DTS, Inc.
23.07.2012 15:00
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Creates Leader in Codec and Audio Processing Solutions
CALABASAS, Calif, 2012-07-23 15:00 CEST (GLOBE NEWSWIRE) --
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
DTS, Inc. Media & Investor Contacts:
Sard Verbinnen & Co for DTS, Inc.
John Christiansen/Jenny Gore
jchristiansen@sardverb.com/jgore@sardverb.com
(415) 618-8750
News Source: NASDAQ OMX
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Language: English
Company: DTS, Inc.
United States
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ISIN: US23335C1018
WKN:
End of Announcement DGAP News-Service
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DGAP-News: DTS Completes Acquisition of SRS Labs, Inc.
| Source: EQS Group AG