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Musicrypt Raises $1.5 Million; Patent Dispute With Rival Escalates

Authored by Mark Hefflinger on June 8, 2006 - 4:55pm.
Toronto - Musicrypt, a provider of secure digital distribution of songs at record labels, and between labels and radio stations, announced on Thursday that it has raised $1.5 million through the private placement of 7.5 million shares. The company recently filed patent infringement claims in Canada against rival Destiny Media Technologies, whose Promo Only system provides essentially the same service as Musicrypt. For its part, Destiny on Thursday filed for a declaration stating that Musicrpyt's patent is invalid and that its Promo Only system does not infringe. "We are confident in our position and are anxious to have a judge make an expeditious ruling on this matter as we expect Canada to be an important market as demand continues to grow," said Destiny CEO Steve Vestergaard.

http://www.marketwire.com/mw/release_html_b1?release_id=134195
http://www.musicrypt.com
http://www.dsny.com

tags: Deals | Law | Tech | Music | Patents | Musicrypt | Canada | Private Equity | Destiny Media | Promo Only |



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