Wednesday October 4, 6:20 am Eastern Time
Press Release
Destiny Media Technologies Meets Milestones for Year End
Company Reaches Key Milestones Set Out in Business Plan for Year Ending August 31, 2000
VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 4, 2000-- Destiny Media Technologies, Inc. (OTCBB:DSNY - news) is pleased to provide an update of the key accomplishments for the year ended August 31st, 2000 and to highlight some of the targets for the next fiscal year.
Unaudited revenues for the year ending August 31, 2000 show $110,000 (Cdn). This Q4 revenue is an increase of approximately 1000% over Q3 of the current fiscal year. First quarter revenues for the next fiscal are planned to increase further, as the business plan shifts from the development phase to a more focused sales and marketing effort.
As part of Destiny's accelerated plan to improve business performance in the near term and to capitalize on the company momentum, it has streamlined its head office staffing to increase its emphasis on the sales and marketing function. CEO Steve Vestergaard says, ``Today's competitive environment demands that we operate our business at maximum efficiency if we are to achieve our target profitability.''
This past year Destiny completed and introduced their java-based streaming media product suite. The Clipstream(TM) suite, including Clipstream for web pages, ClipstreamMail(TM) a streaming media email solution and Bannerstream(TM), the rich media ad banner, were all well received with over two hundred licensees in place. This bodes well for future upgrade and service revenues in the next several years.
The future potential for Clipstream(TM) is great as it offers a number of advantages over competing products. It uses industry standard protocols, so any audio file can be archived for playback on existing web hosting company's infrastructure as well as distributed networks such as Akamai. This means Destiny's customers will consistently deliver a scalable high quality streaming service to users any where in the world. Also, because Clipstream(TM) is java-based, it will be compatible with java-enabled wireless devices, thereby allowing the Company to target the future wireless market.
A prototype of VideoClipstream(TM) was also introduced in Q4 and will be ready for commercial introduction by the end of the 2000 calendar year. Customer demand is strong and the company is planning to establish relationships with resellers and encoding companies in anticipation of the launch.
In the coming year, Destiny plans to more fully integrate their products providing a broader and more cohesive product strategy. A new version of the RadioDestiny Broadcaster(TM) is currently in Beta and is planned for an October 2000 launch. This new streaming software will provide the industry with Destiny's RD3 format, the highest quality audio stream. In addition the same broadcast will simultaneously stream in MP3 format and in Destiny's java-based Clipstream format. Commercial terrestrial stations could use this feature to syndicate their signal across many different web sites.
Destiny will raise the profile of their secure music distribution technology, MPE(TM), in the coming months. MPE is a solution to prevent pirating of digital music on the Internet. Says Vestergaard, ``We hit a number of milestones last quarter, including a pilot with Atlantic Records recording artist Yve Adam. The digital distribution of electronic music, books, videos and research reports offers a significant opportunity for Destiny in the coming year.''
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(TM) (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(TM) (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(TM) (http://www.videoclipstream.com), a prototype technology for embedding streaming video into a web page or e-mail; and the RadioDestiny Broadcaster(TM) (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.
``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.
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Contact:
Destiny Media Technologies, Inc.
Media:
Steve Vestergaard
CEO
604/609-7736 ext. 222
E-mail: steve@dsny.com
or
Investment Community:
Paul Andreola
Investor Relations
604/609-7736 ext. 229
E-mail: paul@dsny.com |
