DSNY Destiny Media Technologies, Inc. Signs Exclusive Japanese Distribution
Agreement With I.M.M.
VANCOUVER, British Columbia, Nov 21, 2001 (BUSINESS WIRE) -- Destiny Media
Technologies, Inc. (OTCBB:DSNY) is pleased to announce that it has signed an
exclusive agreement with Tokyo based IMM 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.
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; AudioClipstream(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; VideoClipstream(TM)
(http://www.videoclipstream.com), a technology for embedding streaming video
into a web page or e-mail; AudioMail (TM) (http://wwwclipstream.com/products) ,
a simple yet powerful IVR system allowing the users voice to be published
directly to emails, 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.
CONTACT: Destiny Media Technologies
David Lawrence, CEO, 604/609-7736, Ext. 237
davidl@dsny.com
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KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
INTERNET
MARKETING
AGREEMENTS
SOURCE:
Destiny
Media
Technologies
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