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Unedited press release follows:
DTS COMPLETES ACQUISITION OF SRS LABS, INC.
Creates Leader in Codec and Audio Processing Solutions
CALABASAS, Calif. (July 23, 2012) – 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.
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.