SRSL Srs Labs, Inc. (MM)

VP of Operations and Marketing, Lionel Cheng Appointed as Acting President of Valence SANTA ANA, Calif., Sept. 15 /PRNewswire-FirstCall/ -- SRS Labs, Inc. (NASDAQ:SRSL), one of the world's leading providers of audio technology solutions, announced today that Philip Wong, president of the company's Hong Kong-based subsidiary, Valence Technologies Limited and any of its affiliated entities, has left the company for personal reasons effective September 11, 2005. Valence's current vice president of operations, Lionel Cheng, has been appointed as acting president. Cheng will assume responsibility for the company's semiconductor team and will be focused on the continued execution of the company's business expansion plans. Cheng originally joined Valence in May 2004 to serve as vice president of operations and marketing. Prior to joining Valence, he held the position of general manager for the Asia Pacific region at Egenera, Inc., a U.S.-based firm focused on improving data centers. Before Egenera, he held the position vice president of business development & general manager for Asia Online Ltd. Prior thereto, he also was appointed managing director of Asia Pacific for Tektronix, Inc. in Hong Kong. In addition, he previously held management positions at AST Research Inc. and PC Plus Ltd./Swire Systems Ltd., both global companies. Cheng's experience in management throughout the Asia Pacific region spans more than 20 years. Chairman and CEO Thomas C.K. Yuen said, "During the past 18 months, Philip has shown his enthusiasm and determination in setting a foundation for Valence to make progress towards the next stage. On behalf of SRS Labs, I want to thank Philip for his contributions and wish him the best in his future endeavors." "We are going to take this opportunity to reevaluate and leverage our resources to ensure the stability and growth of the semiconductor business," Yuen concluded. "I believe Lionel will be a strong leader during this transition and I am confident that we have the right team in place to make this a smooth transition for our semiconductor staff and customers." About SRS Labs, Inc. SRS Labs is a recognized leader in the advancement of audio and voice technology. The company works with the world's top manufacturers to provide a richer entertainment experience through patented sound techniques. SRS Labs' technologies can be heard through products ranging from televisions, LCD and plasma monitors, cell phones, MP3 players, car audio systems, and notebook and desktop computers. The company also offers hardware and software tools to professionals and consumers for the creation, production and broadcast of content featuring SRS Labs' technologies. Valence Technologies Limited, a Hong-Kong based subsidiary of SRS Labs, is a semiconductor company that designs and sells custom ASICs and standard ICs to leading manufacturers worldwide. Based in Santa Ana, Calif., the company also has licensing representation in Hong Kong, Japan, Europe, and Korea. For more information about SRS Labs, Inc. please visit http://www.srslabs.com/. The information on the aforementioned website is not incorporated by reference into this press release. Except for historical information contained in this release, statements in this release, including those by Mr. Yuen in paragraphs three and four, are forward-looking statements and projections (which include statements concerning plans and objectives of management for future operations) that are based on management's belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the acceptance of new SRS Labs' products and technologies, the impact of competitive products and pricing, the timely development and release of technologies by the Company, general business and economic conditions, especially in Asia, and other factors detailed in the Company's Form 10-K and other periodic reports filed with the SEC. SRS Labs specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise. Investor & Media Contact: Tami Stegmaier (949) 442-1070 x 3093 DATASOURCE: SRS Labs, Inc. CONTACT: Tami Stegmaier of SRS Labs, Inc., +1-949-442-1070, ext. 3093,

Copyright