SRSL Srs Labs, Inc. (MM)

SRS Labs, Inc. (NASDAQ:SRSL), a leading provider of surround sound, audio and voice technologies, today announced it has completed restructuring its business by finalizing the sale of its semiconductor subsidiary, Valence Technology Limited (�Valence�), to Noblehigh Enterprises Inc. (�Noblehigh�). The $4.3 million transaction is the final transition step allowing SRS Labs to move forward with its core licensing business model. Along with the sale of Coming Home Studios (�CHS�) announced in July, SRS Labs is now better positioned to aggressively expand its market presence with software partners and original equipment manufacturing (OEM) customers across core market segments. The Company expects to recognize a gain from the sale of Valence in the Company�s third quarter financial statements. �I am pleased with the completion of the sale of the Valence semiconductor business. This is an important milestone for SRS Labs and I believe that this transaction enables�our former staff at Valence to have a more suitable situation to develop their business,� said Thomas C.K. Yuen, chairman and CEO of SRS Labs, Inc. �More importantly, now that the restructuring is complete, SRS Labs can move forward with a clear strategy and focus our expertise on the audio technologies business, which is experiencing record growth and represents the greatest sales opportunity for SRS.� About SRS Labs, Inc. SRS Labs develops advanced audio and communications technology that optimizes and improves the listening experience through techniques based on the latest research into the human auditory system. With over 600 million products shipped worldwide, SRS Labs is a leader in audio. Incorporated in products ranging from HDTVs and mobile phones to PCs and automotive entertainment, SRS Labs audio and speech signal processing provides the best possible sound on every form factor and in every environment. SRS Labs surround sound solutions enable the professional broadcast and recording industries with high-performance production, back-haul, storage, and transmission capability. SRS Labs supports manufacturers worldwide with offices in the US, China, Japan, Taiwan, Europe and Korea. Except for historical information contained in this release, statements in this release, including those by Mr. Yuen may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events 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. SRS Labs, Inc. (NASDAQ:SRSL), a leading provider of surround sound, audio and voice technologies, today announced it has completed restructuring its business by finalizing the sale of its semiconductor subsidiary, Valence Technology Limited ("Valence"), to Noblehigh Enterprises Inc. ("Noblehigh"). The $4.3 million transaction is the final transition step allowing SRS Labs to move forward with its core licensing business model. Along with the sale of Coming Home Studios ("CHS") announced in July, SRS Labs is now better positioned to aggressively expand its market presence with software partners and original equipment manufacturing (OEM) customers across core market segments. The Company expects to recognize a gain from the sale of Valence in the Company's third quarter financial statements. "I am pleased with the completion of the sale of the Valence semiconductor business. This is an important milestone for SRS Labs and I believe that this transaction enables our former staff at Valence to have a more suitable situation to develop their business," said Thomas C.K. Yuen, chairman and CEO of SRS Labs, Inc. "More importantly, now that the restructuring is complete, SRS Labs can move forward with a clear strategy and focus our expertise on the audio technologies business, which is experiencing record growth and represents the greatest sales opportunity for SRS." About SRS Labs, Inc. SRS Labs develops advanced audio and communications technology that optimizes and improves the listening experience through techniques based on the latest research into the human auditory system. With over 600 million products shipped worldwide, SRS Labs is a leader in audio. Incorporated in products ranging from HDTVs and mobile phones to PCs and automotive entertainment, SRS Labs audio and speech signal processing provides the best possible sound on every form factor and in every environment. SRS Labs surround sound solutions enable the professional broadcast and recording industries with high-performance production, back-haul, storage, and transmission capability. SRS Labs supports manufacturers worldwide with offices in the US, China, Japan, Taiwan, Europe and Korea. Except for historical information contained in this release, statements in this release, including those by Mr. Yuen may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events 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.