Destiny Media Technologies Announces Joint Venture to Market Clipstream® Wireless
Vancouver, British Columbia, March 18, 2004 - Destiny Media Technologies, Inc. (OTCBB: DSNY; Berlin: DME 935 410) is pleased to announce that it has entered into a letter of intent to form a joint venture with Taiwanese based Mix Technology Co., Ltd. to market Clipstream™ wireless video to cellular telephone providers. Applications include video content on demand, live video, remote monitoring and video email.
Mix currently provides ring tones and SMS messaging to a major provider in Taiwan and they see an extremely strong market demand for video content on cell phones in Asia. Mix has agreed to pay Destiny a $250,000 advance against ongoing monthly royalty revenues from the providers to offset further development costs.
Destiny CEO, Steve Vestergaard comments, “We first announced Clipstream™ wireless compatibility in June 2001 and since then have tested it remotely on cell phones in Tokyo, but until now, there hasn’t been a strong revenue model. Now that the market is demanding video content, we’re excited about our prospects.”
There are a number of providers pursuing video solutions for cellular telephones, but they require the cooperation of the manufacturers and tend to significantly add to manufacturing costs. Because Clipstream™ is Java based, it will work natively on the new generation of video enabled Java based telephones.
The partners plan to initially launch the technology in September 2004.
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 include : Clipstream™, Destiny Media Player ™, Radio Destiny ™ and MPE ™. Established in 1991, the company is headquartered in Vancouver, Canada.
For more information contact:
CEO Destiny Media Technologies, Inc.
604-609-7736 ext. 222
CEOcast, Inc. for Destiny Media Technologies, Inc.