London - London-based Z Group on Thursday introduced ShrinkMyTunes, a new compression technology the company says provides four times more storage capacity for MP3 files on audio devices. The technology uses "proprietary encoding and heuristic optimization algorithms developed by former NASA scientists," Z Group said, adding that resulting files are compliant with the MP3 standard and remain in MP3 format after the compression takes place. ShrinkMyTunes will be available in the U.K. for about $40 from the company's website, as well as at retailers including HMV, PC World, Tesco and WH Smith.

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