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<SEC-DOCUMENT>0000950129-06-000219.txt : 20060112
<SEC-HEADER>0000950129-06-000219.hdr.sgml : 20060112
<ACCEPTANCE-DATETIME>20060112125904
ACCESSION NUMBER:		0000950129-06-000219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060106
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060112
DATE AS OF CHANGE:		20060112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPATIALIZER AUDIO LABORATORIES INC
		CENTRAL INDEX KEY:			0000890821
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				954484725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26460
		FILM NUMBER:		06526564

	BUSINESS ADDRESS:	
		STREET 1:		2025 GATEWAY PLACE
		STREET 2:		SUITE 365
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		3102273370

	MAIL ADDRESS:	
		STREET 1:		2625 TOWNSGATE ROAD
		STREET 2:		SUITE 330
		CITY:			WESTLAKE VILLAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v16117e8vk.htm
<DESCRIPTION>SPATIALIZER AUDIO LABORATORIES, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20459</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date
of report (Date of earliest event reported): January&nbsp;6, 2006</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Spatializer Audio Laboratories, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-26460</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-4484725</B><BR>
(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><B>2625 Townsgate Road, Suite&nbsp;330, Westlake Village, California 91361</B>
</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><B>2025 Gateway Place, Suite&nbsp;365, San Jose, California 95110</B>
</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">(Address of principal corporate offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (408)&nbsp;453-4180</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General
Instruction A.2. below):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item&nbsp;1.01 Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;8.01 Other Events.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="v16117exv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item&nbsp;1.01 Entry into a Material Definitive Agreement." -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously reported, Henry R. Mandell, Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, Secretary and a director of the Company gave notice that he was resigning
from all positions held by him with the Company, other than as a director, Chairman and Secretary
thereof, effective as of January&nbsp;6, 2006. Effective as of January&nbsp;6, 2006, the Company entered
into an agreement with Mr.&nbsp;Mandell to continue his employment with the Company as Chairman and
Secretary. Under the terms of that agreement, Mr.&nbsp;Mandell will continue to provide certain
specified services to the Company, which services may be provided in person, by telephone, by email
or otherwise as Mr.&nbsp;Mandell sees fit, such services to be rendered at such hours and/or on weekends
as he may determine. Those services include without limitation supervising the preparation of the
Company&#146;s financial statements and records, reviewing and authorizing day to day disbursements,
supervising all of the Company&#146;s licensing and business activities, handling stockholder
communications and serving as the contact person with the Company&#146;s financial advisor in connection
with, among others, the transactions described under item 8.01 below. He is permitted to accept
other employment during the term of the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an incentive for Mr.&nbsp;Mandell to continue in the employ of the Company during the term of
the agreement, and in consideration for the foregoing of certain severance pay to which he
otherwise may have been entitled, the Company agreed to pay him a lump sum payment of $35,733.33,
which amount was paid concurrently with the execution of the agreement. He will be entitled to a
monthly salary of $5,000 during the term of the agreement, a bonus of $10,000 for his assistance in
the preparation of the Company&#146;s Form 10-K of the Company for the fiscal year ended December&nbsp;31,
2005 and a separate bonus of $5,000 each for his assistance on each Form 10-Q upon which he assists
for any quarterly period ending after December&nbsp;31, 2005. Additionally, should the Company be sold
or enter into certain specified extraordinary transactions during the term of the agreement, Mr.
Mandell may be entitled to an additional bonus, not to exceed $150,000. During the term of the
agreement, he will also be entitled to employee benefits and reimbursement of reasonable, actual
and necessary business expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement contains certain non-competition, non-solicitation and confidentiality
provisions. The agreement terminated certain provisions of Mr.&nbsp;Mandell&#146;s then existing employment
agreement (including without limitation the compensation and severance pay obligations thereunder)
but continued certain other provisions thereof (such as the proprietary information,
confidentiality and other similar provisions thereunder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement will terminate by its terms upon the earlier of the consummation of certain
extraordinary transactions, the expiration, termination or non-renewal of the directors&#146; and
officers&#146; insurance policy of the Company under which Mr.&nbsp;Mandell is covered as a director and
officer of the Company and June&nbsp;30, 2006. However, the Company may terminate Mr.&nbsp;Mandell&#146;s
employment at any time during the term and Mr.&nbsp;Mandell may voluntarily resign his employment at any
time during such term.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;8.01 Other Events." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8.01 Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;10, 2006, the Company issued a press release regarding a potential auction, open to
pre-qualified buyers, of the assets of the Company or the sale of an unlimited number of perpetual
licenses of certain technology of the Company. Any such transaction will be subject to stockholder
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the contemplated open auction process, potential buyers are expected to
be invited to bid for the assets of the Company at a minimum bid of USD $2,000,000. It is
anticipated that the assets will be sold on an &#147;as-is/where is&#148; basis. Simultaneously, the Company
is expected to offer all interested parties the opportunity to acquire non-exclusive, royalty-free,
irrevocable, perpetual licenses for a one-time fee of USD $750,000 each, which are absent of any
representations, warranties, or ongoing support by the Company. Bids to purchase the assets of the
Company and offers to acquire non-exclusive perpetual licenses are expected to be due by 11:59&nbsp;P.M.
Pacific Standard Time on February&nbsp;15, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company is then expected to review and analyze the bids and
offers received and determine whether to proceed with a sale of assets or the grant of perpetual
licenses. If the Board of Directors opts to accept an offer to acquire the assets, offers for the
perpetual licenses will be void. If the Board of Directors opts to proceed with the grant of
perpetual licenses, a separate open auction will be held for the residual assets of the Company
without a minimum bid and will be limited to the participants in the initial asset auction and
grant of licenses. There is no obligation on the part of the Company to accept any asset auction
bids or offers to acquire licenses. The Company may abandon either or both of the foregoing and/or
may change the terms thereof in its sole discretion. No assurance can be made that the Company
will be successful in receiving bids for the assets of the Company or offers to acquire a perpetual
licenses and no assurance can be given as to the terms of any such offers. Any transaction will be
subject to execution and delivery of a definitive agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Company decide to move forward with any such transactions, the Company will file a
proxy statement relating thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is being furnished herewith as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forward Looking Statements. </I>The statements in this Form 8-K Current Report contain certain
&#147;forward looking statements&#148; within the meaning of Section&nbsp;27A of the Securities and Exchange Act
of 1993, as amended, and Section&nbsp;21E of the Securities and Exchange Act of 1934, as amended, that
involve risks and uncertainties. Any statements contained herein (including, without limitation,
statements to the effect that the Company or management &#147;estimates,&#148; &#147;expects,&#148; &#147;intends,&#148;
&#147;continues,&#148; &#147;may,&#148; or &#147;will&#148; or statements concerning &#147;potential&#148; or variations thereof or
comparable terminology or the negative thereof), that are not statements of historical fact should
be construed as forward looking statements. These forward-looking statements are based on our
management&#146;s current views and assumptions 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&#146;s financial goals or the transactions described herein will be
realized. Numerous uncertainties and risk factors may affect the Company&#146;s actual results and may
cause results to
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, intense
competition and pricing pressure, complete dependence on product shipments of third-party licensees
and the timing and execution of their marketing plans, delay in revenue streams due to delays in
new product development, fluctuating operating results and its effect on sustainable operations,
the availability of additional capital, and other risks detailed from time to time in the Company&#146;s
periodic reports filed with the Securities and Exchange Commission.
</DIV>
<!-- link2 "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Press release dated January&nbsp;10, 2006
</DIV>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Spatializer Audio Laboratories, Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: January 12, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Henry R. Mandell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Henry R. Mandell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v16117exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="v16117v1611701.jpg" alt="(SPATIALIZER LOGO)">
</DIV>


<DIV align="right" style="font-size: 8pt; margin-top: 12pt">CONTACT: INVESTOR RELATIONS<BR>
Henry R. Mandell, Chairman<BR>
Spatializer Audio Laboratories, Inc.<BR>
408-453-4180 Ext. 201<BR>
E-mail: investor@spatializer.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FOR RELEASE AT 8 A.M. EST</U>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Spatializer Audio Laboratories Unveils Details on Sale of Assets and Perpetual License Grants<BR>
Subject to Stockholder Approval</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>San Jose, Calif. January&nbsp;10, 2006 </B>&#150; Spatializer Audio Laboratories, Inc., (OTCBB: SPAZ)
announced that it will be holding an open auction for the sale of substantially all of the assets,
subject to stockholder approval. The Board of Directors of the company has decided that it is in
the best interest of the stockholders to hold an open auction for the acquisition of the assets of
the company or the granting of an unlimited amount of non-exclusive perpetual licenses for a
one-time fee and a subsequent auction of the residual assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the contemplated open auction process, prequalified, potential buyers will be invited to bid
for the assets of the company at a minimum bid of USD$2,000,000. Simultaneously, the company will
offer all interested parties the opportunity to acquire non-exclusive, royalty-free, irrevocable,
perpetual licenses for a one-time fee of USD$750,000 each, which are absent of any representations,
warranties, or ongoing support by the company. Bids to purchase the assets of the company and
offers to acquire non-exclusive perpetual licenses are expected to be due on February&nbsp;15, 2006,
11:59&nbsp;P.M. Pacific Standard Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A decision will be made by the Board of Directors of the company to accept the highest bid for the
acquisition of all of the assets of the company or proceed with the grant of perpetual licenses and
subsequent auction of the residual assets. Should the Board of Directors opt to accept an offer to
acquire the assets, offers for the perpetual licenses will be void. Should the Board of Directors
opt to proceed with the grant of perpetual licenses, a separate open auction will be held for the
residual assets of the company without a minimum bid and will be limited to the participants in the
initial asset auction and grant of licenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company&#146;s Board of Directors, upon consultation and advice from the company&#146;s financial and
professional advisors, will then review the various proposals and alternatives. Once the Board has
determined which option is in the best interest of the stockholders, the company plans to file a
proxy statement with the Securities and Exchange Commission (&#147;SEC&#148;) detailing the company&#146;s
solicitation of stockholder approval for the sale of the assets or grant of perpetual licenses and
subsequent auction of residual assets, as well as the subsequent dissolution of the company or sale
of the corporate shell.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further information or details regarding the contemplated auction, the company, and market
opportunities as set forth in an information memorandum may be obtained from the company&#146;s
exclusive financial advisor, Strategic Equity Group, by calling Robert Rama at (714)&nbsp;444-3833
(extension 4005) or writing rrama@segco.com.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">About Spatializer
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spatializer is a leading developer, licensor and marketer of next-generation audio technologies for
the consumer electronics, computing, and mobile handset markets. The company&#146;s advanced audio
technology is incorporated into products from global brand leaders including Toshiba, Sanyo, and
Sharp, among others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spatializer&#146;s technologies enhance audio quality which original equipment manufacturers can
leverage to improve their product lines and differentiate from competitors by delivering superior
audio in shrinking form factors ideal for portable applications. These audio technologies
facilitate convergence as the cell phone and personal computer are increasingly called upon to be
entertainment devices as well. The company&#146;s technology can provide surround sound, range
enhancement, noise reduction, and positional audio for ring tones, games, FM broadcast, TV
broadcast, and compressed audio from small speakers and earphones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spatializer stock is traded on the OTC Bulletin Board under the symbol: SPAZ. The company is
headquartered in San Jose, California, with representative offices throughout the Asia Pacific
region.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Safe Harbor Act Statement Under the Private Securities Litigation Reform Act of 1995: Certain
information in this news release, are forward looking statements that are based on management&#146;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&#146;s financial goals or the transactions described herein will be
realized. Numerous uncertainties and risk factors may affect the company&#146;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 intense
competition and pricing pressure, complete dependence on product shipments of third-party licensees
and the timing and execution of their marketing plans, delay in revenue streams due to delays in
new product development, fluctuating operating results and its effect on sustainable operations,
the availability of additional capital, and other risks detailed from time to time in the company&#146;s
periodic reports filed with the Securities and Exchange Commission. No assurance can be made that
the company will be successful in receiving offers for the assets of the company or the grant of
perpetual licenses or the terms of any such offers.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">NOTE: Desper Products Inc. is a wholly owned subsidiary of Spatializer Audio Laboratories Inc.
Spatializer(R) and the circle-in-the-square device are registered trademarks of Desper Products
Inc. All other trademarks are the property of their respective owners. Copyright (c)&nbsp;2006
Spatializer Audio Laboratories, Inc.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">This news release shall not constitute an offer to sell or the solicitation of an offer to sell any
securities of the company.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
