LG Electronics and SRS Labs Enter Into a New Multi-Year License Agreement
November 07 2007 - 7:35AM
PR Newswire (US)
- SRS Labs signs new agreement with LG Electronics to license SRS
audio enhancement technologies for use in manufacturer's broad
range of TV and monitor products SANTA ANA, Calif., Nov. 7
/PRNewswire-FirstCall/ -- SRS Labs, Inc. (NASDAQ:SRSL), a leading
provider of surround sound, audio enhancement and voice processing
technologies, announced today that Korean-based LG Electronics, one
of the premier television manufacturers in the world, has chosen
SRS Labs as their non-exclusive audio enhancement provider. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO) "This new
agreement with LG confirms a continued growth opportunity for SRS
technologies in the HDTV market," said Tom Yuen, Chairman and CEO
of SRS Labs. "The fact that they have chosen the long term use of
SRS IP is a testament to the power of our technology and ability to
collaborate with our partners to engineer exceptional audio
experience for TVs." The new licensing deal with LG Electronics, a
long time licensee of SRS Labs, is for use of SRS' TruSurround XT
and SRS WOW audio technologies across their entire lines of
televisions and monitors through the year 2010. While SRS Labs has
multiple audio technologies for set-makers to consider, the two
leading SRS audio technologies most often licensed for use in
televisions are SRS TruSurround XT virtual surround sound and SRS
WOW audio and bass enhancement solutions. LG Electronics selected
SRS Labs as their audio partner of choice because of the unique and
demonstrable features SRS' patented audio technologies provide to
their specialized line of high-end TVs. SRS TruSurround XT is the
most widely implemented patented virtual surround sound technology
on the market. It processes multichannel content to create a
virtual surround sound experience with added bass and dialog
enhancement. Consumers feel as if "phantom" speakers appear to
extend all around them, producing an amazing surround sound effect,
without the clutter of extra wires or speakers placed around the
room. When receiving mono or stereo audio content, TruSurround XT
creates an expansive three dimensional sound field for a truly
immersive audio experience. SRS WOW is a patented audio enhancement
technology that significantly improves audio performance. It
expands the size of the perceived audio image, creating a
substantially larger "sweet spot" and incorporates psychoacoustic
bass enhancement techniques to enhance low frequencies and their
harmonics producing a deeper and richer bass experience. SRS WOW
also retrieves the ambient information of audio that is typically
lost during the recording and playback process so consumers
experience an immersive sound field with restored clarity. As flat
panel TVs continue to get thinner and incorporate smaller speakers,
the importance of quality audio enhancement becomes more critical
in an effort to maximize performance from built-in speakers. SRS
Labs works closely with its partners, such as LG Electronics, to
optimize products for the best possible audio performance
DisplaySearch reported that just over 58 million flat panel TVs
shipped worldwide in 2006. Of those, 38 percent, or 22 million,
units featured SRS audio technology, based on royalty revenue
reports. The category is expected to increase by 47.6 percent in
2007, according to DisplaySearch, who is projecting 85.6 million
units in worldwide sales. For the first three quarters 2007, SRS
Labs experienced a 42.1 percent increase in units sold featuring
SRS IP over same period 2006. DisplaySearch is also anticipating
another 27.6 percent increase in worldwide sales for 2008,
predicting shipments of 109.2 million units. With global FPTV units
predicted to reach 110 million by 2008 it is clear that this market
provides terrific growth opportunity for SRS technologies. The
world's leading TV manufacturers identify SRS Labs as their audio
partner of choice. Among the top nine FPTV manufacturers reported
by DisplaySearch, seven: Samsung; Sony; Sharp; LG; Panasonic;
Hitachi; and Pioneer, feature at least one SRS audio technology to
provide improved multi-dimensional sound enhancement. About SRS
Labs, Inc. SRS Labs is a leader in audio signal processing for
consumer electronics. Founded in 1993, SRS Labs holds 129 worldwide
patents, with another 34 pending, for advanced audio, voice and
surround sound technologies that optimize and improve the listening
experience through techniques based on research into the human
auditory system. Through partnerships with leading global
manufacturers and semiconductor and software partners, over one
billion products have shipped worldwide utilizing SRS audio
technologies, primarily from one of three main technology families,
SRS WOW(R), SRS TruSurround(R) and SRS Circle Surround(R). SRS Labs
audio and voice processing provides the best possible sound from
all content and in every environment including HDTVs, mobile
phones, portable media devices, A/V components, PCs and automotive
entertainment. And with 38 percent of the 58 million flat panel
televisions shipped in 2006 featuring SRS audio processing, SRS
Labs is the de-facto standard of HDTV audio processing.
Additionally, SRS Labs surround sound solutions provide 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, Europe, Japan, Korea and Taiwan. For more
information, visit http://www.srslabs.com/ 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. Contact: Press Contact:
Cyndee Pelino, Marketing Manager Jim Noyd, Noyd Communications Inc.
949-442-5518 310-374-8100
http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO
http://photoarchive.ap.org/ DATASOURCE: SRS Labs, Inc. CONTACT:
Cyndee Pelino, Marketing Manager of SRS Labs, Inc.,
+1-949-442-5518, ; or Jim Noyd of Noyd Communications Inc.,
+1-310-374-8100, , for SRS Labs, Inc. Web site:
http://www.srslabs.com/
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