THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, CANADA – YANGAROO Inc. (“YANGAROO” or the “Company”) (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, is pleased to announce that it has entered into an agreement with Fraser Mackenzie Limited as Lead Agent and including Cormark Securities Inc., to assist the Company with a brokered private placement for gross proceeds of up to $4 million. The specific terms of the private placement will be determined in the context of the market.
The offering is scheduled to close on or about December 18, 2009. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.
Delivers First Videos in U.S. and Canada; Q3 Revenues and EBITDA Increase
TORONTO, CANADA – YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry’s leading secure digital media distribution company, today announced record results for the third quarter ended September 30, 2009. Revenues for the third quarter of 2009 grew 24% over revenues for the third quarter of 2008. EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter of 2009 improved by 36% over the same period in 2008. The loss for the third quarter of 2009 was 19% lower than for the third quarter of 2008.
Revenues for the nine months ended September 30, 2009 have exceeded revenues for the entire 2008 fiscal year. Revenues for this nine month period grew 37% over revenues for the same period in 2008. The loss for the first nine months of 2009 was 25% lower than for the first nine months of 2008 and the corresponding loss per share decreased to $0.02 from $0.03. EBITDA for the first nine months of 2009 improved by 35% over the same period in 2008.
Highlights from the third quarter of 2009 include the delivery of the first full broadcast-quality music videos utilizing DMDS 5.0 in Canada and in the United States, the designation of New York-based Devlin Video International as the first "Certified Sender" for DMDS 5.0, a ruling by a Federal Court in Wisconsin in YANGAROO’S favor on a Motion to Dismiss brought by Defendant Destiny Media Technologies Inc. (OTC:DSNY) in the company’s patent infringement and injunction suit, and the signing of a multi-year agreement with The Recording Academy® to use DMDS for the GRAMMY® Awards.