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VALLEY AND VENTURA COUNTY | REGIONAL ROUNDUP

Woodland Hills Firm Sells Preferred Stock

April 28, 1998

Spatializer Audio Laboratories Inc. said it has received $3 million in private funding with institutional investors in exchange for some convertible preferred stock, and that an additional $2 million will be funded in the second and third quarters of this year.

This preferred stock can be converted into common shares of Spatializer's stock at discounts of 15% to 20%.

Spatializer Audio Laboratories, headquartered in Woodland Hills, develops audio technology used in various consumer electronics products and in multimedia systems by leading computer makers.

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