin Address........ Forest Hills
Admin Address........ 11375
Admin Address........ NY
Admin Address........ UNITED STATES
Admin Email.......... gayle@investrend.com
Admin Phone.......... (718)896-5060
Admin Fax............

Tech Name............ VERIO VERIO
Tech Address......... 12345 Blue Lake Dr.
Tech Address.........
Tech Address......... Boca Raton
Tech Address......... 33431
Tech Address......... FL
Tech Address......... UNITED STATES
Tech Email........... hostmaster@VERIO-HOSTING.COM
Tech Phone........... 888-663-6648
Tech Fax.............
Name Server.......... ns.terencenet.net
Name Server.......... ns2.terencenet.net

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To: afrayem onigwecher who started this subject8/4/2004 10:11:24 PM
From: StockDung
   of 978
 
8-K FEATURES GAYLE ESSARY

Essary is removed in a special meeting of the board which might indicate the board considered it an urgent matter .

LOL

=============================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

------------------------

FORM 8-K

CURRENT REPORT

/X/ PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

MARCH 14, 2001
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

------------------------

STREAMEDIA COMMUNICATIONS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE 22-3622272
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)

244 WEST 54TH STREET, NEW YORK 10019
(Address of principal executive (zip code)
offices)

(212) 445-1700
(Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)

ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

Based on the analysis of the available financial information concerning eLeaders, Inc. (eLeaders), the Board of Directors determined that the acquisition of eLeaders does not constitute an acquisition of a significant amount of assets. Upon further review of the acquisition, the Company has not decided whether to treat the transaction as a pooling or a purchase.

ITEM 5. OTHER EVENTS.

On March 9, 2001, Streamedia Communications, Inc., held a special meeting of the board of directors. At that meeting, by a majority vote, the board agreed to remove Gayle Essary from his position as a director and Vice President of the Company.

-2-

SIGNATURES

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.

March 14, 2001

STREAMEDIA COMMUNICATIONS, INC.

By: /s/ HENRY SIEGEL
-----------------------------------------
HENRY SIEGEL
PRESIDENT AND CHIEF EXECUTIVE OFFICER

-3-

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To: afrayem onigwecher who started this subject8/4/2004 10:16:42 PM
From: StockDung
   of 978
 
re:GAYLE ESSARY->Streamedia In Turmoil: President/CEO and CFO Resign

Chairman appoints board member Henry Siegel as interim president and CEO amidst top executive and board resignations.

By José Alvear
October 24, 2000
Streamedia (www.streamedia.net) is going through some hard times. Not only has its stock price gone down dramatically since its IPO in early January, but it also lost some top management on Tuesday.

Streamedia announced that James Rupp, president and CEO, and Nick Malino, COO and CFO, both resigned. Rupp will remain as a consultant to the company for at least a year, said a company spokesperson, and will remain a board member. Malino will also stay on an interim basis to help sort out third quarter earnings, which will be released soon. He will relinquish his position on the board, however.

For many investors on the Internet message boards, this is a good day. Online critics have been calling for the resignations of Rupp and Malino for a long time, because of the company's dismal revenues. Second quarter earnings saw revenues total just $131,000. In trading today, Streamedia's stock went up over 30%.

Gayle Essary, chairman of the company, said that new management is being brought on, but the direction of the company will remain unchanged. In a statement released today, the company said that it will "pursue an aggressive policy of advantaging a number of current business opportunities".

According to a company spokesperson, the company is coming around business-wise and wanted to make sure it has experienced executive management as it turns to the future. Part of that new focus will be on finding business models that generate more revenue. "We're ready to embark on a new direction," said the spokesperson.

Board member, Henry Siegel, was named president and interim CEO while the board searches for "professional management". Siegel was recently president and CEO of Kaleidoscope Media Group and comes from a TV broadcasting background.

Aside from executive management troubles, Streamedia has also seen the resignation of two board members, James Schroeder and David Simonetti. New board members were announced today, filling those empty seats.

Schroeder's resignation occurred about two weeks ago. According to SEC documents, Schroeder left due to a disagreement with Chairman Essary. "Given the recent events at Streamedia and the vast disagreement and disarray of the principal shareholders, I feel that I no longer represent the views and interests of those shareholders," he wrote in his resignation letter. "I serve at their discretion and I, in good conscience do not agree with the proposed direction of this company as set forth by the Chairman."

Schroeder, speaking from his current position as vice president-tax at the Thomson Corporation, wouldn't give any insight into his resignation. "The board was not going in a direction I could support. I'll just leave it at that," he said glumly, indicating his letter published in the SEC filing.

Speculation on the message boards is that Streamedia is losing money at an accelerated pace and may soon run out of cash. Nevertheless, Siegel said that the company expects to report "record revenues for the 3Q and 4Q" and remains on a "path to profitability".

According to SEC filings, Streamedia will be making a new stock offering soon valued at $1 to $3 million. In a filing from September 27th, the company said that the proceeds from the Private Placement Proposal securities offering are critical to the "continued success and operations of the Company."

There will be a special shareholders meeting on October 27th, which might shed more light on today's events and the upcoming offering.

Although touting itself as a streaming media company, former CEO, Rupp, admitted during a recent interview, that streaming plays a small overall role at the company. It focuses mostly on web design and consulting services. Streamedia is perhaps best known as the owner of content site Bijou Cafe (www.bijoucafe.com), which it acquired early this year.

Perhaps some insight into the future direction of the company was revealed when Essary said he signed a letter of intent to acquire an undisclosed equity interest in Nomad Media (www.nomad.ch), a streaming media company based in Switzerland. Essary is also president and co-founder of the Streaming Media Alliance, an organization that is looking to promote streaming worldwide.

"You never know what the future might bring," said the spokesperson, "but there's reason to be optimistic."

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