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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 Completes $1.5 Million Financing
Offering Oversubscribed as Demand for Units Exceeds Maximum
TORONTO--(MARKET WIRE)--Jun 8, 2006 -- Musicrypt Inc. (TSX VENTURE:MCT.V - News) (Other OTC:MCYPF.PK - News), the industry's leading provider of secure digital media distribution, today announced it has completed a $1.5 million financing through the sale of 7,500,000 Units at $0.20 per Unit. Each Unit consists of one Common Share and one-half of a two-year warrant to purchase a Common Share for $0.30 per share.
"The offering was oversubscribed as investors took note of the significant progress we have and continue to make," said John Heaven, President and CEO of Musicrypt. "We have announced two significant revenue-generating deals in the last month and anticipate additional customers and partners will come on board in the near future as we continue our expansion in the US market. Wellington West Capital Inc., Kingsdale Capital Markets Inc. and the other investors that participated in the offering recognize the substantial business opportunity we have."
The Units are subject to a regulatory hold period which expires on September 13, 2006 for 3,260,000 Units, September 26, 2006 for 150,000 Units and October 8, 2006 for 4,090,000 Units.
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. Musicrypt trades on the TSX Venture Exchange (TSX-V) under the symbol MCT and in the U.S. under (Other OTC:MCYPF.PK - News). For more information on Musicrypt, please visit www.musicrypt.com
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.
PR Contact for Musicrypt
Sarah Miller and Megan Schwartz
Axis Marketing & PR
Tel: (415) 764-1980, smiller@axismarketingpr.com, mschwartz@axismarketingpr.com
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