Medialink Worldwide Incorporated (Medialink), incorporated in 1986, is a global provider of broadcast media communications services to corporations and other organizations. Through its broadcast operations in the United States and the United Kingdom, Medialink provides news and marketing media strategies and solutions that enable its clients to inform and educate their target audiences through various media, including television, radio, print and the Internet. The Company has two segments: media communications services and video watermarking services. The media communications services segment provides broadcast services, including consultation, production, distribution, and monitoring services, to corporate entities and other organizations and press release wire services to domestic governmental, public affairs and non-profit organization news sources. Through the Company's Teletrax subsidiaries, the video watermarking services segment provides broadcast intelligence to video content providers, such as entertainment companies, news organizations, television syndicators and direct-response marketing companies. Media Communications Services The Company's media communications services consist of broadcast services and press release wire services. Medialink's broadcast services operations offer a range of video and audio consultation, production, distribution and monitoring services. The Company's video and audio offerings include video news releases and short-form promotional videos, live event broadcasts, audio news releases, and electronic press kits that are suitable for all broadcast media. Medialink monitors and analyzes the extent to which content is aired through the use of three distinct services, used either independently or in combination. The services the Company uses to monitor broadcasts include its Teletrax video watermarking service, Mediavision, the Company's licensed broadcast video capture and retrieval service that retrieves video based on matching keyword searches against the closed captioning text used in broadcasts, and other monitoring services provided by third-party vendors. Medialink relies on its long-standing distribution alliances and its relationships with major news organizations for distributing the Company's broadcast services products to newsroom decision makers. The Company distributes video news releases via satellite transmission to newsrooms as well as through a digital distribution system that also is used for distribution directly to national networks, including ABC and CNN. In addition, Medialink has arrangements with both CBS and FOX under which the Company has direct fiber-optic access for delivery to the national networks, which then redistribute the content to their network affiliates. Through an agreement with the Associated Press for the use of its AP Express newswire, Medialink alerts hundreds of television newsrooms to the clients' impending video release so that interested stations can retrieve the content from their preferred distribution channel. The Company also notifies television newsrooms of the availability of client content through e-mails and direct telephone calls made by its trained personnel. The Company continues to expand its distribution infrastructure, and in 2005 the Company's began posting video and audio podcasts on the Internet through Yahoo! and Google. Medialink has also developed a distribution platform for the advance notification and delivery of multi-media content to online newsrooms. Commencing in 2006, this distribution platform will also provide for the distribution of broadcast quality video to newsrooms and journalists by syndicating the Company's clients' content via RSS feeds and by direct placement on the Websites of television news stations. For international distribution, the Company relies on the services of the Associated Press, which for international markets provides both the notification of the availability of client content, as well as the infrastructure through which such content is distributed. Medialink's press rel