PALO ALTO, Calif., Jan 28 /PRNewswire-FirstCall/ -- Amnis Systems Inc. (OTC Bulletin Board: AMNM - News), a global provider of networked streaming video systems, announced a complete corporate restructuring. As part of the restructuring, the corporation has ceased its video networking operations. Several key employees have remained to complete the company's year end audit and to evaluate potential acquisition candidates. Market acceptance of new technologies in the video networking industry were cited for the decision to cease operations. The introduction of new standards slowed the deployment of new equipment installations as many organizations have taken a "wait and see" approach. "The rapid emergence of H.264 as a viable video networking standard have had a negative effect on several major projects," said Scott MacCaughern, Chairman of Amnis Systems. "This resulted in a business model that pushed the company's break even point out by several quarters." The company is currently in discussion with several potential acquisition candidates although we cannot provide any guarantee that we will be able to finalize any acquisition.
Amnis Systems Inc., which acquired Optivision, Inc. in 2001, until it ceased operations had been engaged in the networked streaming video market. The Company is currently attempting to finalize a definite agreement with potential acquisition candidate or, in the alternative locate and negotiate with a business entity for the merger of that target business into the Company. The Company may seek a business opportunity with entities which have recently commenced operations, or which wish to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes. No assurances can be given that the Company will be able to enter into a business combination, as to the terms of a business combination, or as to the nature of the target business.
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