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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 the First Nine Months of 2005
TORONTO--(BUSINESS WIRE)--Dec. 1, 2005--Musicrypt Inc., (TSX VENTURE:MCT - News; OTCBB:MCYPF - News), the industry's leading digital music distribution company, today announced its results for the nine months ended September 30, 2005.
Musicrypt continued to make significant progress through the first three quarters of 2005. Revenues for the first nine months of 2005 were nearly three times the revenues for the first nine months of 2004.
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.
"Through the first nine months of 2005 Musicrypt continued its growth, producing higher revenues from new and current customers. Key partnerships with Billboard Radio Monitor and Nielsen BDS were augmented by the partnership with Promosquad Hit Predictor, the leading predictive song research company in the US," said Musicrypt CEO John Heaven. "The number of deliveries made by DMDS in the third quarter was 50% greater than in the first quarter, demonstrating the rapidly growing use of DMDS by the record and radio industries in the US and Canada in just a six-month period. In a recent survey of US radio conducted by Billboard Radio Monitor and Musicrypt, 84% of respondents said they would prefer to receive new music digitally, a clear indication that broadcasters in the US are ready to adopt a secure digital delivery system such as DMDS."
For the nine months ended September 30, 2005, the loss was 33% lower than for the same period last year. This improvement was primarily the result of the higher revenues, a cost saving program, and capitalization of product development costs. The higher number of weighted average shares outstanding also contributed to the lower loss per share figures of $0.06 per share as compared to $0.15 per share for the same nine-month period last year.
Please see the full text of the financial statements and management discussion and analysis available on www.sedar.com.
In further news, Musicrypt has granted 25,000 options to each of its three independent directors as compensation for their services. These external directors do not receive any other compensation for serving on the board and are granted options as compensation annually. The exercise price for the options was set at the three month weighted average price of $0.25 per share. These options expire five years from the date of grant and are subject to standard vesting and hold period provisions.
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 ad equacy or accuracy of this release. Musicrypt Inc. (TSX VENTURE:MCT - News; OTC Bulletin Board:MCYPF - News)
PR Contact for Musicrypt:
Axis marketing & PR
Sarah Miller
(323) 653-7800
smiller@axismarketingpr.com
or
Investor Relations Contact for Musicrypt:
Empire Relations Group
Ken Maciora
(516) 750 9719
info@empirerelations.com
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