VANCOUVER, British Columbia, Canada, July 15, 2003 (PRIMEZONE) -- Destiny Media Technologies, Inc. (OTCBB:DSNY) (Berlin: DME 935 410) is pleased to announce operating results for Q3.
Nine-month revenues increased 60% from $516,328 in 2002 to $824,827. Revenues for Q3 2003 were $241,033, an increase of 17% from 2002. Loans payable have been reduced from $192,291 as at August 31, 2002 to $11,672. The loss from operations for the quarter was $29,886.
Destiny CEO, Steve Vestergaard, commented on the results, "I'm disappointed with the small loss, but am encouraged that the market uncertainty we experienced in Q3 has proven temporary. My expectation is that we will have a profitable Q4 and return to sustained quarterly growth.
"I'm also encouraged by the prospects for Pirate Radio(tm) and MPE(tm) to add to our Clipstream(tm) revenue stream. MPE(tm) should start generating significant revenues by Q1 of fiscal 2004."
A content delivery system has been developed around the MPE(tm) engine to enable record companies to securely move music from one trusted computer to another. MPE(tm) is being directly integrated into two software applications from Scott Studios that power 4,350 radio stations. This enables the recording industry to move a new song quickly and securely on product launch without the cost of a physical shipment of a CD. Talks are also in progress to embed the MPE(tm) system into other software applications. The company has partnered with Promo Only Canada to debut this trusted system for protecting digital content.
About Destiny
Destiny Media Technologies, Inc. (http://www.dsny.com) is a leader in developing easy-to-use tools for distributing digital media through the Internet. The company's suite of streaming and downloadable products include: Clipstream(tm), Destiny Media Player (tm), Radio Destiny (tm) and MPE (tm). 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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