BVI-registered DTS BVI Limited participates in Spatializer Audio Laboratories’ sale of assets deal
According to Spatializer Audio Laboratories Inc., dealing with development, licensing and marketing next-generation audio technologies for the consumer electronics, computing and mobile communication markets, on July 2, 2007, it and its wholly-owned subsidiary, California-based Desper Products Inc., consummated the sale of all of their assets pursuant to a certain Asset Purchase Agreement, dated September 18, 2006. This was the agreement signed with Delaware-registered DTS Inc. and British Virgin Islands-registered DTS BVI Limited, which is a wholly owned subsidiary of DTS Inc., for an aggregate cash purchase price of USD 1 000 000.
DTS Inc. and DTS BVI Limited have agreed to assume as well as pay, perform and discharge all liabilities, obligations and commitments under specified contracts, except for liabilities that might arise from any breach of a contract by Spatializer Audio Laboratories Inc. or by Desper Products Inc.
The rights and obligations of DTS Inc. and DTS BVI Limited have been assigned to an indirect subsidiary of DTS operating under the laws of Ireland, DTS Licensing Limited, under the Asset Purchase Agreement. The termination date of the Asset Purchase Agreement was extended by the parties from June 30, 2007 to July 2, 2007.