Unedited news and product information from vendors.
Destiny Media Expands Share Repurchase Program
Jul 06, 2010 (04:07 PM EDT)
VANCOUVER, British Columbia, July 6 /PRNewswire-FirstCall/ -- Destiny Media Technologies (OTC Bulletin Board: DSNY) is pleased to announce that the share repurchase program announced on November 30, 2009 has been expanded to a total of 2.5 million shares, representing approximately 5% of the shares outstanding. Completion of the first 1 million share tranche was announced on May 28th.
The board of directors has authorized a second tranche to repurchase up to 1.5 million shares of the company's common stock at a maximum share purchase price of $0.80 per share. The repurchases will be at times and in amounts as the company deems appropriate and will be made through open market transactions. All repurchases will be made in compliance with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. The board approved stock repurchase program runs through June 30th, 2011. In addition to the applicable securities laws, the company will not make any purchases during a time at which its insiders are subject to a blackout from trading in the company's common shares.
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP's. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php
Safe Harbor Statement:
"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.
SOURCE Destiny Media Technologies