Science & Technology
Thu, July 7, 2011Wed, July 6, 2011Tue, July 5, 2011Mon, July 4, 2011Sun, July 3, 2011Sat, July 2, 2011Fri, July 1, 2011Thu, June 30, 2011Wed, June 29, 2011Tue, June 28, 2011Mon, June 27, 2011Sun, June 26, 2011Fri, June 24, 2011Thu, June 23, 2011Wed, June 22, 2011Tue, June 21, 2011YANGAROO AND DESTINY MEDIA SETTLE LAWSUITS
Published in Science and Technology on Tuesday, June 28th 2011 at 6:05 GMT by Market Wire
TORONTO, June 28, 2011 /CNW/ - [ YANGAROO ] Inc., (TSX-V: YOO) (OTCBB: YOOIF) the industry's leading secure digital media distribution company is pleased to provide an update on the litigation with Destiny Media Technologies, Inc. ("Destiny").
YANGAROO and Destiny have resolved all litigation between the two parties. As part of the confidential agreement, the parties agree that all allegations of infringement and invalidity on any existing or pending YANGAROO patents will immediately cease.
As a result, Destiny will drop the Canadian patent invalidity proceedings and its defamation action against YANGAROO and certain of its officers. YANGAROO will drop its counterclaim for patent infringement in Canada and drop its defamation counterclaim as against Destiny and its CEO.
YANGAROO is pleased with the result as it allows YANGAROO to focus on its business and to provide the best services possible to its customers and clients. As part of the settlement, neither party will pursue legal fees, court costs or royalties pursuant to the above mentioned disputes.
In consideration of the settlement, YANGAROO paid Destiny a lump sum amount totaling $600,000 (Canadian Funds), and granted Destiny certain intellectual property rights relating to the two patents held by YANGAROO that were the subject matter of the dispute.
About YANGAROO:
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS replaces the physical distribution of audio and video content for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet. The DMDS Awards platform powers many of the world's major music industry awards shows.
Named one of Canada's Top 100 Tech Companies for 2009 by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
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.
