VOXX will continue to operate as VOXX
Accessories Corp. ("VAC") to ensure business continuity
ORLANDO,
Fla., Aug. 8, 2024 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), today announced that it
has entered into an Asset Purchase Agreement (the "Agreement") to
sell certain assets, including the Company's iconic
RCA® trademarks and other intellectual property, to
Established Inc. The total value of the transaction is expected to
be approximately $25 million, and the
companies anticipate the deal will close on or before August 30, 2024. Under the agreement, VOXX
Accessories Corp. will continue to operate the business while
working with customers and partners in the normal course of
business.
Pat Lavelle, Chief Executive Officer of VOXX International
Corporation stated, "This transaction is in line with our stated
strategy of monetizing assets, realigning the organization and
paying down debt. We have enjoyed strong market positions and
success in the accessories business globally, and will maintain
strong global brands and distribution once this transaction closes.
Domestically, while we are selling assets, we will continue to
provide our customers and manufacturers with the same support as
they have had in the past, as we are continuing to manage the
business. With this asset sale however, we will strengthen our
financial position."
The Agreement was entered into on August
2, 2024 and the companies anticipate the transaction will
close on or before August 30, 2024.
The finalization of the Agreement will be subject to standard
closing conditions.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown
into a worldwide leader in the Automotive Electronics and
Consumer Electronics industries. Over the past several decades,
with a portfolio of approximately 30 trusted brands, VOXX has built
market-leading positions in in-vehicle entertainment, automotive
security, reception products, a number of premium audio market
segments, and more. VOXX is a global company, with an extensive
distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. For additional information, please visit
our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release
constitute forward-looking statements and thus may involve certain
risks and uncertainties. All forward-looking statements made in
this release are based on currently available information and the
Company assumes no responsibility to update any such
forward-looking statements. The following factors, among others,
may cause actual results to differ materially from the results
suggested in the forward-looking statements. The factors include,
but are not limited to the risk factors described in the "Risk
Factors" section of the Company's Annual Report on Form 10-K for
the fiscal year ended February 29,
2024, and other filings made by the Company from time to
time with the SEC, as such descriptions may be updated or
amended in any future reports we file with the SEC. The factors
described in such SEC filings include, without limitation: impacts
related to the COVID-19 pandemic, global supply shortages and
logistics costs and delays; global economic
trends; cybersecurity risks; risks that may result from
changes in the Company's business operations; operational execution
by our businesses; changes in law, regulation or policy that may
affect our businesses; our ability to increase margins through
implementation of operational improvements, restructuring and other
cost reduction methods; our ability to keep pace with
technological advances; significant competition in the automotive
electronics, consumer electronics and biometrics businesses; our
relationships with key suppliers and customers; quality and
consumer acceptance of newly introduced products; market
volatility; non-availability of product; excess inventory; price
and product competition; new product introductions; foreign
currency fluctuations; and restrictive debt covenants. Many of the
foregoing risks and uncertainties are, and will be, exacerbated by
the War in the Ukraine and any worsening of the global
business and economic environment as a result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for
VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation