Destiny Media Technologies Closes Private Placement
VANCOUVER, Feb 24, 2000 - Destiny Media Technologies, Ltd ("DSNY" - Pink Sheets) announced today the closing of a private placement of $1,000,000 (US) pursuant to which the company has issued 1,000,000 units ($1.00 per unit). Each unit consists of one share and one warrant exercisable to purchase one share of the company's common stock at an exercise price of $3.00 for a period of six months from closing.
The proceeds of this placement will be used to fund further product development and an initial marketing launch of the company's new proprietary - "MPE" - digital music distribution format.
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