NOVATO, Calif., Jan. 17 /PRNewswire-FirstCall/ -- SpatiaLight, Inc.
(Nasdaq: HDTV), a leading developer and manufacturer of ultra high-resolution
Liquid Crystal on Silicon (LCoS) microdisplays for the high definition
television market, confirmed today that it received a notice from the NASDAQ
Stock Market on January 10, 2007 indicating that the resignation of Lawrence
J. Matteson from the Board of Directors as of December 31, 2006 resulting in a
failure of the Company to have an Audit Committee consisting of three
independent directors as required by Marketplace Rule 4250.
The Company intends to cure this violation and appoint a third independent
director to the Audit Committee before its 2007 annual shareholder meeting.
'We can't thank Larry enough for his many years of service and support and
wish him well in all his future endeavors,' said David Hakala, SpatiaLight
Chairman and Chief Executive Officer.
About SpatiaLight
SpatiaLight, Inc., founded in 1989, manufactures high-resolution LCoS
microdisplays for use in high-definition televisions and other display
applications. The company manufactures its products at its production
facility in South Korea. SpatiaLight is committed to developing microdisplay
technologies that will be the standard for the next generation of high
definition televisions and to providing OEMs with the most cost effective,
high-resolution microdisplays in the industry.
For more information about SpatiaLight, please visit the Company's website
at: http://www.spatialight.com .
Safe Harbor Statement
This news release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results, performance,
prospects and opportunities. SpatiaLight has tried to identify these forward-
looking statements by using words and phrases such as 'may,' 'will,'
'expects,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'plan,'
'should,' 'typical,' 'preliminary,' 'we are confident' or similar expressions.
These forward-looking statements are based on information currently available
to SpatiaLight and are subject to a number of risks, uncertainties and other
factors that could cause SpatiaLight's actual results, performance, prospects
or opportunities in the remainder of 2006 and beyond to differ materially from
those expressed in, or implied by, these forward-looking statements. These
risks and uncertainties are outlined in the Company's filings with the U.S.
Securities and Exchange Commission, including its most recent reports on Form
10-Q and 10-K.
SOURCE SpatiaLight, Inc.
