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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 Inc. Fulfills Biometric Technology License Terms
TORONTO, Aug. 15 /CNW/ - Musicrypt Inc. (TSX-V: MCT, OTCBB: MCYPF), the industry's leading and most secure digital media distribution company, is pleased to announce that it has now met all of the minimum royalty and return requirements for its biometric technology license.
"We are very pleased to have fulfilled all of the minimum requirements for the BioPassword technology license over the past three years", said John Heaven, President & CEO of Musicrypt. "We look forward to continuing to work with the team at BioPassword and to utilize this unique element as part of our sector leading Digital Media Distribution System."
The terms of the license permit Musicrypt to issue shares to pay the portion of the minimum royalty not otherwise payable in cash. The entitlement to a minimum royalty amount expires with this payment, with future royalties being based on 5% of gross revenue. Today Musicrypt received approval from the TSX Venture Exchange to issue 660,950 common shares to BioPassword Inc. to satisfy the minimum royalty payable of $132,190. The value of the shares was determined using the 30 trading day weighted average of $0.20 per share. The shares are subject to a four month hold period expiring December 16, 2006 and to selling limitations of a maximum 50,000 shares per month and 10,000 shares per day.
Musicrypt's DMDS is used exclusively by every major broadcaster and record label group in Canada, and is making a significant impact in the U.S. where it is partnered with Billboard Information Group, Nielsen BDS and R&R. Musicrypt's DMDS has delivered thousands of songs from over 40 record labels to millions of destinations including radio stations representing more than 35 broadcast chains in the U.S.
About BioPassword, Inc.
BioPassword is the leader in delivering enterprise security software solutions for multifactor authentication using the biometric science of keystroke dynamics. BioPassword protects corporate and individual assets with a simple, yet powerful combination of the user's standard login credentials (user ID and password) with the behavioral biometric of keystroke dynamics (their unique typing rhythm). BioPassword is endorsed by The World Bank among others. For more information on BioPassword, please visit www.biopassword.com
About Musicrypt Inc.:
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 OTC:MCYPF. 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.
Musicrypt Contact: John Heaven, President & CEO, (905) 763-3553
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