Destiny Media and Yangaroo Settle Lawsuits
Vancouver, BC, June 28, 2011 – Destiny Media Technologies, Inc. (and its subsidiaries) (“Destiny”) (TSXV: DSY) (OTCBB: DSNY) is pleased to provide an update on the litigation with Yangaroo, Inc.
Destiny and Yangaroo have resolved all litigation between the two parties. As part of the settlement agreement the parties agree that all allegations of infringement and invalidity on any existing or pending Yangaroo patents will immediately cease. As a result, Destiny will drop the Canadian patent invalidity proceedings and its action for defamation against Yangaroo and certain of its former officers. Yangaroo will drop its counterclaim for patent infringement in Canada and drop its defamation counterclaim as against Destiny and its CEO.
In consideration of the settlement, Yangaroo paid Destiny a lump sum amount totaling $600,000 (Canadian Funds), and granted Destiny certain intellectual property rights relating to the two patents held by Yangaroo that were the subject matter of the dispute.
Destiny will continue to provide Play MPE® in its current form with no changes or service interruptions. As part of the settlement, neither party will pursue legal fees, court costs or royalties pursuant to the above mentioned disputes. YANGAROO is pleased with the result as it allows YANGAROO to focus on its business and to provide the best services possible to its customers and clients.
About Destiny Media Technologies
Destiny Media is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP's. Over 400,000 tracks have been delivered to 50,000 registered industry insiders since launch, representing 240 million deliveries. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php and archived press releases are available at: http://clipstream.com/dsnyarchives/v7/news/index.php
CEO Destiny Media Technologies, Inc.
604 609 7736 x222
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