The growth in North American music delivery revenues combined with the commencement of both advertising delivery and UK music delivery revenues are very encouraging
Toronto, Ontario (PRWEB) August 17, 2007
YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, today announced its results for the first half ended June 30, 2007. The growth that YANGAROO experienced through 2006 continued into the first six months of 2007. Revenues (which exclude interest income) for the six-month period ended June 30, 2007 were 27% higher than revenues for the first half of 2006. The loss for the same period increased 6%.
YANGAROO's US market presence also accelerated through the first half, as the number of deliveries made via DMDS in the US rose to 532,000, over five times those made in the first half of 2006. At the end of the second quarter of 2007, YANGAROO's DMDS was the de-facto standard for B2B (business to business) digital delivery of new music files for the record and radio industry in Canada. No competitor's system was in commercial use at any major record label in Canada to date in 2007. EMI, Sony BMG, Universal and Warner in Canada were all using DMDS commercially and the adoption of DMDS within the fast-growing independent music sector was expanding.
YANGAROO has now commenced billable deliveries of advertising for the Gary Group and Universal Music Group of Los Angeles. In the UK, YANGAROO's partner Adstream has commenced billable deliveries of music.
"The growth in North American music delivery revenues combined with the commencement of both advertising delivery and UK music delivery revenues are very encouraging," said YANGAROO President & CEO John Heaven. "Further, the recent progress with the examination of our pending US patent also bolsters our optimism."
Summary of operating results for the six months and quarter ended June 30 2007 ($Cdn):
Six Months Quarter
2007 2006 2007 2006
Revenue 253,448 199,236 130,640 111,488
Interest income 132,198 6,127 71,715 3,502
EBITDA (1,137,368) (988,420) (625,651) (505,798)
Net loss for the period (1,161,255) (1,099,868) (632,562) (569,753)
Loss per share (basic & diluted) (0.02) (0.04) (0.01) (0.02)
YANGAROO's DMDS has delivered over 9,000 songs from more than 500 record labels to destinations which include radio stations representing over 35 US broadcast chains such as CBS/Infinity, Citadel, Clear Channel, Cox, Cumulus, Emmis, EntreVision, Entercom, Federated Media, Sirius, Journal, DMX, Jones Radio, AOL, Music Choice, Radio One, Salem Communications, Univision, Westwood One, Regent, Premiere Radio, Next Media, XM Satellite Radio, Waitt Media and many others. DMDS is the only system that can deliver music across the US, Canada and the UK.
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS is a web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. DMDS replaces the physical distribution of musical recordings and advertising to radio, media, retailers and other authorized recipients with more accountable, effective and far less costly digital delivery of broadcast quality media via the Internet. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB:YOOIF. For more information on YANGAROO, please contact John Heaven at 905-763-3553 or visit http://www.yangaroo.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 of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
PR Contact for YANGAROO:
Axis Marketing & PR
139 S. Beverly Drive, Suite 203
Beverly Hills, CA 90212