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Destiny Media Technologies cans CFO
By Jon Newton, p2pnet.net
(more articles from this author)
2002-02-07
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Music Industry News - as it happens
Source: Mi2N - February 4, 2002

Vancouver, Canada's, Destiny Media Technologies has dropped its plans to spin off of its Audiomail, Clipstream and very cool VideoClipstream Java-based streaming audio and video on-demand technologies, and fired its CFO, hired only last year to manage the spin-off, "and the financing process," as DMT says in a press release. On its web site, the company says Destiny Software was founded in 1991 as a video game development company. In 1995, it, "took advantage of proprietary compression algorithms created for the game industry to develop a suite of streaming products. In 1999, the company was purchased by Destiny Media Technologies, Inc."

Its press release says, "The board of directors concluded that the spin-off financing technique would not ultimately benefit the shareholders of Destiny and has accordingly determined to proceed with the marketing and distribution of its products through its existing subsidiary, Destiny Software Productions Inc," adding that it, "has notified AVC Venture Capital Corp. that it will not participate in that company's proposed arrangement with the proposed spin-off company, Clipstream Technologies Inc". AVC Venture Capital Corp is also Canadian.

Related News from Mi2N:
» Destiny Media Technologies, Inc. Announces Discontinuance Of Planned Spinoff Of Clipstream Technology Inc.


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