QSound Restructures Technology Acquisition and Eliminates Associated Debt Obligation
Calgary, Alberta - September 29, 2010 - QSound Labs, Inc., a leading developer of audio and voice software solutions, has restructured its 2008 acquisition of the Ripp3D graphics engine from Machineworks Northwest. In connection with such restructuring, Machineworks Northwest repurchased the Ripp3D graphics engine and granted a perpetual source code license to QSound. QSound Labs has eliminated approximately $1.4 million of debt as a result of the restructuring.
About QSound Labs, Inc.
Since its inception in 1988, QSound Labs, Inc. has established itself as one of the world's leading audio technology companies. The Company has developed numerous innovative, proprietary audio solutions based on extensive research into human auditory perception. These technologies include virtual surround sound, 3D positional audio, stereo enhancement, noise reduction, voice enhancement, acoustic echo cancellation, volume control and MIDI Synthesis for the mobile devices, consumer electronics, PC/multimedia, and Internet markets. The company's customer and partner roster includes Aricent, ARM, Broadcom, LG, MITAC, Panasonic, Pantech, Qualcomm, Samsung, Sony Vaio, Telechips and Toshiba among others. QSound Labs supports its semiconductor, software and OEM partners globally with offices in Canada, China, Korea and Japan. To hear 3D audio demos and learn more about QSound, visit our web site at http://www.qsound.com.
QSound Labs, Inc. Contacts
QSound Labs, Inc. - Forward-Looking Statements
This release contains forward-looking statements concerning, among other things, current and continued use of QSound's QSurround technology in Toshiba's LCD/DVD combo product line. These statements involve risks and uncertainties which could cause actual results, performance or achievements of QSound, or industry results, to differ materially from those reflected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with loss of QSound's business relationship with Toshiba, acceptance of QSound's technology by consumers, QSound's ability to carry out its business strategy and marketing plans, dependence on intellectual property, rapid technological change, competition, and general economic and business conditions and other risks. Forward-looking statements are based on the current expectations, projections and opinions of QSound's management, and QSound undertakes no obligation to publicly release the results of any revisions to such forward-looking statements which may be made, for example to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.