QuStream Corporation
TSX VENTURE : QVC

QuStream Corporation

October 10, 2006 16:36 ET

QuStream Announces Change of Auditors

TORONTO, ONTARIO--(CCNMatthews - Oct. 10, 2006) - QuStream Corporation ("QuStream") (TSX VENTURE:QVC) announced that its Board of Directors has approved a change of the Company's auditors from Ernst & Young LLP, to BDO Dunwoody LLP.

At the request of QuStream, Ernst & Young LLP has resigned as auditor of the Company effective October 10, 2006. The Audit Committee and Board of Directors of the Company have appointed BDO Dunwoody LLP as successor auditors in their place effective October 10,2006.

There have been no reservations contained in the auditor's reports rendered by Ernst & Young LLP for the two most recent fiscal years and in the opinion of the Corporation, no reportable events within the meaning of National Instrument 51-102 of the Canadian Securities Administrators have occurred prior to the date hereof. The Company plans on filing the required Notice of Change of Auditor reporting package in accordance with National Instrument 51-102.

Commensurate with the change of auditors, the Board viewed this as an opportune time to rotate Audit Committee Chairs. Paul Gallo has been selected as the Chair of the Audit Committee. Gary Clifford remains a member of the Audit Committee.

About QuStream

QuStream, through its wholly owned subsidiaries PESA and Fortel DTV™, is a global provider of integrated solutions to the creators and distributors of professional video content including the high-definition television and professional audio/video market segments. QuStream is headquartered in Toronto, Canada with offices in New York, London, Georgia, and Alabama. For more information, visit QuStream at www.qustream.com, www.pesa.com, and www.forteldtv.com.

Forward-Looking Statements

The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address QuStream's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Company's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information