Musicrypt Negotiates Settlement.TORONTO -- Musicrypt Inc. announced today that it had negotiated a final settlement in relation to all matters arising out of the Licence Agreement it previously had with Net Nanny Software. The company noted that all rights under the Net Nanny agreement had been assigned by Net Nanny to Musicrypt's current Licensor, BioNet Systems, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . BioNet claimed to be entitled to 800,000 common shares of Musicrypt that Musicrypt had cancelled during the Net Nanny era because of unremedied breaches of the agreement by Net Nanny. As a result of negotiations between Musicrypt and BioNet, the matter was settled by Musicrypt agreeing to issue 175,000 shares to BioNet in settlement of all matters arising under the Net Nanny agreement. The principal shareholders of Musicrypt, Clifford Hunt, David Staples and John Heaven have agreed to deliver to Musicrypt for cancellation without payment 175,000 shares out of their personal shareholdings. Accordingly the issue of 175,000 shares to BioNet will have no net effect on the shareholders of Musicrypt. About Musicrypt: Musicrypt's Digital Media Distribution System (DMDS DMDS DMS (Defense Message System) Message Dissemination System DMDS Dimethyl Disulfide DMDS De Mysteriis Dom Sathanas (Mayhem album) DMDS Digital Music Delivery System DMDS Defense Message Dissemination System ) is the leading secure B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business 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 via the Internet. DMDS delivers broadcast quality media from the sender securely and on time to authorized recipients. Musicrypt trades on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (TSX-V) in Toronto under the symbol MCT See Microsoft certification. . 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Musicrypt Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MCT) |
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