Financing news.......
Friday February 25, 9:01 am Eastern Time
Company Press Release
Destiny Media Technologies Closes Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 25, 2000-- Destiny Media Technologies, Ltd (Pink Sheets:DSNY) 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.
Investor information regarding Destiny Media Technologies can be found at www.destiny-software.com
Destiny has been developing leading edge software since 1991. Destiny develops accessible and cost-effective enabling technologies for online media streaming and the digital distribution of audio files. Their products include Clipstream (TM) which embeds streaming audio into a web page, the Destiny Media Player (TM) -- the world's smallest and most versatile digital music player and Internet radio receiver; the RadioDestiny Broadcaster (TM) software for personal and commercial Internet radio broadcasting; and the Radio Destiny Broadcast Network (TM), a network of eclectic personal radio webcasters. Destiny software applications are designed to be affordable and simple enough for anyone to use.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
Destiny Software Productions Inc
Arni Johannson, 604/609-7736 ext. 25
Fax, 604/609-0611
email, investor@dice.net
destiny-software.com |
