Shares of video services provider, Onstream Media Corp. (Nasdaq: ONSM) were up almost 28 percent today after the company announced several new contracts with federal government agencies including the Internal Revenue Service and the Housing Department.
“Our business relationships with various federal and state governments have never been stronger,” said Randy Selman, President and Chief Executive Officer of Onstream Media in a statement. “As demand for our multi-media web communication products and services continues to increase on the commercial side of our business, we’re also pleased to report continued growth in the government sector, which we expect to continue to rise in the years to come.”
Onstream Media announced that it will provide its comprehensive Digital Media Services Platform (DMSP) and live and on-demand webcasting services for ongoing education and targeted outreach delivery services for the Internal Revenue Service. The IRS will use Onstream Media’s technology to communicate important tax information to tax professionals, small businesses, and self-employed taxpayers in more dynamic, web-friendly and innovative formats such as podcasts, webinars, live broadcasts or other forms of web-based media.
Additionally, the company announced an agreement with strategic partner REJ & Associates, Inc. to provide Webinar services to the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA) Philadelphia Homeownership Center (HOC).
Onstream Media is also subcontracted to provide audio-based web conferencing services that enable FHA to bring employees and other participants from around the country together for online workshops, seminars and trainings. REJ & Associates, Inc. is a leading provider of integrated marketing and communications services based in Baltimore, MD.
Lastly, the NRC has exercised its first one year option to renew and extend its multi-year agreement with Onstream Media to provide ongoing webcasting, streaming media and multi-media services. The company began providing the NRC with its webcasting services in March, 2008.