ORLANDO, Florida., July 19, 2022 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and marketer of automotive and consumer technologies for global markets, today announced the appointments of AriShalam and Defeat Kahli as Co-Vice Chairman of the VOXX Board of Directors.
“It is with great pleasure that I announce the appointments of Ari and Beat as Co-Vice Chairs of our Board of Directors,” said John Shalam, Founder and Chairman of the Board of VOXX International Corporation. “The contributions they have both made as Directors have been significant and they fully deserve this role. I am confident that they will continue to work with the Board and our management team to help develop our business and create lasting value for all. The Shalam family and Beat, as the two largest owners of VOXX, are very aligned with shareholders and committed to our shared success.”
Ari Shalam has over 20 years of experience in the field of real estate investment in the research, financing and acquisition, development and management of commercial, commercial, industrial and residential properties. He is currently the Managing Partner of RWN Real Estate Partners LLC, a New York-based real estate private equity investment platform which he founded in 2011. Previously, he served as President and CEO of Enterprise Asset Management , Inc.; Senior Partner and Director of Acquisitions for Taconic Investment Partners; and director of acquisitions for the Kaufman organization. He was appointed to the VOXX Board of Directors in 2011 and has previously held executive positions with the company, his last as Vice President of Strategic Planning in 2000. Mr. Shalam is a member of the Advisory Board of the Urban Research Institute of University of Pennsylvania where he is also a professor of real estate entrepreneurship at the Wharton School, teaching each fall semester. He is a former trustee of Trinity School of New York City and former board member of Good+ Foundation, a non-profit entity. Mr. Shalam obtained his BS-Economics from the Wharton School of the University of Pennsylvania and his MBA from Harvard Business School.
“VOXX has been part of our family for over 60 years and I have seen the unwavering commitment of my father and thousands of employees around the world to make VOXX what it is today,” said declared Ari Shalam, co-vice-president. “Throughout our history, we have grown in a number of industries, forming strong partnerships that have served us well. We have also transformed as the world has evolved and we will continue to do so as we seek to create meaningful value and continue the legacy of VOXX. I am honored to take on the role of co-VP of Beat, as we share the same vision and commitment to VOXX and its shareholders.”
Defeat Kahli is a seasoned entrepreneur with decades of experience investing and building successful businesses, with a focus on real estate and related businesses. He is currently the founder and CEO of Avalon Park Group, a diverse group of companies based in Orlando (United States) and Zürich (Swiss). He is also CEO and member of the board of directors of sitEX Properties Holding AG, an owner-managed real estate company, and a managing member of GalvanEyes LLC, a distribution partner of EyeLock, LLC. Mr. Kahli currently serves on the board of directors of Advent Health Orlando, one of the largest nonprofit health systems in the United States, and has previously served on the board of numerous nonprofit community organizations. lucrative, notably the Red Cross of Floridathe Central Florida YMCA, the University of Central Florida Health and Public Affairs and Florida Hospital Orlando.
“I started investing in VOXX a few years ago when I saw a company with great brands, customers and leadership. My initial assessment has only been reinforced and I continue to be impressed with the team and its vision,” said Defeat Kahli, co-vice-president. “VOXX has tremendous assets and value which I believe are not reflected in the share price. That is why I continue to increase my position as I strongly believe in the potential of the company. I will continue to work with the VOXX Board and team, leveraging my experiences, expertise and connections, to help the Company execute its plans, expand its presence and drive shareholder value .”
As set forth in the Company’s DEF14A (“Proxy”) filed with the Securities and Exchange Commission (“SEC”), at June 2, 2022, the Shalam family owned approximately 1.93 million Class A common shares of the Company, representing approximately 9% of the Class A common shares of the Company and 2.14 million Class B common shares of the Company, representing 100% of the Company’s Class B common shares. , with 10 to 1 voting rights. From July 18, 2022 and reported in the most recent SC 13D/A filing with the SEC, Defeat Kahli, through various investment entities, held approximately 5.35 million Class A common shares of the Company, or 24.7% of the Class A common shares of the Company. Collectively, this represents approximately 33.7% of the company’s Class A common stock.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has become a leader in automotive electronics and consumer electronics, with emerging biometric technology to capitalize on the increased need for advanced security. Over the past decades, with a portfolio of approximately 35 trusted brands, VOXX has built market leading positions in in-car entertainment, automotive safety, hospitality products, a number of market segments premium audio, and more. VOXX is a global company, with an extensive distribution network that includes electrical retailers, mass marketers, 12 volt specialists and many of the world’s largest automotive manufacturers. For more information, please visit our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained in this release, statements made in this release constitute forward-looking statements and therefore 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 these forward-looking statements. The following factors, among others, could 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 28, 2022, and other documents filed by the Company from time to other with the SEC. Factors described in these SEC filings include, but are not limited to: the impact of the COVID-19 outbreak on the Company’s results of operations, global supply shortages, and costs and delays logistics; cybersecurity risks; risks that may result from changes in the Company’s business activities; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics industries; our relationships with key suppliers and customers; the quality and consumer acceptance of newly introduced products; Market volatility; non-availability of the product; excess inventory; price and product competition; new product launches; foreign currency fluctuations; and debt covenants. Many of the above risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic, the Ukraine and any resulting deterioration in the global business and economic environment. The Company assumes no obligation and does not intend to update these forward-looking statements.
Contact with Investor Relations:
Glenn WienerGW Communications (for VOXX)
E-mail: [email protected]
SOURCEVOXX International Corporation