VANCOUVER, March 6, 2012 /CNW/ - Destiny Media Technologies (DSY-TSXV)(OTCQX: DSNY) ("Destiny") is pleased to announce that it has agreed to terms of settlement with the Shooting Star Picture Company Pty Ltd group of companies ("Shooting Star"), and Shooting Star's representative, Mr Peter Skillman.
On 6 June 2011, Destiny commenced proceedings in the Federal Court of Australia against Shooting Star and Mr Skillman. The dispute concerned an agreement between the parties, by which Shooting Star was responsible for the marketing, promotion and sale of Destiny's Play MPE® system in Australia and New Zealand.
In April 2011, Shooting Star entered into an exclusive agreement by which it agreed to market, promote and sell a rival media distribution service in Australia, thereby allegedly breaching its agreement with Destiny. This led to the litigation, with Destiny terminating its agreement with Shooting Star, and seeking damages as a result. A trial was pending on 5 March 2012 in Melbourne.
The litigation has now been resolved to the satisfaction of all parties concerned, without the need for a court determination. Shooting Star has agreed to pay Destiny $825,000 in damages over six years at a rate of 10.25% compounded interest secured against assets of the defendants and a mortgage on real estate in Sydney. Shooting Star has also agreed that it will not approach any of Destiny's named existing clients with the rival media distribution system.
About Destiny Media Technologies, Inc.
Universal, EMI, Warner, Sony and one thousand other labels use Destiny's secure distribution service to deliver most of their pre-release music to radio, online retail, DJ's, sports stadiums, journalists and VIP. Destiny's instant play streaming includes internet radio, internet TV, online surveys and new cloud and mobile offerings. Patents include watermarking, peer to peer locking and pending cross platform playerless streaming video.
For further information:
CFO Destiny Media Technologies, Inc.
604 609 7736 x236