DTS Completes Acquisition of SRS Labs, Inc.
July 23 2012 - 9:00AM
DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio, today
announced the closing of its previously announced acquisition of
SRS Labs, Inc. (Nasdaq:SRSL), a leader in audio processing and
enhancement technologies. The closing follows the satisfaction of
all conditions to the closing of the transaction, including receipt
of certain regulatory approvals and approval of the transaction by
SRS Labs' stockholders on July 20, 2012. SRS Labs' common stock has
ceased trading on the NASDAQ Global Market.
"We are excited to have completed this transaction within our
expected timeline and are now focused on executing a seamless
integration, ensuring that our customers receive unparalleled
service," said Jon Kirchner, DTS' chairman and CEO. "This
transaction combines two highly complementary product and
technology portfolios, bringing together DTS' high performance
audio solutions and SRS Labs' suite of audio processing
technologies. In addition, this transaction further expands DTS'
already sizeable portfolio of audio-related intellectual property,
creating one of the broadest in the industry. Ultimately, the
addition of SRS to the DTS family will allow us to solve audio
quality limitations caused by the trend toward thinner, smaller
devices, which we believe will provide consumers with a high
quality audio experience anytime, anyplace, and on any device."
DTS management will provide more detailed information regarding
the transaction during its next regularly scheduled earnings
announcement in early August.
Centerview Partners LLC acted as financial advisor and DLA Piper
LLP and Gibson, Dunn & Crutcher LLP acted as legal advisors to
DTS.
This document contains forward-looking statements within the
meaning of Section 27A of the U. S. Securities Act of 1933, as
amended, and Section 21E of the U. S. Securities Exchange Act
of 1934, as amended. These forward-looking statements, which are
based on current expectations, estimates and projections about the
industry and markets in which DTS and SRS operate and beliefs of
and assumptions made by DTS, SRS and their respective management
teams, involve uncertainties that could significantly affect the
financial results of DTS or SRS or the combined company. Words such
as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," variations of such words and similar
expressions are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address events or developments that we expect or
anticipate will occur in the future are forward-looking statements.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Although we believe the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be
attained and therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. For example, these forward-looking
statements could be affected by factors including, without
limitation, the ability to successfully complete the integration of
the businesses being acquired from SRS by, among other things,
realizing revenue, expense and other synergies, renewing contracts
on competitive terms, successfully leveraging the information
technology platform of the acquired business, and retaining key
personnel and any adverse effect to DTS' business or the business
being acquired from SRS due to uncertainty relating to the
transaction.
These important factors are not intended to be exhaustive.
Additional risks and factors are discussed in reports filed with
the Securities and Exchange Commission ("SEC") by DTS and SRS from
time to time, including those discussed under the heading "Risk
Factors" in their respective most recently filed reports on
Form 10-K and 10-Q. Neither DTS nor SRS assume any obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
About DTS, Inc.
DTS, Inc. (Nasdaq:DTSI) is dedicated to making digital
entertainment exciting, engaging and effortless by providing
state-of-the-art audio technology to over a billion consumer
electronics products worldwide. From a renowned legacy as a pioneer
in high definition multi-channel audio, DTS became a mandatory
audio format in the Blu-ray Disc standard and is now increasingly
deployed in enabling digital delivery of compelling movies, music,
games and other forms of digital entertainment to a growing array
of network-connected consumer devices. With the acquisition of SRS
Labs, DTS strengthens its position as a leader in providing
end-to-end audio solutions to the rapidly growing network
entertainment sector. DTS technology is in car audio systems,
digital media players, DVD players, game consoles, home theaters,
PCs, set-top boxes, smart phones, surround music content and every
device capable of playing Blu-ray discs. Founded in 1993, DTS'
corporate headquarters are located in Calabasas, California with
its licensing operations headquartered in Limerick, Ireland. DTS
also has offices in Los Gatos and Santa Ana, California,
Washington, China, France, Hong Kong, Japan, Singapore, South
Korea, Taiwan and the United Kingdom.
The DTS, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11752
DTS-I
CONTACT: DTS, Inc. Media & Investor Contacts:
Sard Verbinnen & Co for DTS, Inc.
John Christiansen/Jenny Gore
jchristiansen@sardverb.com/jgore@sardverb.com
(415) 618-8750
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