ORLANDO, Fla., July 30, 2020 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive, consumer and biometrics
technologies, announced today an expanded alliance with Onkyo and
Pioneer Corporation, which adds premium brands and new product
lines in the Americas.
Based on a successful business relationship with Onkyo and
Pioneer Corporation, which began in 2019 when Onkyo became the
distributor of Klipsch premium audio solutions in Japan, the companies have expanded this
alliance to include the distribution of Onkyo, Pioneer, Pioneer
Elite, and the Integra brands in the Americas. Distribution will
run through a newly created subsidiary, 11 Trading Company, LLC,
and will include products ranging from AV receivers, HiFi
equipment, mini systems, smart speakers, turntables, sound bars,
home theater systems, optical disc players and more, broadening the
Company's portfolio to include a diverse mix of audio products.
Onkyo and Pioneer Corporation will continue to distribute Klipsch
branded products in Japan.
Pat Lavelle, President and CEO of
VOXX International Corporation stated, "As I mentioned on our last
earnings call, we are expecting a very strong year for our premium
audio operations. Paul Jacobs and
the Klipsch team have done an excellent job in developing high-end,
premium audio solutions, while expanding distribution and
partnerships. This alliance with Onkyo and Pioneer is a perfect
example of the types of alliances we seek and should help drive
growth in our business this year and beyond."
Paul Jacobs, President and CEO of
Klipsch stated, "With this new alliance, we become a truly
innovative and complete audio solutions provider in consumer
technology and better equipped to address consumer demand with
state-of-the-art AV solutions. We will continue to look for areas
to expand our business, leverage strengths throughout the VOXX
network and work closely with the Onkyo team to enhance the
consumer experience."
"We're excited to expand this strategic partnership from
Japan into the Americas and are
confident that Klipsch is the ideal partner to drive our business
to the next level," said Jason
Sausto, CEO of Onkyo USA
Corporation. Sausto will become a senior advisor for this
partnership in the Americas.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has
grown into a leader in Automotive Electronics and Consumer
Electronics, with emerging Biometrics technology to capitalize on
the increased need for advanced security. Over the past several
decades, with a portfolio of approximately 35 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.
About Klipsch Audio
In 1946 Paul W. Klipsch, inventor, acoustics pioneer and
maverick, founded Klipsch Audio with the sole purpose of bringing
the power, detail and emotion of the live music experience into his
living room. Through the use of highly efficient speaker
designs, handcrafted cabinetry and a thirst for real engineering
breakthroughs – Klipsch, the great American loudspeaker
company, was born in Hope, AR.
Today, our diverse range of quality audio products includes
speakers and headphones for almost any consumer and professional
application – including cinema, whole-house, wireless, home theater
and portable offerings. Honoring our founder's legacy,
Klipsch continues to be the legendary
high-performance brand of choice for audiophiles and
aficionados around the world. We are the Keepers of the
Sound®. Klipsch® and Keepers of the Sound® are registered
trademarks of Klipsch Group, Inc., registered in the U.S. and other
countries.
About Onkyo Corporation
Since 1946 Onkyo has been passionately committed to developing
audio products that deliver uncommon performance, quality and
value. Bundling proprietary technologies and innovations with other
sound - enhancing exclusives, Onkyo continues to create award
winning products that are lauded by industry leading audio
publications. The company's philosophy is to deliver products and
services that are superbly designed and built to a consistently
outstanding standard of excellence. Today, Onkyo is at the
forefront of the home theater and digital revolutions. For more
information, visit www.onkyo.com.
Onkyo and Pioneer Corporation is a 100% owned subsidiary of
Onkyo Corporation.
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
Company's annual report on Form 10-K for the fiscal year ended
February 29, 2020 and other filings
made by the Company from time to time with the SEC. The factors
described in such SEC filings include, without limitation: the
impact of the COVID-19 outbreak on the Company's results of
operations, the Company's ability to realize the anticipated
results of its business realignment; cybersecurity risks; risks
that may result from changes in the Company's business operations;
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 COVID-19 pandemic and any worsening of
the global business and economic environment as a result. The
Company assumes no obligation and does not intend to update these
forward-looking statements.
VOXX Investor
Relations
Contact
|
Klipsch Company
Contact
|
Glenn
Wiener
|
Jill Escol
|
President and
CEO
|
Klipsch Group,
Inc.
|
GW Communications
(for
VOXX)
|
(317)
860-8721
|
Email:
gwiener@GWCco.com
|
jill.escol@klipsch.com
|
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SOURCE VOXX International Corporation