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<SEC-DOCUMENT>0000950124-06-005364.txt : 20060919
<SEC-HEADER>0000950124-06-005364.hdr.sgml : 20060919
<ACCEPTANCE-DATETIME>20060919133946
ACCESSION NUMBER:		0000950124-06-005364
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060918
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060919
DATE AS OF CHANGE:		20060919

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:		061097625

	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>v23734e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<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 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: 26%; 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"><B>Date of report (Date of earliest event reported): September&nbsp;18, 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>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>000-26460</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>95-4484725</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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; (Zip Code)</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<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>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;1.01 Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;8.01 Other Events</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">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="v23734exv99w1.htm">EXHIBIT 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>




<!-- link1 "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: 6pt">&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;On September&nbsp;18, 2006, Registrant and its wholly owned subsidiary, Desper Products, Inc., a
California corporation (&#147;Desper Products&#148;), entered into an Asset Purchase Agreement with DTS,
Inc., a Delaware corporation (&#147;DTS&#148;), and DTS BVI Limited, a British Virgin Islands corporation and
a wholly owned subsidiary of DTS (&#147;BVI&#148;), pursuant to which (a)&nbsp;each of Registrant and Desper
Products has agreed to sell all or substantially all of its right, title and interest in and to such
entity&#146;s respective assets (other than cash and certain receivables) to DTS and BVI for an
aggregate cash purchase price of $1,000,000 and (b)&nbsp;DTS and BVI have agreed to assume on the date
of the closing of the transactions contemplated by the Asset Purchase Agreement, effective as of
the time of such closing, and to pay, perform and discharge when due, all liabilities, obligations
and commitments under certain specified contracts (the &#147;Assumed Contracts&#148;) to the extent arising
or relating to performance by Registrant or Desper Products after the date of closing, other than
any liabilities arising due to any breach of any such Assumed Contract by Registrant or Desper
Products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Asset Purchase Agreement contains certain representations and warranties made on behalf of
each of Registrant, Desper Products, DTS and BVI. Registrant and Desper Products have agreed to
certain affirmative covenants, such as to preserve its respective books and records between the
date of the Asset Purchase Agreement and the closing, to hold a stockholder meeting to consider the
asset sale transaction, and to notify DTS of certain matters relating to the disclosures by
Registrant or Desper Products or the occurrence of certain specified events. Registrant also has
agreed to use its best efforts to secure stockholder approval of the asset sale transaction,
including engaging the services of a proxy solicitation firm to solicit proxies with respect to the
asset sale transaction. Registrant and Desper Products have also agreed to certain negative
covenants such as not to entertain, or provide information to any third party with respect to, any
other acquisition proposal (except for transactions to sell the shell corporation, following the
asset sale transaction), not to withdraw its recommendation of the asset sale transaction
contemplated in the Asset Purchase Agreement and not to make any press release without DTS&#146;s prior
review, opportunity for comments and approval (which approval is not to be unreasonably withheld).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the transactions contemplated by the Asset Purchase Agreement is subject to a
number of conditions. The obligation of each of the parties to close the asset purchase
transaction is subject to there being no statute, rule or regulation being enacted or promulgated
by any governmental agency that prohibits the closing; there being no order or injunction in effect
precluding the closing; and approval of the stockholders of Registrant to the sale of the assets of
both Registrant and Desper Products. The obligations of DTS and BVI to close the transactions
contemplated by the Asset Purchase Agreement are subject to, among other things, the delivery by
Registrant and Desper Products of a certificate of officer certifying to certain matters specified
in the Asset Purchase Agreement; the obtaining of the consent of any third party to the contracts
to be assumed by DTS or BVI; the absence of any threatened or pending proceeding by any
governmental authority which would affect DTS&#146;s ability to exploit the assets being purchased or
seeking to preclude the closing; the absence of any material adverse change in the business of
Registrant and Desper Products (taken as a whole) between the date of the Asset Purchase Agreement
and the closing; and all of the representations and warranties of Registrant set forth in the Asset
Purchase Agreement that are qualified as to materiality being true and complete in all
</DIV>

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

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<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">respects and any such representations and warranties that are not so qualified being true and
complete in all material respects, in each case as of the date of the Asset Purchase Agreement and
as of the date of the closing. The obligation of Registrant to close the transactions contemplated
by the Asset Purchase Agreement are subject to, among other things, all of the representations and
warranties of DTS set forth in this Agreement that are qualified as to materiality being true and
complete in all respects and any such representations and warranties that are not so qualified
being true and complete in all material respects, in each case as of the date of the Asset Purchase
Agreement and as of the date of the closing; and the delivery by DTS to Registrant of a certificate
of officer certifying to certain matters specified in the Asset Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Asset Purchase Agreement may be terminated by the mutual consent of DTS and Registrant.
Additionally, the Asset Purchase Agreement may be terminated by either DTS or Registrant if (a)&nbsp;any
governmental entity has issued an order, decree or ruling or taken any other action which
permanently restrains or enjoins or otherwise prohibits the assets sale transaction, which order,
decree or ruling has become final and non-appealable, (b)&nbsp;the other party has breached in any
material respects any of its representations, warranties, covenants or agreements, which breach
cannot be, or is not timely, cured, or (c)&nbsp;on or after June&nbsp;30, 2007, if the closing has not
occurred by that date and the failure to close is not the result of a breach of a representation,
warranty or covenant by the party desiring to terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant and Desper Products have agreed to jointly and severally indemnify, defend and hold
harmless DTS from any losses that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; arise out of any breach of Registrant&#146;s or Desper Products respective representations,
warranties, covenants or agreements;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;
relate to excluded liabilities; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; arise from the failure to obtain any required consents with respect to the assignment of the
Assumed Contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims for indemnification arising from a breach of representations must be asserted within
183&nbsp;days after the closing. Neither Registrant nor Desper Products will be liable for
indemnification until the losses exceed $50,000 and then only to the extent that such losses exceed
$15,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTS has agreed to be jointly and severally liable for all obligations of BVI under the Asset
Purchase Agreement and under agreements entered into by BVI at the closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is expected that the closing of the asset sale will occur with ten business days following
the satisfaction (or waiver) of all of the conditions to closing unless otherwise agreed to by the
parties.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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;A press release relating to the foregoing was issued on September&nbsp;19, 2006. A copy of the
press release is being furnished herewith as Exhibit&nbsp;99.1.
</DIV>
<!-- link1 "Item&nbsp;8.01 Other Events" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, Registrant had initiated an auction process for the sale of perpetual
licenses of its technology and/or the sale of its assets, any of which transactions would be
subject to stockholder approval. The auction process was extended through March&nbsp;15, 2006, the last
date upon which bids could be delivered to Registrant for consideration. After review of the
indications and results from the auction process, the Board of Directors of Registrant determined
that the bid which had the potential to provide the greatest value to Registrant and its
stockholders was that from DTS, Inc. In April&nbsp;2006, DTS, Inc. and Registrant executed a
non-binding term sheet relating to a proposed sale of Registrant&#146;s assets to DTS. The Asset
Purchase Agreement described above represents the definitive agreement of the parties arising from
the non-binding term sheet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The press release attached hereto as Exhibit&nbsp;99.1 included a statement to the foregoing
effect.
</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>
<!-- link1 "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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>
<DIV align="center" style="margin-left: 2%">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">(d)&nbsp;&nbsp; 99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated September&nbsp;19, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- 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: September 19, 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 of the Board and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="5%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT LIST
</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="3%">&nbsp;</TD>
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    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated September&nbsp;19, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v23734exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit 99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="v23734v2373400.gif" alt="(SPATIALIZER AUDIO LABORATORIES, INC. 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>
investor@spatializer.com
</DIV>

<!-- link2 "<U>FOR RELEASE AT 8 A.M. EDT</U>" -->

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


<DIV align="center" style="font-size: 12pt; margin-top: 18pt">Spatializer Audio Laboratories Announces Signing of<BR>
Definitive Asset Purchase Agreement<BR>
Subject to Stockholder Approval
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 14pt"><B>SAN
JOSE, Calif., September&nbsp;19, 2006 </B>&#151; Spatializer Audio Laboratories, Inc. (OTCBB: SPAZ)
announced that, on September&nbsp;18, 2006, it signed a definitive asset purchase agreement with DTS,
Inc. (NASDAQ: DTSI) and a subsidiary thereof for the sale of substantially all of the assets of
Spatializer and its subsidiary, Desper Products, Inc., (excluding Spatializer&#146;s cash and certain
receivables) for an aggregate cash purchase price of $1,000,000 (US)&nbsp;and the assumption of certain
contractual obligations. The transaction requires and remains subject to, among other things, the
vote of the stockholders of Spatializer. Spatializer plans to file a proxy statement with the
Securities and Exchange Commission (&#147;SEC&#148;) detailing, among other things the proposed transaction
in connection with Spatializer&#146;s solicitation of stockholder approval for the sale of the assets as
well as approval of the subsequent dissolution of Spatializer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, Spatializer had held in February&nbsp;2006 an open auction for its assets,
which auction was extended through March&nbsp;15, 2006. DTS, Inc. was the highest bidder in the auction
process and the asset purchase agreement sets forth the agreement reached by the parties in
connection therewith.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spatializer Audio Laboratories Inc. is a developer, licensor and marketer of 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. Spatializer stock is traded on
the OTC Bulletin Board under the symbol: SPAZ. The company is headquartered in San Jose, CA Further
information may be obtained from the company&#146;s web site, www.spatializer.com, Spatializer SEC
filings, by contacting the company&#146;s Investor Relations Department at investor@spatializer.com.
</DIV>

<DIV align="left" style="font-size: 10pt; 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 will be realized. Numerous uncertainties and risk
factors may affect the company&#146;s actual results and may cause results to differ
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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: 6pt">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 lack of capital an inability to
sustain profitable operations, end of life of key 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 Securities and Exchange
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; 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>



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


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