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Ultrexx Corporation Acquires Brightstream Corporation SEATTLE --(Business Wire)-- May 4, 2004 -- Ultrexx Corporation (OTC:ULXX) announces its acquisition of Brightstream Corporation ("BSC") effective as of April 23, 2004.BSC is a privately held Florida corporation with offices in Orlando, Florida. Ultrexx Corporation will be renamed IP Matrix Corporation and BSC will become a wholly owned operating subsidiary. BSC creates, develops, and markets sophisticated, specialized compression technology. BSC currently has licenses for or is in development of technologies for use in voice, data and video. These applications will be marketed to providers of Voice over Internet telephone (VoIP) service providers and equipment manufacturers, data storage service providers and hardware manufacturers, digital video delivery services and others in the digital communications sector. BSC uses its own technology and licensed technology to develop stand-alone business units to sell wholesale and retail service to select market niches. Of primary importance in this area is a compression technology which makes possible the creation and transmission of highly compressed, full-motion video for inclusion in Email. BSC will sell this service to advertisers wishing to reach extremely targeted audiences. The terms and conditions of the business combination include a 1 for 4 reverse stock split bringing the issued and outstanding common stock from 9,286,716 shares to approximately 2,321,679 shares. ULXX will then issue 9,250,000 shares to the shareholders of BSC in exchange for 100% (30,000,000 shares) of the issued and outstanding stock of BSC. The total number of shares issued and outstanding in ULXX after the acquisition shall therefore be approximately 11,571,679 shares. Prior to issuing the shares to the shareholders of BSC, Ultrexx will spin off 100% of the shares of its wholly owned subsidiary, Crux, Inc., to its shareholders on a pro rata basis. Crux, Inc. was the owner of CruXpert and other software technologies. Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Reform Act of 1995. Forward-looking statements made by Ultrexx Corporation are not a guarantee of future performance. |
