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BURLINGTON, MA -- (Marketwire) -- 08/03/09 -- Starbak, the leading provider of enterprise video portals and integrated networks for Education, Corporate, Healthcare and Government markets, announced today that the company has purchased all the remaining shares held by Gulfstream Group. This transaction was completed to better position the company to raise growth capital, furthering its leadership in the growing market for enterprise video communications.
Starbak was acquired by GulfStream Group in March 2007 and since that time has operated as GulfStream Media Corporation (dba Starbak), an affiliate of Gulfstream Group. As part of the agreement to sell its shares, the Gulfstream Group will no longer be represented on the Starbak board of directors.
"This agreement with GulfStream is the next logical step in Starbak's trajectory, and helps clear a path for Starbak to continue its expansion," said Gregory Casale, Starbak's CEO. "Gulfstream Group has played an important role in Starbak's success over the past two and a half years, including the acquisition of initial growth capital. Both companies agree that now is the right time to move to the next stage."
About GulfStream Group
GulfStream Group focuses on the opportunistic acquisition and critical development of promising companies and assets in information technologies and the life sciences. Contact Lawrence Baker at lbaker@thegulfstreamgroup.com.
About Starbak
Starbak is the leading global provider of enterprise video networks and portals that allow organizations to reach employees, partners and customers with "always on" live and on-demand video programming. Starbak solutions are used by hundreds of companies worldwide, including Fortune 500 corporations, colleges and universities, public schools, hospitals and government agencies. Starbak solutions are available worldwide through a network of value-added resellers and full-service integrators and Starbak is a fully authorized, licensed and certified partner for Microsoft Windows Media. For more information, visit http://www.starbak.com.
Company Contact:
Jackie Abramian (Media Relations for Starbak)
BridgeView Marketing
207-439-0963
jackie@bridgeviewmarketing.com
