Destiny Media And Shooting Star Settle Litigation
March 6, 2012 at 3:52 AM (PT)
DESTINY MEDIA TECHNOLOGIES has agreed to terms of settlement with the SHOOTING STAR PICTURE COMPANY PTY LTD group of companies and SHOOTING STAR's representative, PETER SKILLMAN. On JUNE 6, 2011, DESTINY commenced proceedings in the Federal Court of AUSTRALIA against SHOOTING STAR and SKILLMAN. The dispute concerned an agreement between the parties, by which SHOOTING STAR was responsible for the marketing, promotion and sale of DESTINY's PLAY MPE system in AUSTRALIA and NEW ZEALAND.
The litigation has now been resolved to the satisfaction of all parties concerned, without the need for a court determination. SHOOTING STAR has agreed to pay DESTINY $825,000 in damages over six years at a rate of 10.25% compounded interest secured against assets of the defendants and a mortgage on real estate in SYDNEY. SHOOTING STAR has also agreed that it will not approach any of DESTINY's named existing clients with the rival media distribution system.