Destiny Media Technologies cans CFO
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.
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