VANCOUVER, Jan. 8, 2014 /PRNewswire/ - Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) announces that its stockholders will be asked to approve a proposed reverse stock split of its issued and outstanding shares of common stock at a ratio of up to five (5) pre-reverse split shares to one (1) post-reverse split share (the "Reverse Split") at the Annual General and Special Meeting of Stockholders to be held on February 25, 2014. The purpose of the Reverse Split is to assist Destiny Media Technologies in meeting the minimum listing requirements of the NASDAQ Capital Markets. Destiny Media Technologies applied to list its shares of common stock on the NASDAQ Capital Markets on August 27th, 2013 and has received initial comments back. It will provide an update to its stockholders on the status of the listing application following approval of the Reverse Split.
If the Reverse Split is approved, the Board of Directors will have the authority to implement the Reverse Split, and, if enacted, to determine the Reverse Split ratio required to meet the minimum price per share requirements on the NASDAQ Capital Markets. Currently, the Board of Directors intends to implement the Reverse Split as soon as practicable following approval by the stockholders and the TSX Venture Exchange. Notwithstanding approval of the Reverse Split by the stockholders, the Board of Directors, in their sole discretion, may abandon the Reverse Split without further approval, action by, or prior notice to stockholders.
Destiny Media Technologies currently has an aggregate of 52,099,327 shares of common stock issued and outstanding. If the Reverse Split is undertaken at the ratio of 5 to 1, the issued and outstanding shares of common stock would be approximately 10,419,865. Destiny Media Technologies does not intend to change its name in conjunction with the Reverse Split.
The Reverse Split is subject to approval by the Company's shareholders, the TSX Venture Exchange and FINRA.
On Behalf of the Board of Directors
Destiny Media Technologies provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream and Play MPE®. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. With Clipstream, there is no player to configure or install, videos never go obsolete, and there are up to 90% cost savings by reducing the use of transcoding, infrastructure and bandwidth. Play MPE (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. More information can be found at www.dsny.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "intends", "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing product performance, events, or developments that Destiny Media Technologies, Inc. expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties. Should one or more of these risks or uncertainties materialize, or should any of Destiny Media Technologies, Inc.'s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Destiny Media Technologies, Inc.'s forward-looking statements, including, Destiny's ability to complete a proposed listing on the NASDAQ Capital Market. Except as required by law, Destiny Media Technologies, Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Destiny Media Technologies, Inc.