VANCOUVER, Nov. 13, 2015 /CNW/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) today announced an update on its dispute with Great West Life Realty Advisors, the management company for Scotiabank Tower.
Destiny moved out of Scotiabank Tower earlier in the year and despite there being no damage, the damage deposit was not returned and the company was forced to file claim. On November 10th, the lawsuit went into mediation and the parties were unable to come to compromise.
Company CEO, Steve Vestergaard comments on the dispute, "We left the Scotiabank Tower for the HSBC Tower, but when we went to claim our damage deposit from the Scotiabank Tower, Great West Life wouldn't return it."
The mediation was confidential, but outside of mediation, their director of leasing, Steffan Smith agreed there was no damage by Destiny or Destiny's previous sublandlord and that the claim wasn't for any damage or improvements Destiny or Destiny's sublandlord made, but that Great West Life was holding Destiny responsible for removing any improvements made by any owner or tenant from the time the bulding was built in 1977, despite Destiny's lease being only for twelve months starting in 2014.
According to Mr. Smith, it's a rarely enforced clause, but Great West Life reserves the right to hold tenants responsible for removing past improvements to finance future renovations when renovations are required to make a space marketable and this particular space has been empty for nine months.
Mr. Vestergaard explains the claim, "It's not a lot of money - just shy of $25,000, but it isn't right and we're using the small claims process to avoid legal fees, but we expect to win damages back when it goes to trial in early 2016."
About Destiny Media Technologies, Inc.
Destiny Media Technologies (DSY.V) (DSNY) provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream® and Play MPE®. Clipstream® (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. With Clipstream®, there is no player to configure or install, videos never go obsolete, and there are up to 90% cost savings from caching. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. More information can be found at www.dsny.com.
SOURCE Destiny Media Technologies, Inc.
For further information: Steve Vestergaard, CEO, 604 609 7736 x222