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Spatializer Audio Laboratories Inc. Holds Annual Stockholders Meeting Today With Focus on Leveraging High Growth Markets Through Customer-Centric Audio Solutions

By: cosmiclobster
14 Jun 2002, 06:52 PM EDT Msg. 52858 of 52859
(This msg. is a reply to 52857 by craven.)
There`s more than one way to skin a cat!

Spatializer Audio Laboratories Inc. Holds Annual Stockholders Meeting Today With Focus on Leveraging High Growth Markets Through Customer-Centric Audio Solutions Spatializer Audio Solutions Help OEMs Meet the Challenge of Delivering Product Different


WOODLAND HILLS, Calif., Jun 14, 2002 /PRNewswire-FirstCall via COMTEX/ --
Spatializer Audio Laboratories Inc. (OTC Bulletin Board: SPAZ) held its annual
stockholders` meeting at the Woodland Hills Hilton. At the formal portion of the
meeting, stockholders re-elected Carlo Civelli as a director for a three year
term. After the formal meeting was adjourned, Spatializer Chairman and CEO Henry
R. Mandell reviewed the past year`s performance and outlined its initiatives for
the coming year.


Spatializer Chairman and CEO Henry R. Mandell told the company`s shareholders
that while the industry as a whole faces competitive challenges, the digital
opportunities for the Company are greater than ever. Mandell reviewed the
prospects of four areas experiencing dynamic market growth upon which
Spatializer will focus its attention; Recordable DVD Players, Digital
Television, Cellular telephones and Internet Audio. "These markets are both
attractive to us and receptive to our technology because growth acceleration is
ahead of us, not behind us and manufacturers are looking for premium and/or
differentiating features to help fuel this growth," declared Mandell.

Spatializer`s fiscal 2001 revenues were $1,604,000, compared to $2,202,000 in
2000. Net loss for fiscal 2001 was ($240,000), or ($0.01) per share, compared to
net income of $382,000, or $0.01 per share, in the prior year.

"While we fared better than our competitors, who sustained far greater losses,"
Mandell explained, "management`s objective is to grow revenues and profits. So,
from that perspective, we consider last year`s performance to be less than
satisfactory." Nevertheless, the Company`s financial condition today is
satisfactory, with stockholders` equity of over $1.4 million, working capital in
excess of $1.1 million and no long term or third party debt.

In outlining primary accomplishments in 2001, Mr. Mandell stated, "In this tough
business environment, we continued to broaden both our licensee base and our
product offerings. We added Sanyo DVD and portables, Sharp and GoVideo by
SONICblue to our licensee list. We said we were going to put the laboratories
back in our name ... and we did, with an unprecedented 5 new products in 2001."



These products were:

-- Spatializer N-2-2 ULTRA(TM), the most comprehensive and immersive

5.1 channel virtual surround sound on the market, bar none.

-- Spatializer PCE(TM) makes high frequencies clearer, crisper and more

brilliant while making low frequencies more dramatic, tighter, with

more impact.

-- Spatializer VSP-11(TM) delivers a complete suite of Spatializer

technology that enhances all leading media players, soft DVD players

and file sharing programs in a single, cost effective and entertaining

package for desktop and notebook applications

-- Spatializer Natural Headphone(TM) provides natural quality surround

sound effects over headphones. A well-defined center image allows for

crystal clear presentation of dialogue, while the other surround

channels immerse the listener in a three dimensional audio experience.

-- Spatializer VirtualSurround VBX(TM), a cost saving two channel virtual

surround solution

Mandell presented a review of the past year, the competitive business landscape
and the challenges ahead. "We, along with our competitors, operate in
challenging and changing times," explained Mandell. "Intense pressure on
manufacturers to reduce costs in the face of falling selling prices increased
resistance to new technology adoption and use. The continued sluggish world-
wide economic situation caused projects to be shelved, postponed, or to meet
with disappointing results, some of which were to use Spatializer technology. In
2001, one of our competitors, in the face of declining market share, got
desperate and adopted irrational and economically unsustainable business models.
DVD player sales rose, but U.S. markets were flooded with bargain- priced
players that cut into sales of higher-priced branded DVD products that
incorporated Spatializer technology."

Mr. Mandell stated, "Our attitude is that change brings opportunity ... and we
believe that the opportunity is substantial. More importantly, you need to know
how we are going to thrive in this environment. First, we`re going to heavily
focus on those meaningful and significant product categories ... recordable DVD,
Digital TV, Cellular phones and Internet audio which have not become commodities
and/or where our technology offers a real and compelling solution."



Industry analysts believe that sales of Recordable DVD players will

explode over the next few years. With all the benefits of DVD, the one

key attribute that has been missing is the ability to record your own

programming, as one can with the VCR. It will replace the VCR and indeed

replace the millions on DVD players which are the primary digital

entertainment devices in our homes.



"Our solutions become very compelling to the Digital TV manufacturer as

they migrate from analog to DSPs," stated Mr. Mandell. "Spatializer can

deliver a surround sound experience at a fraction of the cost of older,

specialized analog chips. We can deliver technology that gets more from

the performance constrained speakers included in most televisions, or

alternatively, allow the manufacturer to use lower cost components.

Implementation is quicker and easier, thereby breaking down the

engineering barriers to adopting our technology. In today`s environment

of overtaxed engineering departments and ambitious design schedules, our

technology offers the OEM a clear competitive advantage."



Many companies talk about enhancing monaural cellular phone audio.

Mr. Mandell explained, "That`s not our business or our core competency.

However, many cell phones, particularly in East Asia, are adding

entertainment features such as downloadable music and playback.

3G service, with extraordinary video and wireless internet connectivity

capabilities, have been launched overseas and are being rolled out in the

US. Streaming audio and interactive games will be key features.

Enhancement of these applications IS very much part of our core

competency. Audio will be delivered primarily through headphones, whose

enhancement we know something about. Some Japanese manufacturers have

prototypes with two closely spaced speakers, but struggle with the audio

performance. We know something about enhancing these speakers as well.

As the cell phone converges with portable devices into a

multi-functional, entertainment product, Spatializer will be there to

deliver the needed audio enhancements to make these products successful."



Mr. Mandell continued, "The computer has evolved into an entertainment

platform, driven by the explosive growth of streaming audio, gaming and

broadband. While computers -- desktop, notebook and even hand-helds have

powerful graphics capabilities and lightning processing speed, for the

most part, audio has been an after thought and audio reproduction

performance leaves much to be desired. Spatializer VSP-11 offers the

consumer outstanding value, with four separate selling features in one

integrated, reasonably priced package. The Spatializer e-store, which we

opened earlier this year, is only the enabling means, not the end all of

this strategy."

"Second, I`ve talked before about an intense focus on customers` needs,"
continued Mandell. "The OEM is our target customer. OEMs have a real challenge
today ... to substantially lower their cost so that they can meet low cost
competition. Pleasurable audio is no longer the only selling point. Of course,
many manufacturers still care about audio quality, but what the manufacturer
really needs are comprehensive audio solutions that enable them to actually
lower their costs. Our Spatializer Vi.B.E(TM), Spatializer Natural Headphone and
our new Spatializer PCE(TM) technologies give manufacturers the ability to get
better performance from lower cost components ... through either speakers or
headphones. For the cost pressured OEM, we developed Spatializer VirtualSurround
VBX(TM), a basic, low-cost virtual surround solution which can further reduce
their third party royalty costs."

Mandell added, "Lastly, we`re positioned as a solutions provider. Due to the
workload of most manufacturers` engineering departments, inertia plays a large
role in resistance to new technology adoption. By providing an off-the-shelf
solution with extensive tech support, we make technology adoption easy and
painless. We think that`s a big plus to today`s OEM."

Mandell concluded that the key to success is to have a realistic view of the
market and to rationally meet its challenges. "That means an intense focus on
the customers needs as well as their constraints," concluded Mandell. "We now
have a wider array of products than ever before and will target high margin,
high volume platforms for its application. We`re positioned as a total solutions
provider, which we think will be a powerful competitive advantage. Lastly, while
the challenges are there ... the digital opportunities are greater than ever."

About Spatializer

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, Sharp, SANYO,
SONICblue, Fisher and Kenwood, in PC multimedia systems and peripherals from
Apple and Labtec, in silicon from Matsushita, Texas Instruments, Cirrus Logic,
New Japan Radio Corporation, Zoran, Motorola, LSI Logic, Tvia, Genesis and Acer
Laboratories Inc, and in MP3 players such as SANYO and embedded with RISC cores
from MIPS Technologies. Spatializer stock is traded on the OTC Bulletin Board
under the symbol: SPAZ. The company is headquartered in Santa Clara, CA, with
executive and marketing offices in Westlake Village, CA and Tokyo, Japan.
Further information may be obtained from the company`s web site,
www.spatializer.com , Spatializer`s SEC filings, and by contacting the company`s
Investor Relations Department at 408-296-0600 or by writing to
[e-mail] .

Safe Harbor Act Statement Under the Private Securities Litigation Reform Act of
1995: Certain information in this background news release, including the
comments by Mr. Mandell in this press release are forward looking statements
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
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 the continued need for additional
capital, dependence on new technology and intellectual property, dependence on
the PC and consumer electronics industries, dependence on product shipments of
third-party licensees, competition and pricing pressures, and other risks
detailed from time to time in the company`s periodic reports filed with the
Securities and Exchange Commission.

NOTE: Desper Products Inc. is a wholly owned subsidiary of Spatializer Audio
Laboratories Inc. Spatializer(R) is a registered trademark and Spatializer N-2-2
Ultra(TM), Spatializer VirtualSurround VBX(TM), Spatializer Vi.B.E(TM),
Spatializer PCE(TM) and Spatializer Natural Headphone(TM) and Spatializer
VSP-11(TM) are trademarks of Desper Products Inc. All other trademarks are the
property of their respective owners. Copyright (C) 2002 Spatializer Audio
Laboratories, Inc.



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SOURCE Spatializer Audio Laboratories Inc.



CONTACT: Henry R. Mandell, CEO of Spatializer Audio Laboratories, Inc.,

[phone], ext. 4, [e-mail]

/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010525/LAF026LOGO

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URL: http://www.spatializer.com

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cu - Croko - go Spatializer

[Snare]

News

Spatializer Natural Headphone(TM) Brings Virtual Surround Sound to Headphones On Industry Leading Cirrus Logic CS493xxx-CL Family A/V Receiver Digital Signal Processor
SANTA CLARA, Calif., July 9 /PRNewswire-FirstCall/ -- Spatializer Audio Laboratories Inc. (OTC Bulletin Board: SPAZ - News), developer and marketer of the "de facto" standard for virtual surround sound announced today that Spatializer Natural Headphone(TM) is now available for license based on Cirrus Logic`s CS493xxx-CL family of Digital Signal Processors (DSP). The offering combines the market`s best selling DSP for A/V receivers with Spatializer`s natural sounding virtual surround headphone algorithm.

(Photo: http://www.newscom.com/cgi-bin/prnh/20010525/LAF026LOGO )
"We are pleased to support Cirrus Logic`s CS493xxx-CL family with our Spatializer Natural Headphone technology," says Spatializer`s Chairman and CEO Henry R. Mandell. "Until now, high quality virtual surround processing for headphones required a tremendous and often unrealistic amount of processing bandwidth. The result was expensive processors and high priced algorithm royalties, which discouraged widespread use throughout most A/V Receiver lines. Spatializer is now offering an affordable, yet impressive solution that is suitable for the high volume, mainstream consumer electronics market. Cirrus Logic`s CS493xxx-CL family is the leading DSP for the A/V Receiver market and we are pleased to again partner with them to deliver our value added and bottom-line building virtual audio solutions."

Spatializer Natural Headphone is the ideal solution for all headphone applications. The algorithm down-mixes 5.1 channel surround sound into a natural quality sound effect over headphones. A well-defined center image allows for crystal clear presentation of dialogue, while the other surround channels immerse the listener in an enveloping audio experience. One innovative feature is Spatializer Virtual LFE(TM) (Low Frequency Effects), which creates the impression of subwoofer frequencies that are usually lower than the minimum frequency response capability of most headphones. The result is a more dramatic listening experience, with greater impact, particularly through inexpensive or low quality headphones. User adjustable reverberation also allows for customizable headphone effects. Different listeners often require different levels and types of reverberation to achieve a natural sounding presentation. By making this user definable, listeners can set a custom-tailored effect according to their listening tastes.

"Spatializer`s Natural Headphone technology leverages the 493xxx-CL family`s extraordinary sonic realism to deliver a compelling product for digital entertainment consumers," says Lew Paceley, marketing vice president, Crystal Products Division, Cirrus Logic.

"Spatializer has been a leader in providing the `de facto` standard for virtual surround sound to the DVD player market," says Mandell. "Now, we are in position to replicate our DVD market success in the A/V Receiver market. With our extensive distribution network in the Far East that can quickly and efficiently demonstrate the powerful audio enhancement benefits of our technology, we are confident that this will be a successful product."