FREDERICKSBURG, Va., Dec. 11, 2001 (PRIMEZONE) -- XXIS Corp., (OTCBB:XXIS), announces that on June 15, 2001 the shareholders of Streamedia Communications, Inc. voted by majority to authorize the board of directors to do a reverse split of all outstanding shares without any limitations. On the same day the shareholders also voted to allow the company to raise its issued stock from Twenty Million (20,000,000) shares of common and One Hundred Thousand (100,000) preferred shares to Fifty Million (50,000,000) shares of common and One Hundred Thousand (100,000) preferred shares.
On October 26, 2001 the Board of Directors of Streamedia Communications, Inc. approved unanimously that the company would change Streamedia Communications, Inc. to XXIS Corp. Also, on that date, the Board of Director approved unanimously that the company would do a reverse split of all the stock at a ratio of 300 shares for 1 share, including all warrants and options outstanding on October 26, 2001 to all shareholders, warrant holders and option holders on record who have legitimately paid and obtained their shares, warrants and options.
On November 16, 2001, John Velasco-Mills, with regret, tendered his resignation as President and Member of the Board of Directors of this company, he feels at this time, due to health and personal reasons, that he cannot commit and devote enough time necessary to fulfill and properly handle the duties for the company.
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 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.