Another erroneous link by PRNewswire that VLNC has been acquired. Of course it is the other Valence. Checking VLNC stock quote on Yahoo/Finance gives the following link as a news story. The press release by SRS Labs is included below.
Any ideas whether this incorrect information will affect stock prices tomorrow? . . . just wondering.
Peter
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biz.yahoo.com
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Wednesday March 4, 6:09 pm Eastern Time
Company Press Release
SOURCE: SRS Labs, Inc.
SRS Labs Completes its Acquisition of Valence Technology Inc.
SANTA ANA, Calif., March 4 /PRNewswire/ -- SRS Labs, Inc. (Nasdaq: SRSL - news) today announced that it has
completed its acquisition of all of the outstanding capital stock of Valence Technology, Inc., a Hong Kong-based company,
for an aggregate purchase price of $19.5 million in cash and stock. The newly acquired entity will operate as a wholly-owned
subsidiary of SRS Labs. Valence operates five offices located in Hong Kong and China with 130 employees.
Valence is a leading ASIC (application-specific integrated circuit) chip design company and technology provider for the Asian
market. The acquisition is expected to accelerate the pace at which SRS Labs' technology is distributed, and to substantially
increase SRS Labs' revenue base in China, one of its most important growth markets.
In connection with this acquisition, Thomas Wan will continue as President and Chief Executive Officer of Valence and was
elected to the Board of Directors of SRS Labs.
SRS Labs is the world's leading developer and licensor of premium audio enhancement technology to consumer electronics
and computer OEMs. SRS Labs also participates in the emerging voice technology arena with the recent acquisition of VIP
(Voice Intelligibility Processor) technology.
Except for historical information contained herein, the matters set forth in this press release such as the statements made in the
second paragraph include forward-looking statements and projections (including statements concerning plans and objectives
of management for future operations and services) 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 financial goals will be realized. Numerous factors
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 potential business benefits to SRS Labs
of the combination with Valence Technology Inc. [Nasdaq:VLNC - news], the potential for SRS Labs to successfully
increase its market penetration in China, and the stability of China and the Asian markets. In addition, the results of the
Company may vary depending upon generally applicable factors, including the extent to which SRS Labs' licensees
incorporate SRS or the Company's other technologies into products, the increase in SRS Labs' licensee base, the acceptance
of SRS Labs' new technologies, the rate SRS Labs' semiconductor licensees manufacture and distribute chips to OEMS,
SRS Labs' ability to continue to effectively compete with others in the field of audio enhancement technologies and general
business and economic conditions, and other risks detailed in the Company's periodic reports filed with the SEC, including
the Company's Form 10-KSB and Forms 10-QSBs.
For further information on SRS Labs, please visit the SRS Labs website at www.srslabs.com.
SOURCE: SRS Labs, Inc.
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SRS Labs Inc (Nasdaq:SRSL - news)
Valence Technology Inc (Nasdaq:VLNC - news)
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