Destiny Media Technologies, Inc. Signs Exclusive Japanese Distribution Agreement With I.M.M.
Vancouver, BC. - November 21, 2001 - Destiny Media Technologies, Inc. (DSNY OTC BB) is pleased to announce that it has signed an exclusive agreement with Tokyo based IMM (http://www.imm.ne.jp/) to distribute Destiny's products in Japan. The agreement is for five years with clauses for automatic annual renewal.
In consideration of the granting of an exclusive arrangement, Destiny will receive 10% of the outstanding shares in IMM, a guaranteed annual minimum revenue stream, and a percentage of sales. To maintain the exclusive in Japan, IMM has to reach minimum annual sales targets, which are tied to Destiny's performance in North America.
IMM is a Tokyo based, sales and marketing company formed in September 2001 to represent the products of Destiny and Zoomify (http://www.zoomify.com) in Japan. The corporate mission statement is to Enhance digital streaming and zooming technologies for broadband communication mainly in Japan.
"Destiny is a global company and it is critical that our brands are well represented in the world's major markets", comments Destiny CEO, David Lawrence. "Japan is an important market and I believe that the talented people of IMM will ensure that Destiny has superior representation. The market is quite different than North America, with a greater emphasis on portable and wireless devices. Our partners are identifying opportunities where our products can be modified to exploit market niches unique to Japan and Asia."
The chairman of IMM is Dr. Makoto Ikeda. He is a member of the Japan Ministry of International Trade and Industry and other government organizations as well as a visiting professor of Kanazawa Institute of Technology. He is Vice Director of IT Institute and a former professor of Aizu University. He is a director of COMDEX JAPAN
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