Spatializer Audio Laboratories Announces Resignations
Spatializer Audio Laboratories, Inc. announced that Gil Segel and Jim Pace, two of its independent directors, have resigned from the Board of Directors effective December 19, 2005. In addition, Henry R. Mandell will be resigning as CEO, CFO and as an employee of the company effective January 6, 2006, for personal reasons. Mr. Mandell will be continuing as a director and as Chairman and Secretary of the company. While the company and Mr. Mandell are interested in Mr. Mandell serving as a part-time consultant during the transition, the terms of such a consulting arrangement have not been finalized.
Strategic Equity Group, financial advisor to the company, is exploring strategic alternatives for the company, which may include a merger, asset sale, investment in the company or another comparable transaction or a financial restructuring. The company expects to announce a specific plan for pursuing such transactions in January 2006. The company indicated that it intends to continue normal operations in the interim. The company remains liquid and has no long term debt and minimal short term debt.
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