About UsNarrowstep™ to Roll Out Upgraded Player 2.7 as Well as a More Efficient Network for Delivering Video over the Internet
NEW YORK / LONDON, November 12, 2007 - Narrowstep™ Inc. (OTCBB:NRWS), announced today that it has begun to implement a series of new upgrades to its video asset management and network delivery platform to be rolled out in the coming weeks. Included in these upgrades is the release of Narrowstep's new player 2.7 which integrates Microsoft's Silverlight technology and will provide improved functionality to the end-user as well as increased back-end support for Narrowstep's channel owners. In addition, Narrowstep has completed a capacity and feature-set upgrade to its content distribution network which will provide customers with a high quality and cost-effective platform for delivering video over the Internet.
The company has been developing the enhanced player platform as well as the upgraded content distribution network since the company's first fiscal year quarter ended May 31, 2007. The company anticipates a significant decrease in operating costs as a percentage of revenue and capital expenditures moving forward, with the cost reductions having begun in the current quarter.
"We are now in a position to offer new and existing enterprise customers the user features and video distribution they need to drive revenue and offer a superior user experience," said David C. McCourt, Chairman and Interim Chief Executive Officer of Narrowstep.
"Investing in the right technology to power your business is expensive and takes time. But now that the majority of these investments are behind us, we feel that the enhancements to our platform - including new payment integration, user interface, cross-browser compatibility and content distribution capacity enhancements - position Narrowstep as the leader in serving world-class telcos and broadcasters. For the last several quarters, Narrowstep was essentially supporting two businesses, with two sets of costs - one set of costs for existing customers we inherited who were focused on the niche channel market, and one set of costs associated with building and developing the tools the company needed to serve larger more sophisticated enterprise customers. Upon completion of these upgrades, we believe that our significantly reduced operating costs, our revenue growth potential, and our cash available will provide us with adequate funding to execute our plan," added McCourt.
As part of this transition many people whose primary role was in developing and supporting the old system were given notice in accordance with their employment agreements, including Iolo Jones, the company's co-Founder, and Jason Jack, the company's former Software Architect.
About Narrowstep:
Narrowstep™ Inc. (OTC BB: NRWS), the TV on the Internet company, is a leading provider of Internet TV services supporting over 180 channels worldwide. Narrowstep's proprietary technology platform delivers the highest quality, TV-like experience available on the Internet. A pioneer in delivering Internet TV, Narrowstep offers the expertise and technology to move, manage and monetize video content across the Internet. For more information about Narrowstep, please visit http://www.narrowstep.com or call 609-951-2221.
Forward-Looking Statement:
Certain statements in this news release constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the Company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.