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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 52% Increase in Third Quarter Revenues
TORONTO, Nov. 29 /CNW/ - Musicrypt Inc. (TSX-V: MCT, OTCBB: MCYPF), the industry's leading secure digital media distribution company, is pleased to announce that during its third quarter ended September 30, 2006 revenues increased 52%.
For the first nine months of 2006 revenues were 39% higher than the first nine months of 2005. New customers and increased utilization of Musicrypt's patented Digital Media Distribution System (DMDS) by existing customers, led to the growth in revenues.
"Musicrypt's strong advance continued through the third quarter, with revenues for the first nine months of 2006 exceeding those for the entire 2005 year. In the third quarter we launched our first US customer site with Broadjam, established a partnership with Pando Networks Inc. for secure web delivery of video media, and continued to expand and enforce our patent rights," said John Heaven, President and CEO of Musicrypt. "Our current expense level supports DMDS throughout both of the US and Canadian markets, and we have now begun monetizing our US market penetration."
The loss for the third quarter was 13% ($80,000) lower than for the third quarter of 2005, largely due to the higher revenues and lower salaries and benefits expense. The overall loss for the first nine months of 2006 was 16% ($223,000) higher than the same period last year. Increased royalty and amortization expenses, mainly non-cash expenses, accounted for $176,000 of this change. Costs associated with the company's US music and advertising marketing initiatives, the expenses for which largely commenced after last year's second quarter, and intellectual property related costs, were the primary contributors to the balance of the increase. For the first nine months of 2006 the loss per share was $0.05, compared to $0.06 for the same period in 2005.
Please see the full text of the financial statements and management discussion and analysis available shortly on www.sedar.com.
In further news, Musicrypt has granted three external directors 25,000 options each as annual compensation for their services. These directors do not receive any other form of compensation from the company. The options are exercisable at $0.24, which was the three month weighted average price on the grant date of November 21, 2006. The options expire five years after the grant date and are subject to standard vesting provisions.
About Musicrypt:
Musicrypt's DMDS has delivered over 5,000 songs from more than 150 record labels to destinations which include radio stations representing over 35 US broadcast chains such as CBS/Infinity, Citadel, Clear Channel, Cox, Cumulus, Emmis, EntreVision, Entercom, Federated Media, Sirius, Journal, DMX, Jones Radio, AOL, Music Choice, Radio One, Salem Communications, Univision, Westwood One, Regent, Premiere Radio, Next Media, XM Satellite Radio, Waitt Media and many others. DMDS is the only digital delivery system that can deliver music throughout the US and Canada.
Musicrypt is partnered in the US with Billboard, R&R and Nielsen BDS, and is marketed to the advertising industry by AWE, a division of The Omnicom Group.
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. DMDS replaces the physical distribution of musical recordings and advertising to broadcasters, media, retailers and other authorized recipients with more accountable, effective and far less costly digital delivery 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 OTCBB: 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.
on Musicrypt, please visit www.musicrypt.com
or contact John Heaven at (905) 763-3553
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