Destiny Media Technologies Announces Q2 440% Increase in Quarterly Revenues
Vancouver. B.C. - Destiny Media Technologies, Inc. (OTCBB: DSNY) is pleased to announce results for Q2 2001. Revenues increased from $39 118 in Q1 to $171 991 in Q2. Six month results increased from $3 680 in 2000 to $211 109 in 2001. Results are in accordance to the business plan.
Destiny President, Steve Vestergaard comments on the transition to a sales and marketing organization. "The number of potential customers for our products is large and I've been very impressed with David Lawrence's ability to focus our sales force on some very profitable vertical opportunities. The engineering department is responding to market demand with new customer driven variations of Clipstream."
David Lawrence was announced as CEO January 11, 2001. Prominent milestones this quarter include an exclusive reseller arrangement with Digistream in the UK and the appointment of an agent in Japan. Two high profile verticals were expanded with relationships with Bell South and Lions Gate Entertainment.
Announcements subsequent to the quarter include adding industry professionals with strong financial, sales and marketing experience to the board of advisors and a tier one license to Weather.com, a Media Metrix Global 50 website.
David Lawrence, Destiny CEO adds, "Our goal this quarter was to build a solid foundation so that we can scale our sales force once the systems and support people are in place.
We've set up a number of key resellers of our product and are setting up a few prominent reference sites. We're establishing monthly license contracts. As we are able to build up this recurring revenue stream, we will be able to confidently cover our fixed monthly expenses.
Our streaming products are the best technically and our intention is to expand our sales force to capitalize on strong market demand for our technology. Our goal is to dominate the java streaming space both on the PC and on java compliant wireless devices and internet appliances."
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