Destiny Media Technologies Announces MOU with DS Interactive and Index TV in Japan
Destiny Media Technologies Inc. (OTCBB: DSNY, Berlin: DME; 935 410) is pleased to announce that it has signed a memorandum of understanding with two Clipstream ™ resellers in Japan, DS Interactive (http://www.dsinteractive.co.jp/index_e.html) and Index TV (http://www.index.tv) for the three companies to establish a joint venture in Japan to support and market the Clipstream ™ product line. As part of the agreement, DSI and IndexTV each invested directly into Destiny in the form of a private placement
The Japanese market is one of the fastest growing broadband markets in the world. Every month, 400,000 new subscribers are added. Estimated penetration of broadband in Japan will be 7 million households by the end of 2002.
Destiny director, Yoshitaro Kumagai, comments on the importance of a strong presence in Asia, "Japan is a world leader in the development and utilization of Java enabled portable devices and based on our successful iMode ™ tests last year, Clipstream ™ can be used to provide streaming video to this growing market. I'm excited at the potential to better take advantage of these uniquely Japanese opportunities with two very strong partners."
CThe CEO of DSI, Kazusuke Obi has agreed to come on to Destiny's board of advisors to help direct expansion of Clipstream™ sales into Japan and to explore opportunities for Clipstream ™ on mobile devices. Kazusuke Obi currently serves as CEO of DS Interactive and as Executive Officer, Head of Technology & Operations Division of Digital Garage. He also has a position in Association of Media in Digital. Before serving as CEO of DS Interactive, Kazusuke founded and served as CEO of Scitron and Art. He has been involved in creating digital content since 1987. Kazusuke joined Alpha Records as head of creation and promotion of YMO and Cassiopeia. He graduated from Keio University with a law degree.
Kazusuke comments, "DSI has been establishing its position in Japan and in the broader Asian market as a strong web integration company and also as a content delivery solution provider. An affiliation with Destiny will accelerate DSI's efforts to become the de facto standard for rich content delivery in a rapidly growing broadband market in Japan."
DS Interactive does web site integration, content creation and marketing materials for some of Japan's largest companies. In the year ending June 2002, DSI achieved revenues of 510 MM yen. On October 4, they announced a Clipstream ™ license agreement with Goo (http://dir.goo.ne.jp). Goo is one of the largest Internet portals in Japan and is operated by NTT-X (http://www.nttx.co.jp). NTT-X is a subsidiary of Nippon Telephone and Telegraph (NTT).
IndexTV is a content marketing company. Using its original marketing database and network, their businesses include advertising, creation of music, internet broadcasting and rights management. Customers include NTT, large advertising agencies such as Hakuhodo, TokyuAgency, CyberAgent and other media companies. IndexTV recently launched a new Clipstream Audiomail ™ powered product, Voice Marker (http://www.voicemarker.com). IndexTV markets Voice Marker and their content and broadcasting services through two related companies, Intermedia Taiwan and Intermedia USA.
Takeshi Sato, CEO of Index TV, comments, "It's my pleasure to start dealing with the Clipstream product line in the Japanese market with DS Interactive and Destiny Media Technologies, Inc. IndexTV will target the consumer market by creating friendly user-interfaces. We have years of experience developing consumer products and services which are easy to use - this is the most important element to success."
In addition to the $100,000 investment from our Japanese partners, Destiny has closed an additional $200,000 in private placement for a total bridge investment of $300,000 USD at a unit price of $.10. The proceeds will be used to expand sales and marketing of Clipstream ™, to fund the launch of Pirate Radio ™ and to build awareness of our recent Berlin listing.
Destiny Media Technologies, Inc. (http://www.dsny.com) is a leader in developing easy-to-use tools for distributing digital media through the Internet. The company's suite of streaming and downloadable products includes: Clipstream™, Destiny Media Player ™, Radio Destiny ™, Pirate Radio ™ and MPE™. Established in 1991, the operating subsidiary, Destiny Software Productions, Inc. is headquartered in Vancouver, Canada.
'Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
For more information contact:
|Destiny Media Technologies, Inc.|
President & CEO
Destiny Media Technologies, Inc.
604-609-7736 ext. 222