Euro Industries Announces Symbol and Name Change to Reflect New Focus On Streaming Audio, MP3 Music Distribution and Internet Radio
VANCOUVER, B.C. - Nov. 9, 1999 - Euro Industries Ltd. (DSNY-Pink Sheets) is pleased to announce that it has changed its name to Destiny Media Technologies Inc. to reflect the recent purchase of Destiny Software Productions Inc. Pursuant to a special meeting of shareholders on October 12,1999 the symbol has been changed to DSNY.
"The name change comes in time for the new millennium and is a reaction to the changing nature of the company", explains Destiny president, Steve Vestergaard.
Destiny Software is developing two internet brands. The first, the RadioDestiny Broadcast Network (http://www.radiodestiny.com) features internet radio broadcasting software based on Destiny's proprietary compression and streaming technology. The Destiny Media Player™ plays RadioDestiny stations and music in a variety of formats, including MP3. Destiny is building a digital music distribution system into the RadioDestiny Broadcast Network™.
The second brand is StreamingAudio.com (http://www.streamingaudio.com). Streamingaudio.com will feature a variety of streaming audio tools including an internet phone, audio based chat and a java based technology for adding streaming audio to a web page. The Clipstream™ player is available at http://www.clipstream.com.
The company also announces the appointment of Greg Foisy and Howard Louie to the board of directors of Destiny. Mr. Foisy is currently with Informix (Nasdaq - IFMX). Informix specializes in advanced technologies that help enterprises worldwide, primarily Global 1000 and government organizations, to maximize their data to gain strategic business advantages, run global businesses, and generate additional revenue through advanced analytics and Web channels. Mr. Foisy was also a founder of Red Brick Systems in Canada, which was recently acquired by Informix. In the past, he has worked at Apollo Computer (the workstation division of Hewlett Packard, NYSE - HWP) and Interactive Development Environments (a software company specializing in development tools).
Howard Louie has served as director of several public companies during the past 18 years and has been active in providing management expertise and financing which collectively exceed $150 million Cdn. for private and public companies, with projects local and international. Mr. Louie has been instrumental in the restructuring process and advises on mergers and acquisition transactions of private and public companies. Mr Louie is the former president and director of Unimet Capital Corp. Unimet Capital is a private investment group providing advisory services in corporate finance for both public and private corporations. From 1994 to 1997, he served as president and a director of Gr. Unimet Financial Corp., a joint venture between Unimet Capital Corp. and Grand Resources Group Joint, a financial institution based in Hong Kong.
Destiny is also pleased to announce shareholder approval of an employee option program. 80,000 share purchase options were approved at US$2.50 and 720,000 at US$3.00. 250,000 options will vest at 5.5% per month. The remainder will vest at 4% per month.
Destiny Media Technologies, Inc. also announces the successful completion of the financing announced June 16th, 1999. The company completed a private placement of 617,000 shares at a price of $1.86 Cdn. for total proceeds of $1,100,000 Cdn. Including this placement the company will have 7,167,000 shares outstanding.
About Destiny Media Technologies, Inc.
Destiny Media Technologies, Inc. (http://www.dsny.com) is a leader in developing easy-to-use tools and enabling technologies to distribute digital media through the Internet. The company's suite of streaming and downloadable products includes: MPE™ (http://www.destinympe.com), a complete, secure media distribution system that provides e-commerce and digital rights management directly from within an MP3-compatible multimedia file; Clipstream™ (http://www.clipstream.com), a java-based tool which enables web pages, e-mail and banners to stream audio without the use of a player; Video Clipstream™ (http://www.videoclipstream.com), a technology for embedding streaming video into a web page or e-mail; and the RadioDestiny Broadcaster™ (http://www.radiodestiny.com), which allows a user to webcast live or scripted internet radio from a computer to anyone on the Internet. Established in 1991, the company is headquartered in Vancouver, Canada.
For more information contact:
Destiny Media Technologies, Inc.
President & CEO
Destiny Media Technologies, Inc.
604-609-7736 ext. 222