Digital Music hires investor-relations firm

Digital Music Group Inc. has hired its first investor relations firm, the latest move in its evolution as a publicly traded company.
Digital Music Group (Nasdaq: DMGI), a content owner and distributor of digital music, has hired Allen & Caron Inc. as its investor relations firm. The Irvine-based company's clients include Align Technology and Top Tankers Inc.

"As a newly public company operating in a rapidly growing and ever-changing segment of the entertainment industry, we realize the importance of clear, consistent and continual communication with each of our constituents, including our investors ...," Digital Music CEO Mitchell Koulouris said in a statement.
Digital Music of Sacramento buys digital rights to sound recordings, such as tracks from Johnny Cash to Kool & The Gang, digitizes, formats and distributes them for sale to consumers through online music retailers, such as Apple iTunes and Yahoo! Music.

Shares of Digital Music were down 17 cents to $6.03 in mid-day trading Monday, off of its 52-week high of $10.42. The stock debuted on Nasdaq at $9.75 on Feb. 2, but dropped 50 cents during its first day of trading.

Reprinted from the Sacramento Business Journal