I am trying to get rid of the clutter of wires from my hometheater
speakers. I had heard that there is a company in the bay area that
allows u to convert any speaker to a wireless speaker ( the
transmitter goes to the back of the 'media center' and each of the 5
speakers has its own receiver (since its a 5.1 surround sound). I
wanted to know the name of the company or any suggestions on how to
achieve this.

I have never heard about anything that you can convert your "wired"
speakers into "wireless" ones but there are speakers that are sold
with wireless transmitters already installed.

http://www.smarthome.com/8243-10w.html

is an example of one of these stock wireless connections.

Several years ago I bought a device from Radio Shack that turned wired
speakers into wireless ones. The results were unacceptable. The volume
wavered up and down, and there was often a buzz or hum. I'd be very
cautious about buying such a thing without reading a lot of reviews.

Just my 2 cents but if you have any serious investment into your home
theater wireless is not the way to go.  Any audiophile can you tell
you that.