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Newsroom - Clients - MCYPF
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
Musicrypt Inc.
Musicrypt Reports Significant Revenue Growth for 2005
DMDS Deliveries Triple and Users Quadruple
TORONTO--(MARKET WIRE)--Apr 28, 2006 -- Musicrypt Inc. (TSX VENTURE:MCT.V - News) (Other OTC:MCYPF.PK - News), the industry's leading secure digital distribution company, today announced its annual results for the year ended December 31, 2005.
Musicrypt made significant progress in the year, as revenues for 2005 were 2.3 times 2004 revenues. The addition of new customers, combined with greater use of Musicrypt's Digital Media Distribution System (DMDS) by existing customers, led to the growth in revenues.
"Throughout 2005 Musicrypt continued its rapid growth, producing higher revenues from new and current customers. The grant of two of our patents further solidified our market-leading position," said Musicrypt President & CEO John Heaven. "The number of deliveries made by DMDS in the fourth quarter of 2005 was nearly triple those made in the fourth quarter of 2004, and almost double that of the first quarter of 2005. In addition, the number of DMDS users quadrupled during 2005. This growth trend illustrates the increasing adoption of DMDS by the record and radio industries in the US and Canada that continues today."
Further progress for 2005 was shown by the 31% reduction in the loss for the year. This improvement was primarily the result of the higher revenues, a cost saving program, and deferral of product development costs. The higher number of weighted average shares outstanding contributed to the lower loss per share figures of $0.09 per share as compared to $0.21 per share for 2004.
Please see the full text of the financial statements that will be available shortly on www.sedar.com.
About Musicrypt:
Musicrypt's patented Digital Media Distribution System (DMDS) is the leading secure B2B digital delivery solution for the music industry. DMDS is a web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. The first application of DMDS replaces the physical distribution of new musical recordings by record companies from the studio, internally, and to radio stations with more secure, more effective and less costly digital distribution of broadcast quality media via the internet. For more information on Musicrypt, please visit www.musicrypt.com or call John Heaven, President & CEO at 905-763-3553.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Sarah Miller
Axis Marketing & PR
Tel: (323) 653 7800
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