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The Cult Releases Live CDs in SRS Circle Surround

FOR IMMEDIATE RELEASE

For More Information Contact:

SRS Labs Inc. Instant Live
Media Contacts: Media Contacts:
Karen DeMarco Stephen Prendergast
mPRm Public Relations for SRS Labs Instant Live
(323) 933-3399 (310) 867-7000
Kdemarco@mprm.com StephenPrendergast@LiveNation.com
Mike Hope John Vlautin
MPRm Public Relations for SRS Labs Live Nation
(323) 933-3399 (310) 867-7127
mhope@mprm.com Johnvlautin@livenation.com

THE CULT RELEASES LIVE CDS AND DOWNLOADS IN SRS CIRCLE SURROUND WITH INSTANT LIVE

For the First Time Ever, Instant Live is also Delivering SRS Circle Surround Encoded Content to Major Radio Markets Across the Country

SANTA ANA, Calif., April 20, 2006 – SRS Labs, Inc. (NASDAQ: SRSL), a leading provider of surround sound, audio, and voice technologies, and Instant Live, the premier provider of onsite concert recording and distribution, teamed up to record and distribute each of the 19 dates on The Cult’s recent “Return to Wild” tour. Each of the 19 shows were recorded in SRS Circle Surround, and are now available for sale in limited edition deluxe packages at select retail locations across the U.S., as well as on the Instant Live website at www.instantlive.com. Additionally, two tracks from the collection of recordings, “She Sells Sanctuary” and “Wildflower,” are currently airing on the radio, marking the very first time that U.S. radio listeners are able to experience Instant Live radio singles encoded with SRS Circle Surround.

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Instant Live’s premium packages of the recent Cult shows contain hit songs, rarities and acoustic versions of fan favorites. All are numbered, with a limited edition of 1,500 copies per show, and includes artwork that is unique to each of the recordings. Avid collectors of all 19 shows will find special posters are created when all of the separate covers are placed together.

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In addition to being available at retail and at www.instantlive.com, the SRS Circle Surround encoded tracks are available now as digital downloads through Napster. “Using SRS Circle Surround gives our tracks a unique element of authenticity that would otherwise be missing from our recordings,” said Tom Vitorino, manager for The Cult. “SRS Circle Surround is incomparable.”

“Instant Live is all about providing a definitive recorded live music experience,” said Stephen Prendergast, general manager of Instant Live, which is a division of Live Nation (NYSE: LYV). “We are excited to further our relationship with SRS Labs and work together with them to deliver an amazing concert experience to The Cult fans via CD, radio and Napster downloads.”

“Consumers are now demanding the same home-theater experience across all their connected devices,” said Mike Canevaro, senior director of business development at SRS Labs. “Instant Live does an amazing job using SRS Circle Surround to meet those demands.”

SRS Circle Surround is an advanced multichannel encode/decode system that allows full bandwidth surround sound to be stored, transmitted, or delivered in stereo over any two-channel carrier such as standard Compact Discs (“CDs”). SRS Circle Surround encoded CDs play in stereo on a standard CD player and in full 5.1 channel surround sound on any matrix surround compatible home theater or automotive receiver. Optimum surround performance is achieved with SRS Circle Surround II compatible systems, which are available on a wide variety of products from leading home theater and automotive manufacturers, including: Accuphase, Eclipse, Honda, Kenwood, Marantz, M-Audio, Motorola, Panasonic, Pioneer, Theta Digital, Toyota, Volkswagen, Yamaha and more.

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Instant Live is a premier provider of on-site concert recording and distribution, delivering high-quality professional live recordings to fans directly after the performance conclusion. Fans now have the option to pre-order from Instant Live’s web site, http://www.instantlive.com, and receive their CDs immediately after the show, have it shipped directly to their home, or order the CD days after the concert. The CDs are also available from the individual artists’ web sites, and participating retailers nationwide. In addition, concert attendees have the option to purchase digital downloads of the live concert through Napster.

To demonstrate SRS Circle Surround and to speak about the technology’s benefits, Instant Live recording industry veteran and master of all things audio, Andrew Scarth, will be on hand on April 25th, at NAB2006 with SRS Labs (Booth N-731) to talk about recording The Cult’s “Return to Wild” in SRS Circle Surround. He has spent the past 30 years behind the board and in the studio with recording artists of all levels. To date, the combined record sales of his work currently exceed 55 million units and include numerous Gold and Platinum awards, two Grammy winners and many nominations. He continues to mix selected live shows and tours for Instant Live, recently mixing Cirque du Soleil’s Delirium, The Silk Road Project with Yo Yo Ma, Korn and both U.K. and U.S. shows for the Black Crowes and Hall & Oates.

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About Live Nation
Live Nation (NYSE: LYV) is a leading live content and distribution company focused on creating superior experiences for artists, performers, sponsors and fans. Live Nation owns, operates or has booking rights for a worldwide network of venues and produced thousands of music, theatrical and motor sports events in 2005. Live Nation is headquartered in Los Angeles, California. More information about Live Nation and its businesses is available at www.LiveNation.com.

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, cell phones, MP3 players, car audio systems, as well as 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. Valence Technologies Limited, a Hong-Kong based subsidiary of SRS Labs, is a 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 http://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 by Mr. Canevaro may constitute forward-looking statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events 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 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.

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