Exhibit 99
SRS Labs Announces Stock Repurchase Program
SANTA ANA, Calif., July 7 /PRNewswire-FirstCall/ -- SRS Labs, Inc.
(Nasdaq: SRSL), a leading provider of innovative audio, voice and
semiconductor technology solutions, today announced that its board of
directors has approved a stock repurchase program.
Under the stock repurchase program, SRS Labs may acquire up to
$3.0 million of the company's outstanding common stock. The stock repurchase
program will be put into effect immediately and will continue over the next
six months. Purchases may be made from time to time in the open market, in
block purchases or in privately negotiated transactions, depending on market
conditions, share price and other factors.
SRS Labs' chairman and chief executive officer, Tom Yuen, stated, "We see
this stock repurchase program as an attractive opportunity for the company, a
good investment of corporate funds, in the best interests of our shareholders
and a symbol of confidence in the long-term outlook for SRS Labs."
About SRS Labs, Inc.
SRS Labs is a recognized leader in the advancement of audio and voice
technology. The company works with the world's top manufacturers to provide a
richer entertainment experience through patented sound techniques. SRS Labs'
technologies can be heard through products ranging from televisions, LCD and
plasma monitors, DVD players, cell phones, car audio systems, headphones and
notebook and desktop computers. The company also offers hardware and software
tools to professionals and consumers for the creation, production and
broadcast of content featuring SRS Labs' technologies. SRS Labs' subsidiary,
Valence Technologies Limited, is a Hong Kong-based semiconductor company that
designs and sells custom ASICs and standard ICs to leading manufacturers
worldwide. Based in Santa Ana, Calif., the company also has licensing
representation in Hong Kong, Japan, Europe, and Korea. For more information
about SRS Labs, Inc. please visit www.srslabs.com. The information on the
aforementioned website is not incorporated by reference into this press
release.
Except for historical information contained in this release, statements in
this release, including those of Mr. Yuen in paragraph three are
forward-looking statements and projections (which include statements
concerning plans and objectives of management for future operations) that are
based on management'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's goals and strategy will be realized. Numerous factors,
including risks and uncertainties, may affect the Company'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. Some of these factors include
the general market conditions concerning the semiconductor business, the
acceptance of new SRS Labs' products and technologies, the impact of
competitive products and pricing, the timely development and release of
technologies by the Company, general business and economic conditions,
especially in Asia, and other factors detailed in the Company's Form 10-K and
other periodic reports filed with the SEC. SRS Labs specifically disclaims
any obligation to update or revise any forward-looking statement whether as a
result of new information, future developments or otherwise.
For further information, please contact: Investors, Tami Yanito,
ext. 3093, tami@srslabs.com, or Media, Jennifer Drescher, ext. 5010,
jenniferd@srslabs.com, both of SRS Labs, Inc., +1-949-442-1070.
SOURCE SRS Labs, Inc.
-0- 07/07/2004
/CONTACT: Investors, Tami Yanito, ext. 3093, tami@srslabs.com, or Media,
Jennifer Drescher, ext. 5010, jenniferd@srslabs.com, both of SRS Labs, Inc.,
+1-949-442-1070/
/Company News On-Call: http://www.prnewswire.com/comp/809275.html /
/Web site: http://www.srslabs.com /
(SRSL)
CO: SRS Labs, Inc.
ST: California
IN: CPR CSE MLM SEM
SU: