TORONTO, June 28, 2011 /CNW/ - YANGAROO Inc., (TSX-V: YOO) (OTCBB: YOOIF) the industry's leading secure digital
media distribution company is pleased to provide an update on the
litigation with Destiny Media Technologies, Inc. ("Destiny").
YANGAROO and Destiny have resolved all litigation between the two
parties. As part of the confidential agreement, the parties agree that
all allegations of infringement and invalidity on any existing or
pending YANGAROO patents will immediately cease.
As a result, Destiny will drop the Canadian patent invalidity
proceedings and its defamation action against YANGAROO and certain of
its officers. YANGAROO will drop its counterclaim for patent
infringement in Canada and drop its defamation counterclaim as against
Destiny and its CEO.
YANGAROO is pleased with the result as it allows YANGAROO to focus on
its business and to provide the best services possible to its customers
and clients. As part of the settlement, neither party will pursue legal
fees, court costs or royalties pursuant to the above mentioned
In consideration of the settlement, YANGAROO paid Destiny a lump sum
amount totaling $600,000 (Canadian Funds), and granted Destiny certain
intellectual property rights relating to the two patents held by
YANGAROO that were the subject matter of the dispute.
YANGAROO's patented Digital Media Distribution System (DMDS) is a
leading secure B2B digital delivery solution for the music and
advertising industries. DMDS replaces the physical distribution of
audio and video content for music, music videos, and advertising to
television, radio, media, retailers, and other authorized recipients
with more accountable, effective, and far less costly digital delivery
of broadcast quality media via the Internet. The DMDS Awards platform
powers many of the world's major music industry awards shows.
Named one of Canada's Top 100 Tech Companies for 2009 by Canadian
Business, YANGAROO has offices in Toronto, New York, Los Angeles, and
Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the
symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical
are forward-looking statements and are subject to risks and
uncertainties that could cause such statements to differ materially from actual future events or
results. Such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE YANGAROO Inc.
For further information:
Scott Wambolt at 416-534-0607 ext.111 or visit www.yangaroo.com