Unassociated Document
EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported) April
26, 2006
DESTINY
MEDIA TECHNOLOGIES INC.
(Exact
name of registrant as specified in its charter)
Colorado
(State
or
other jurisdiction of incorporation)
0-028259
(Commission
File Number)
84-1516745
(IRS
Employer Identification No.)
Suite
1040 - 1055 West Hastings Street
Vancouver,
British Columbia V6E 2E9 Canada
(Address
of principal executive offices and Zip Code)
604.609.7736
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On
September 14, 2004, a statement of claim was filed against the Company (Destiny
Media Technologies Inc.) and its wholly owned subsidiary for fees and accrued
interest relating to legal services provided in connection with a failed
transaction in 2001 and other general corporate matters.
On
April
18, 2006, the parties agreed to settle the outstanding dispute and enter into
a
mutual release. A consent dismissal order without costs will be filed with
the
court registry. As consideration for settlement, a wholly owned subsidiary
of
the Company (Destiny Software Productions, Inc.) will pay a total of $90,000
CDN
(approximately $79,600 USD) to the plaintiff over a period of 14 months ending
July 1, 2007.
The
Company had previously recorded an amount payable of approximately $118,000
CDN
($104,300 USD) and included this amount in its account payable in the interim
financial statements for the period ending February 28, 2006 and as further
described in note 8(b) and 8(d) in the notes to the consolidated financial
statements."
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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DESTINY
MEDIA TECHNOLOGIES INC.
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By:
/s/ Steve Vestergaard
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___________________________
Steve
Vestergaard
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President
and CEO
Date:
April 26, 2006
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