February 4th, 2012
(DSNY.OB) Destiny Media Technologies Wins Patent Litigation
Posted on 16. Mar, 2011 by PublicWire
(PublicWire.com News Release) Destiny Media Technologies, Inc. (OTCBB: DSNY) is pleased to announce that it has prevailed in its patent litigation with a Canadian competitor.
On May 5, 2009, Yangaroo (TSX: YOO) had filed a complaint for patent infringement against Destiny, claiming that Destiny’s Play MPE® secure distribution system infringed on their US patent number 7,529,712, issued the same day. On June 7, 2010, the Honorable William C. Griesbach ruled in Destiny’s favor, directing the Clerk to dismiss Yangaroo’s claim in its entirety. Yangaroo appealed this decision.
On March 10th, 2011 three circuit judges heard oral arguments in Washington DC and on March 14th, affirmed the original decision, dismissing the lawsuit in its entirety.
Company CEO, Steve Vestergaard comments “While we were always confident in our ultimate success, we are happy to put the expense and the time devoted to this vexatious litigation behind us. We believe this frivolous suit had no foundation but was intended to hinder our leading market position.”
The Company also notes that it will be filing a motion for costs.
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP’s. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php and a product overview is available at http://www.dsny.com/pres/index.htm
Trading Symbols
Destiny Media trades Over The Counter As DSNY (OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY)
About PublicWire.com
PublicWire.com is a Small Cap Financial Press Release Company that uses a variety of cutting edge methods to syndicate your Small Cap Press Release to various news and information outlets. Our press releases have consitantly placed the Small Cap Companies we work with on the first result page of major search engines such as Google, Bing, and Yahoo. We work exclusively with Pinksheet and Over The Counter (PK and OTCBB) Companies to ensure maximum exposure for their Press Releases.
To maximize your OTCBB / Pinksheet / Small Cap Company Press Release, call us directly at 407-218-7446.
OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY
The symbols “OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY” reflect the variety of methods Destiny Media lists their stock as, and were valid at the time of original publication of this press release.
(PublicWire.com News Release) Destiny Media Technologies, Inc. (OTCBB: DSNY) is pleased to announce that it has prevailed in its patent litigation with a Canadian competitor.
On May 5, 2009, Yangaroo (TSX: YOO) had filed a complaint for patent infringement against Destiny, claiming that Destiny’s Play MPE® secure distribution system infringed on their US patent number 7,529,712, issued the same day. On June 7, 2010, the Honorable William C. Griesbach ruled in Destiny’s favor, directing the Clerk to dismiss Yangaroo’s claim in its entirety. Yangaroo appealed this decision.
On March 10th, 2011 three circuit judges heard oral arguments in Washington DC and on March 14th, affirmed the original decision, dismissing the lawsuit in its entirety.
Company CEO, Steve Vestergaard comments “While we were always confident in our ultimate success, we are happy to put the expense and the time devoted to this vexatious litigation behind us. We believe this frivolous suit had no foundation but was intended to hinder our leading market position.”
The Company also notes that it will be filing a motion for costs.
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIP’s. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php and a product overview is available at http://www.dsny.com/pres/index.htm
Trading Symbols
Destiny Media trades Over The Counter As DSNY (OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY)
About PublicWire.com
PublicWire.com is a Small Cap Financial Press Release Company that uses a variety of cutting edge methods to syndicate your Small Cap Press Release to various news and information outlets. Our press releases have consitantly placed the Small Cap Companies we work with on the first result page of major search engines such as Google, Bing, and Yahoo. We work exclusively with Pinksheet and Over The Counter (PK and OTCBB) Companies to ensure maximum exposure for their Press Releases.
To maximize your OTCBB / Pinksheet / Small Cap Company Press Release, call us directly at 407-218-7446.
OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY
The symbols “OTCBB:DSNY, DSNY.OB, DSNY.OTCBB, DSNY” reflect the variety of methods Destiny Media lists their stock as, and were valid at the time of original publication of this press release.
Stark group proposes deal for bankrupt Six Flags (SIXFQ.OB)
Posted on 01. Dec, 2009 by PublicWire in General
1 December 2009 (PublicWire) — Stark Investments, a hedge fund in St. Francis, is leading a group of Six Flags Inc. noteholders who have submitted an alternative reorganization plan that would transfer most of the theme park operator’s equity to them, Reuters reported.
New York City-based Six Flags (OTCBB: SIXFQ), which runs Six Flags Great America theme park in Gurnee, Ill., among other amusement parks nationally, in June filed to reorganize the company’s financial structure, which management said was feeling the pressure of an inherited $2.4 billion debt.
Six Flags said its bankruptcy plan has the support of the company’s lenders and the agent administering the company’s $1.1 billion senior secured credit facility. The plan would transfer stock to senior lenders, including JPMorgan Chase & Co., in exchange for debt.
The latest alternative plan, announced this weekend, has the support of noteholders owning more than $500 million of notes the company issued, Reuters said. The noteholders who proposed the plan would receive up to 81 percent of the reorganized company’s stock, Reuters said, compared with the company’s current plan that proposes giving them less than 5 percent of the stock.
The case is pending in U.S. Bankruptcy Court in Delaware.
Bankrupt CIT Group Inc. (CITGQ.pk) Confirms 10th Sequential Quarterly Loss
Posted on 20. Nov, 2009 by PublicWire in Finance
20 November 2009 (PublicWire) — New York-based bank holding firm, CIT Group Inc. (PinkSheets: CITGQ) said it conceded a 10th successive quarterly loss for the period stretching from July to September as the company failed to withstand the heat generated by the speculation surrounding its plans to file for bankruptcy. In any case the renowned lender to small and medium-sized enterprises proved the assumptions to be true on November 1, when it sensationally gave in to one of the biggest bailout transactions in U.S history after failing to ease its indebtedness.
CIT is yet to liven up from the nightmare of the credit crisis which translated to negative inconsistencies between its yielded revenues and costs incurred. By chance it befitted the politics of the Bush administration to advance the company $2.3 billion from the Troubled Asset Relief Program under the guise that it would be in the best interest of the taxpayers. However, the latest bankruptcy scenario will see to it that preferred shareholders such as the U.S government are wiped out.
During the third quarter ended September 30, CIT lost $1.07 billion ($2.74 per share), in relation to a smaller loss of $317.3 million ($1.11 per share) accounted for the same quarter a year ago. On the continuing operations front the company registered a loss of $1.03 billion ($2.74 per share), as compared to last year’s loss of $301 million ($1.13 per share).
Consolidated net revenue was not any better at $534.1 million, a drawback of $32.9 million over last year’s net revenue of $567 million. The deficit was partially a result of shockwaves from the $701.8 million that CIT had earmarked for credit losses over the third quarter, vis-a-vis $210.3 million set aside in that respect for the matching period of the previous year.
The lender disclosed assets valued at $69.19 billion and liabilities of approximately $64.1 billion. It intends to come forth from bankruptcy protection at the end of December under a pre-packaged restructuring arrangement that would give the unsecured debt holders nothing short of $0.70 on the dollar, as well as new common stock. CITGQ shares on the Pink Sheets closed 0.99 percent down to $0.02 on Tuesday.