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<SEC-DOCUMENT>0000950129-06-001688.txt : 20060222
<SEC-HEADER>0000950129-06-001688.hdr.sgml : 20060222
<ACCEPTANCE-DATETIME>20060222130032
ACCESSION NUMBER:		0000950129-06-001688
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060221
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060222
DATE AS OF CHANGE:		20060222

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:		06635456

	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>v17629e8vk.htm
<DESCRIPTION>SPATIALIZER AUDIO LABORATORIES, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</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"><DIV style="font-size: 3pt; margin-top: 16pt; width: 15%; border-top: 1px solid #000000">&nbsp;</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 PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of report (Date of earliest event reported): February&nbsp;21, 2006
</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" style="font-size: 10pt; margin-top: 18pt"><B>2625 Townsgate Road, Suite&nbsp;330, Westlake Village, California 91361</B><BR>
(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2025 Gateway Place, Suite&nbsp;365, San Jose, California 95110</B><BR>
(Address of principal corporate offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
</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>

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








<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;As previously reported, the Company had initiated an auction process for the sale of perpetual
licenses of the technology of and/or the sale of the assets of the Company, which transaction would
be subject to stockholder approval. Bids were required to be delivered by February&nbsp;15, 2006.
After review of the indications and results from the auction process, the Board of Directors of the
Company determined that the indications were non-conforming to the guidelines established for the
initial auction. Thus, the Board of Directors of the Company elected to extend the evaluation and
due diligence period until 11:59&nbsp;P.M., Pacific Standard Time, on March&nbsp;10, 2006 to provide bidders
and other interested parties additional time to clarify their offers and perform due diligence, as
well as to solicit additional offers. The Board, based on feedback received in the auction
process, determined to simplify the auction process and eliminated the minimum bid requirements but
reserved the right to reject any offers or bids in the Board&#146;s sole discretion. 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 press release relating to the foregoing was issued on February&nbsp;21, 2006. 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 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>

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

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

<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 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated February&nbsp;21, 2006</TD>
</TR>

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

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


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



</TABLE>
</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.<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: February 21, 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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v17629exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center"><IMG src="v17629v1762900.gif" alt="(SPATIALIZER LOGO)"></DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">CONTACT: INVESTOR RELATIONS<BR>
Henry R. Mandell<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: 6pt"><U>FOR RELEASE AT 8 A.M. EST</U>

</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Spatializer Audio Laboratories Will Extend Evaluation and Due Diligence Period for Sale of<BR>
Assets and Perpetual License Grants Subject to Stockholder Approval</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN JOSE, Calif., February&nbsp;21, 2006 &#150; Spatializer Audio Laboratories, Inc. (OTC Bulletin
Board: SPAZ) announced that it will be extending the evaluation and due diligence period for the
sale of perpetual licenses or the sale of substantially all of its assets, which transactions will
be subject to stockholder approval. The Board of Directors of the company, in consultation with
their financial and legal advisors, has reviewed the indications and results from the initial
auction. These indications were found to be nonconforming in certain respects to the guidelines
set forth for the initial auction. Therefore, the Board of Directors is extending the auction
period to 11:59&nbsp;P.M., Pacific Standard Time, on March&nbsp;10, 2006, to provide bidders and other
interested parties additional time to clarify their offers and perform due diligence, as well as
to solicit additional offers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The extended auction will continue to consider offers to purchase the assets of the company as
well as offers to purchase non-exclusive, royalty-free, irrevocable, perpetual licenses for a
one-time fee. In an effort to simplify the auction process in response to participant feedback,
the Board of Directors has elected to forego minimum bid requirements. A decision will be then be
made by the Board of Directors of the company as to the alternatives to pursue. While there will
be no minimum requirements for the acquisition of assets or purchase of perpetual licenses, the
Board of Directors reserves the right to reject any bids or offers in its sole discretion. The
Company may abandon either or both of the foregoing and/or may change the terms thereof in its sole
discretion.
</DIV>

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

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 technologies 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;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,
market interest in a sale of assets or licenses, 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 SEC.
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: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTE: Desper Products, Inc., is a wholly owned subsidiary of Spatializer Audio Laboratories,
Inc. Spatializer (R)&nbsp;and the circle-in-the-square device are registered trademarks of Desper
Products, Inc. All other trademarks are the property of their respective owners.
</DIV>

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