(COMTEX) B: SPATIALIZER ANNOUNCES FINAL CONVERSION OF SERIES 'A' PREF
B: SPATIALIZER ANNOUNCES FINAL CONVERSION OF SERIES 'A' PREFERRED STOCK
COMPLETION OF CONVERSION OF APRIL 1998 PREFERRED STOCK OFFERING TO Provide
Greater Flexibility for Effort to Improve Liquidity
WOODLAND HILLS, Calif., Dec 16, 1999 /PRNewswire via COMTEX/ --
Spatializer Audio Laboratories (OTC Bulletin Board: SPAZ) announced
today that the holders of the Company's Series A Preferred Stock have
fully converted their positions into common stock. This marks the full
liquidation of the Company's Series A Preferred Stock issued in a
private placement in April 1998.
"The completion of the conversion process of the Company's Series A
Preferred Stock marks an important milestone in the financial recovery
of our Company," stated Henry R. Mandell, Spatializer's interim CEO.
"This will allow us considerably more flexibility, and will make our
Company more attractive to potential institutional investors as we
focus on completing the financial aspect of our recovery plan. Integral
to this plan is providing the Company with adequate working capital to
fully capitalize on opportunities before us, while at the same time,
minimizing dilution to our shareholders."
Mr. Mandell concluded," I am pleased that our institutional investors
were able to successfully arrive at this position. They have worked
closely with us as we have executed our recovery plan. I appreciate
their strong support of our efforts as well as the responsible manner
in which they conducted themselves throughout the past year and a half.
We look forward to the opportunity in the future to continue our
association. "
Spatializer Audio Laboratories, Inc. is a leading developer, licensor
and marketer of next-generation technologies for the consumer
electronics, computing and entertainment industries. The Company's
advanced audio technology is incorporated into consumer electronics
audio, video and DVD products from global brand leaders including
Toshiba, JVC, Panasonic, Hitachi, Samsung, Sanyo, Goldstar, Emerson,
Zenith and Proton and in PC multimedia systems and peripherals from
Apple, Dell, Gateway, Hewlett Packard, Mitsubishi, Sony, Fujitsu,
Seiko-Epson, NEC, Micron and Labtec.
Spatializer stock is traded on the OTC Bulletin Board under the symbol
"SPAZ." The company is headquartered in Woodland Hills, Calif. and has
marketing, engineering and R&D facilities in Mountain View, Calif. and
Tokyo. Further information may be obtained from Spatializer's SEC
filings, Web-site (www.spatializer.com) or by contacting the company
directly.
Safe Harbor Act Statement Under the Private Securities Litigation
Reform Act of 1995: This news release contains forward looking
statements, including Mr. Mandell's quotes in paragraphs two and three
which are subject to a variety of risks and uncertainties.
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 uncertainties and risk
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. These uncertainties and risk
factors include, but are not limited to dependence on new technology
and intellectual property, dependence on the PC and consumer
electronics industries, successful consummation of transactions in
negotiation, dependence on product shipments of third-party licensees,
competition and pricing pressures, the timing and realizable value of
the MDT technology, the continued need for additional capital and other
risks detailed from time to time in the Company's periodic reports
filed with the Securities and Exchange Commission.
Notices: Desper Products, Inc. is a wholly owned subsidiary of
Spatializer Audio Laboratories, Inc. Spatializer(R) is a registered
trademark of Spatializer Audio Laboratories.
SOURCE Spatializer Audio Laboratories
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Henry R. Mandell, Interim Chief Executive Officer of
Spatializer Audio Laboratories, 818-227-3370,
henrym@spatializer.com
WEB PAGE: spatializer.com
GEOGRAPHY: California
INDUSTRY CODE: CPR
SUBJECT CODE: OTC
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