YANGAROO (TSX-V:YOO, StockForum), a Toronto-based technology firm engaged in the business to business distribution of media via the internet, announced today that the company had partnered with a group led by Federation X Holdings, based in Malmo, Sweden and it's affiliate, Music2Be, based in London, U.K.
According to the news release, the group will supply YANGAROO's digital delivery service to record labels, independent artists and promoters to supply broadcast quality music audio and music video files to radio and television broadcasters throughout the European Union including Norway and Switzerland.
Federation X Chairman, Torbjorn “Toby” Jorgensen commented, “The music industry is evolving and changing and we want to be on the cutting edge of that change. YANGAROO has established itself as a leader in broadcast quality digital distribution in North America and it is our goal to offer this service throughout Europe and beyond.”
Cliff Hunt, Vice President and COO for YANGAROO, added, “We share the 'Global vision' of our new partners.”
Then he concluded, “The ability of an independent artist in England to deliver their music and video to radio and television, not only in Europe, but to North America, Brazil, and other parts of the globe is where this industry is going and we look forward to playing a significant role in making this happen.”
YANGAROO was in the news recently when the company was scheduled to present at the 2014 NAB show.
Shares fell 10.81% on the news to $0.33 per share.
Currently there are 40.1m outstanding shares with a market cap of $13.2 million.