SRS Labs completes sale of semiconductor subsidiary to Noblehigh
The $4.3 million transaction is the final transition step allowing SRS Labs to move forward with its core licensing business model. Along with the sale of Coming Home Studios ("CHS") announced in July, SRS Labs is now better positioned to expand its market presence with software partners and original equipment manufacturing (OEM) customers across core market segments. The Company expects to recognize a gain from the sale of Valence in the Company's third quarter financial statements.
"I am pleased with the completion of the sale of the Valence semiconductor business. This is an important milestone for SRS Labs and I believe that this transaction enables our former staff at Valence to have a more suitable situation to develop their business," said Thomas C.K. Yuen, chairman and CEO of SRS Labs, Inc. "More importantly, now that the restructuring is complete, SRS Labs can move forward with a clear strategy and focus our expertise on the audio technologies business, which is experiencing record growth and represents the greatest sales opportunity for SRS."
