Toronto, Canada - Musicrypt, a provider of secure distribution of singles from record labels to radio stations and others, announced on Thursday that it has secured $10 million in new financing, through a private placement of its shares.

Beyond securing transmission of music between record labels and radio stations, Toronto-based Musicrypt has also partnered with Adstream to expand its DMDS service to the advertising sector.

Musicrypt sued rival Destiny Media Technologies for patent infringement in Canada last year, over that company's similar secure service for distributing music between labels and radio stations.

Musicrypt told DMW on Thursday that "the lawsuit is proceeding and we are extremely confident that we will prevail."

The company said it will use the new funds to expand its U.S. operations, further its U.K. and European partnerships, increase its music industry promotions, and expand its DMDS service to the advertising sector.

Related Links:
http://www.emediawire.com/releases/2007/3/emw511874.htm

http://www.musicrypt.com