Destiny Media Technologies Closes Private Placement

Destiny Media Technologies (http://www.destiny-software.com) announced the closing of a private placement of $1,000,000 pursuant to which the company has issued 1,000,000 units ($1.00 per unit).

Each unit consists of one share and one warrant exercisable topurchase one share of the company's common stock at an exercise priceof$3.00 for a period of six months from closing.

The proceeds will be used to fund development and launch of the company's new digital music distribution format.

Destiny makes Clipstream, a way to add streaming audio onto web pages, and the RadioDestiny Broadcaster software for personal and commercial Internet radio broadcasting.