CodeStream Holdings Inc. Announces Closing of Acquisition.Business Editors RICHARDSON, Texas--(BUSINESS WIRE)--June 9, 2000 CodeStream Holdings Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: COHO), a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , approved for trading on the OTC Electronic Bulletin Board, Friday announced that it has completed the acquisition of CodeStream Technologies Corp. ("CTC CTC - Cornell Theory Center "), a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. . In connection with the acquisition, the company completed a $6,900,000 private funding from the sale of common stock. CodeStream Holdings Inc. changed its name from Bud Financial Group Inc., appointed a new board of directors and relocated its offices to Texas. The company now has 18,914,900 shares of Common Stock outstanding. CTC was formed in 1996 to develop certain technologies acquired from a government defense and aerospace contractor. Since its incorporation, CTC has privately sold $12,000,000 of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to certain institutional investors. In August 1999, CTC merged with RDL RDL - Requirements and Development Language. ["RDL: A Language for Software Development", H.C. Heacox, SIGPLAN Notices 14(9):71-79 (Sep 1979)]. Photonic Integrated Chip Corp., a company that owned certain intellectual property for photonic integrated circuits for optical code division multiple access ("OCDMA OCDMA Optical Code Division Multiple Access OCDMA Orthogonal Code Division Multiple Access OCDMA Optical Cdma ") that was complementary to the technology being developed by CTC. CTC currently is a development stage company that is developing technology intended to increase the fiber optic network capacity of telecommunications traffic carriers. CTC owns certain commercial intellectual property rights to its version of OCDMA, a technology that CTC believes, if successfully developed, can significantly increase the transmission rate and granularity (channel count) of a fiber-optic telecommunications network. CTC's proposed system utilizes a proprietary, patented encoding scheme that enables hundreds of independent channels to coexist on the same fiber optic pair. This release may include forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein. |
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