Burst.com Listed on Nasdaq Smallcap Market
Burst.com (http://www.burst.com) officially announced today that its stock has been upgraded to the NASDAQ Smallcap Market, with the new trading symbol BRST. The stock was previously traded on the OTC Bulletin Board under the symbol IVDO, which reflected its previous name - Instant Video Technologies.
Burst.com filed to upgrade to the Nasdaq Smallcap Market after receiving a round of funding worth $19 million and changing its name in January. This investment allowed Burst.com to meet the required amount of net cash needed to enter the Smallcap market. Burst previously met all other requirements including volume of stock traded.
According to Richard Lang, CEO of Burst.com, the upgrade in market listing resulted in the trade of 72,000 shares today. This is compared to an average volume of about 20,000 share/ day when the company was listed on the OTC Bulletin Board. The change will also help Burst.com market its stock, as brokers are typically not allowed to speak with their clients about stocks listed on the bulletin board.
Burst.com's product is made for a broadband market, and, as such, the company has not been able to expand as fast as originally projected. However, Lang believes that the broadband market is currently beginning to materialize. In August, Burst.com received a $5 million dollar investment from SBC Communications thru its venture capital division, SBC Venture Capital. SBC is a telecom giant that owns subsidiaries Southwestern Bell, Ameritech, Pacific Bell and Cellular One.
Lang believes that Burst.com has a solution which will allow the telcos to deliver on the promise of broadband more efficiently. According to Lang, one of reasons that the broadband rollout has been so slow is that lack of a killer application to drive consumer demand, and television quality video streams will be that application.
"Please wait. Buffering. Is not going to cut it," said Lang. Burst.com's signature product, Burstware, utilizes a system of caching the media on the client's machine when bandwidth is available. The client's experience is therefore uninterrupted and the network is used efficiently.
For information on Burst.com's performance in the market see the Streamingmedia.com Sector Report.