Spatializer Audio Laboratories Inc. Granted Listing Exception by Nasdaq Through Dec. 31, 1998; Trading Symbol During Exception Period to be SPAZC.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Dec. 2, 1998-- Spatializer Audio Laboratories Inc. (Nasdaq SmallCap:SPAZC) Wednesday announced that its common stock will continue to be listed on The Nasdaq SmallCap Market via an exception from the net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". and minimum bid price requirements. While Spatializer Audio Laboratories failed to meet these requirements, as previously reported, as of Sept. 30, 1998, the company was granted a temporary exception from this standard subject to Spatializer Audio Laboratories meeting certain conditions. The exception will expire on Dec. 31, 1998. In the event the company is deemed to have met the terms of the exception, it shall continue to be listed on The Nasdaq SmallCap Market. The company believes that it can meet these conditions, however, there can be no assurance that it will do so. If at some future date the company's securities should cease to be listed on The Nasdaq SmallCap Market, they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the company's Nasdaq symbol will be SPAZC. Henry R. Mandell, interim chief executive officer stated: "We are grateful to The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. for the opportunity to present our compliance plan and Nasdaq's grant of this exception. This provides us the time to effect our recovery plan and demonstrate compliance with all requirements for continued listing on The Nasdaq SmallCap Market." Spatializer Audio Laboratories 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 DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. products from global brand leaders including Toshiba, Panasonic, Hitachi, Sharp, Sanyo and Proton, and in PC multimedia systems and peripherals from Compaq, AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. , Dell, Gateway 2000, Fujitsu, Seiko-Epson, NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. , Micron and Labtec. Spatializer's MultiDisc Technologies Inc. subsidiary is a developer of innovative and scaleable CD/DVD server designs for business and enterprise networking The networking infrastructure in a large enterprise with multiple computer systems and networks of different types is extraordinarily complex. Due to the myriad of interfaces that are required, much of what goes on has little to do with the real data processing of the payroll and orders. , the Internet, back-up and archiving applications, and specialized vertical markets including video-on-demand. The company's Modular Stackable Storage Library combines the robotic approach of an optical storage jukebox with the scalability of a disk array to create a data storage solution with unlimited growth potential in both capacity and performance. Spatializer stock is traded on the Nasdaq SmallCap Market System under the symbol SPAZC. The company has headquarters in Woodland Hills and has marketing, engineering and R&D facilities in Mountain View, Calif., and Tokyo, Japan. Further information may be obtained from Securities and Exchange Commission (SEC) filings, Web site, or by contacting the company directly. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Act Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain information in this news release, including the comments by Mandell in paragraph three, 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 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 MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → technology, the continued need for additional capital and other risks detailed from time to time in the company's periodic reports filed with the SEC. Note to Editors: Desper Products Inc. and MultiDisc Technologies Inc. are wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Spatializer Audio Laboratories Inc. Spatializer is a registered trademark of Desper Products. MultiDisc and MSSL MSSL Mullard Space Science Laboratory MSSL Medium Specific Screening Levels (EPA) MSSL Maximum Symmetrical Suffix Length MSSL Medium Speed Serial Port MSSL Maximum-Sum-Of-Subsets-Less MSSL Mission Spares Support Listing are trademarks of MultiDisc Technologies. The Nasdaq SmallCap Market is a service mark of the Nasdaq Stock Market Inc. |
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