SRS Labs, Inc. Announces Intention to Conduct Dutch Auction Tender Offer for Its Common Stock
August 07 2008 - 5:05PM
PR Newswire (US)
SANTA ANA, Calif., Aug. 7 /PRNewswire-FirstCall/ -- SRS Labs, Inc.
(NASDAQ:SRSL) announced today that it expects to commence a "Dutch
auction" tender offer in August 2008 to purchase a number of shares
of its common stock that does not exceed an aggregate purchase
price of $10 million. Under the proposed terms of the tender offer,
SRS will invite stockholders to tender their shares at prices
specified by the stockholders within a range of prices that will be
described in the offer materials. SRS will select the lowest single
per-share purchase price that will allow it to buy up to $10
million of its outstanding common stock at completion of the offer.
SRS has indicated, however, that there is no guarantee that it will
proceed with the offer or that shares tendered will be purchased.
The tender offer will be subject to the terms and conditions
described in the offer to purchase and the related materials that
will be distributed to stockholders and filed with the Securities
and Exchange Commission. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO) Tom Yuen,
Chief Executive Officer, noted that "Our board of directors has
reviewed our cash position, our operations and expectations for the
future, our existing and anticipated capital structure, our
acquisition strategy, and a variety of alternatives for using our
available financial resources, and we believe that a tender offer
is a prudent use of our available cash and an effective means of
providing value to our stockholders. By conducting the tender
offer, we believe we can provide all of our stockholders with the
opportunity to tender all or a portion of their shares and to
receive a return of some or all of their investment." Neither SRS,
its board of directors, dealer manager nor the information agent is
making any recommendation to stockholders as to whether to tender
or refrain from tendering their shares or as to the purchase price
on any tender. SRS has been advised that none of its directors or
executive officers intends to tender any shares pursuant to the
offer. The information agent for the tender offer will be Laurel
Hill Capital Group, LLC and the depositary for the tender offer
will be American Stock Transfer. Craig-Hallum will act as the
dealer manager for this tender offer. This announcement is for
informational purposes only and does not constitute an offer to
purchase or a solicitation of an offer to sell shares of SRS common
stock. The solicitation of offers to buy shares of SRS common stock
will only be made pursuant to the offer to purchase, to be issued
in connection with the commencement of the tender offer (as may be
amended or supplemented), the related letter of transmittal, and
other related documents that SRS intends to send to its
stockholders. The tender offer materials will contain important
information that should be read carefully before any decision is
made with respect to the tender offer. Those materials will be
distributed by SRS to its stockholders at no expense to them. In
addition, all of the materials (and all other offer documents filed
with the SEC) will be available at no charge on the SEC's website
at http://www.sec.gov/ and from the information agent. About SRS
Labs, Inc. Founded in 1993, SRS Labs is the industry leader in
audio signal processing for consumer electronics. Initially based
on audio technologies developed at Hughes Aircraft, SRS Labs now
holds over 150 worldwide patents and is recognized by the industry
as the foremost authority in research and application of human
auditory principles. Through partnerships with leading global
Consumer Electronics companies, semiconductor manufacturers and
software partners, SRS audio, surround sound and voice processing
technologies have been included in over one billion electronic
products sold worldwide including HDTVs, mobile phones, portable
media devices, PCs and automotive entertainment. In fact, SRS Labs
is the defacto standard of HDTV audio processing with nine of the
top ten name brand flat panel TVs featuring SRS technology.
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/. Safe Harbor Statement:
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on the Company's current expectations, estimates and
projections about the Company, management's beliefs, and certain
assumptions made by the Company, and events beyond the Company's
control, all of which are subject to change. Such forward-looking
statements include, but are not limited to, statements relating the
Company's proposed Dutch auction tender offer. These
forward-looking statements are not guarantees of future results or
the commitments made by the Company herein, and they are subject to
risks, uncertainties and assumptions that could cause actual
results to differ materially and adversely from those expressed in
any forward-looking statement. The risks and uncertainties referred
to above include, but are not limited to, the sales price of the
Company's common stock, the stockholder's interest in participating
in such tender offer, the review of this matter by the SEC, the
Company's proposed cash requirements and future prospects and
results of operations, and current market and economic conditions,
as well as such other factors described in the Company's filings
with the SEC. The forward-looking statements in this press release
speak only as of the date they are made. The Company undertakes no
obligation to revise or update publicly any forward-looking
statement for any reason. Company Contacts: Ulrich Gottschling
Chief Financial Officer SRS Labs, Inc. (949) 442-5596 Scott Liolios
or Matt Glover Investor Relations Liolios Group (949) 574-3860
http://www.newscom.com/cgi-bin/prnh/20070322/LATH036LOGO
http://photoarchive.ap.org/ DATASOURCE: SRS Labs, Inc. CONTACT:
Ulrich Gottschling, Chief Financial Officer of SRS Labs, Inc.,
+1-949-442-5596, ; or Scott Liolios or Matt Glover, Investor
Relations, both of Liolios Group, +1-949-574-3860, for SRS Labs,
Inc. Web site: http://www.srslabs.com/
Copyright
Srs Labs (NASDAQ:SRSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Srs Labs (NASDAQ:SRSL)
Historical Stock Chart
From Jul 2023 to Jul 2024