On October 11, 2019, Destiny Media Technologies Inc. delivered a letter to Steven Vestergaard in response to the letter received from Vestergaard on October 2, 2019, indicating that Vestergaard intends to nominate five candidates for election to the Company's Board of Directors at the Company's 2020 annual meeting of shareholders. The Company stated that the notice letter failed to comply with applicable requirements in multiple substantive ways. As a result, this matter will not be eligible to be brought forward at the 2020 annual meeting. In addition, the Company stated that, pursuant to Section 5 of the Bylaws, any attempt at the 2020 annual meeting to nominate the shareholder's purported nominees to the Board shall be disregarded as this matter is not eligible to be brought forward at the 2020 annual meeting.
Destiny Media Technologies, Inc. provides software as service solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE (www.plaympe.com), provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. It develops technologies that allow for the distribution over the Internet of digital media files in either a streaming or digital download format. Play MPE distributes promotional content (broadcast quality audio, video, images, promotional information, metadata and other digital content) from record labels and artists to broadcasting professionals, music curators and music reviewers to discover, download, broadcast and review the content. Its other products and services are Play MPE CASTER (local distribution software), Play MPE Quickshare, Play MPE CASTER (global architecture), Play MPE CASTER (targeted list management services), Play MPE Player, MTR, and Clipstream.
