Spatializer - Henry wird schon vor der HV gefeiert - 500 Beiträge pro Seite

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Thursday February 10, 8:01 am Eastern Time
Company Press Release
SOURCE: Spatializer Audio Laboratories Inc.Spatializer Appoints Henry R. Mandell Chairman of the Board and Chief Executive Officer
Interim Title Deletion and Designation as Chairman Marks Completion of The Establishment of New Management Team for Long Term Company Leadership
WOODLAND HILLS, Calif., Feb. 10 /PRNewswire/ -- Spatializer Audio Laboratories Inc. (OTC Bulletin Board: SPAZ - news) announced today that Henry R. Mandell has been appointed Chief Executive Officer and, subject to his election by stockholders as a director at today`s Annual Stockholder`s Meeting, Chairman of the Board.

Mr. Mandell has served as Interim Chief Executive Officer of Spatializer Audio Laboratories, Inc. since September 1998. Since that time, Mr. Mandell has led the financial and operational restructuring and turnaround of the Company. The turnaround was effected by, among other initiatives, the refocusing of the Company on its core audio enhancement technology business, the licensing of the Company`s suite of technologies to Apple Computer, Inc. which has included Spatializer technology across all its product lines, the Company`s entry into E-Commerce and the Internet market with its StreamFX(TM) MP3 audio enhancement software, several OEM licenses with leading DVD player manufacturers for its N-2-2(TM) virtual surround sound technology and three consecutive quarters of increasing profitability, the first in the Company`s history. The turnaround was culminated by the closing, in late December 1999, of a $1 million placement of common stock at no discount and warrants, and the conversion of $1.25 million of short term debt to Series B Preferred Stock and long term debt, which significantly strengthened the balance sheet, restored working capital and shareholder`s equity, with the resulting liquidity allowing the Company to emerge from its turnaround mode and to aggressively pursue growth.

Stephen W. Desper, Vice Chairman and Founder of Spatializer Audio Laboratories, Inc. commented, ``We are exceedingly pleased to have formally appointed Mr. Henry R. Mandell as CEO and Chairman of Spatializer Audio Laboratories, Inc. The turnaround period is over and with its closure, Mr. Mandell`s able management abilities and style have proven a worthy, functional and practical asset to the company. Our turnaround mission, originally conceived by Mr. Mandell, would not have been possible without his expertise guiding every facet of the operation. We look forward with great anticipation as we enter a new period of growth and to a lengthy and mutually satisfactory association.``

``I am very pleased and honored by this announcement,`` said Henry R. Mandell, Chief Executive Officer of Spatializer Audio Laboratories, Inc. ``These appointments signify that the leadership of the Company has now formally passed to a results oriented management team committed to the long term growth of our audio enhancement business and dedicated to the interests of our stockholders. Your Board of Directors and I have, for quite a while, shared a vision of success for the Company. It has been through the tenacity and dedication of the current Board and management to this vision that we now have a profitable and financially secure company, poised to capitalize on the opportunities presented by the digital audio revolution. I am proud and excited to lead this Company through its next phase of growth and development.``

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, Acer, Sharp, Sanyo, Goldstar, Emerson, Zenith and Proton, in PC multimedia systems and peripherals from Apple, Dell, Gateway, Hewlett Packard, Sony, Fujitsu, Seiko-Epson, NEC, Micron and Labtec, in silicon with Matsushita, ESS, Zoran, Motorola, C-Cube, OnChip Systems, and Acer Laboratories Inc, and in software compatible with MP3 players such as WinAmp and XingMP3.

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 Santa Clara, 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: Certain information in this news release, including the comments by Messrs. Desper and Mandell in paragraphs three and four 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, the timing and realizable value of the MDT technology, 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® is a registered trademark and N-2- 2(TM) and StreamFX(TM) are trademarks of Desper Products, Inc. Copyright (C) 2000 Spatializer Audio Laboratories, Inc.

SOURCE: Spatializer Audio Laboratories Inc.
Quelle: http://biz.yahoo.com/prnews/000210/ca_spatial_1.html

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