Destiny Media Technologies, Inc. Announces Discontinuance of Planned Spinoff of Clipstream Technology Inc.

Please download a printable Word version here

Jan 31, 2002

Vancouver, BC - Destiny Media Technologies, Inc. (OTCBB: DSNY) has determined not to proceed with the proposed spin-off of its Audiomail ™, Clipstream™ and VideoClipstream™ Java based streaming audio and video on-demand technologies, which was originally announced on September 12, 2001. The board of directors concluded that the spin-off financing technique would not ultimately benefit the shareholders of Destiny and has accordingly determined to proceed with the marketing and distribution of its products through its existing subsidiary, Destiny Software Productions Inc. In light of the board's decision, the Company has terminated the services of its Chief Financial Officer, who joined the Company in the last year to manage the spin-off and financing process, and has notified AVC Venture Capital Corp. that it will not participate in that company's proposed arrangement with the proposed spin-off company, Clipstream Technologies Inc.

About Destiny Media Technologies, Inc.

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™ (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™ (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™ (http://www.videoclipstream.com), a technology for embedding streaming video into a web page or e-mail; and the RadioDestiny Broadcaster™ (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.

For more information contact:

back to the top