Revenues Up 45%, Indie Revenues Double, US Deliveries Increase Five-fold
TORONTO, April 30 /CNW/ - Musicrypt Inc. (TSX-V: MCT, OTC: MCYPF), the
industry's leading secure digital media distribution company, today announced
its annual audited results for the year ended December 31, 2006.
Revenues for fiscal 2006 were 45% higher than for 2005, with revenues in
the fourth quarter alone growing by 64%. This growth was driven by a number of
positive factors, including a doubling of revenues from the dynamic
independent music sector, combined with the addition of new customers in the
US and Canada, and increased usage of Musicrypt's Digital Media Distribution
System (DMDS) by existing customers.
"During the year ended December 31, 2006 Musicrypt made considerable
progress, which is illustrated by the increase in revenues," said Musicrypt
President & CEO John Heaven. "The rapidly growing adoption of DMDS by the US
record and radio industries was demonstrated when the number of US deliveries
made via DMDS in the fourth quarter of 2006 increased to over five times the
first quarter volume. In the fourth quarter Musicrypt's geographic
diversification in the US was augmented with the entry into the UK and
European markets with our new partner Adstream Ltd. Shortly after the year
end, in February 2007, we closed a $10 million financing, the largest ever
received by the company, which will provide resources for Musicrypt's
Please see the full text of the financial statements that will be
available shortly on www.sedar.com.
In further news, the compensation committee of Musicrypt's board of
directors approved the grant of 150,000 options to an officer. These options
will only become exercisable if certain performance targets are met. The
exercise price for the options will be set at the preceding three month
weighted average trading price.
Musicrypt's patented Digital Media Distribution System (DMDS) is the
leading secure B2B digital media delivery solution for the music industry.
DMDS is a web-based delivery system that pioneers secure digital file
distribution by incorporating biometrics, high-value encryption and
watermarking. DMDS replaces the physical distribution of musical recordings
and advertising to radio, media, retailers and other authorized recipients
with more accountable, effective and far less costly digital delivery of
broadcast quality media via the Internet. Musicrypt trades on the TSX Venture
Exchange (TSX-V) under the symbol MCT and in the U.S. under OTCBB:MCYPF. For
more information on Musicrypt, please visit www.musicrypt.com.
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.
For further information:
For further information: PR Contact for Musicrypt: Sarah Miller, Axis
Marketing & PR, 139 S. Beverly Drive, Suite 203, Beverly Hills, CA, 90212,
Tel: (310) 276-2220, firstname.lastname@example.org