VOXX International Corporation announces the name change of its subsidiary

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ORLANDO, Florida., Aug 11, 2020 / PRNewswire / – VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive, consumer and biometric technologies, today announced that it has changed the legal name of its wholly-owned subsidiary from Klipsch Holding , LLC to Premium Audio Company, LLC. The move is the result of the growth of the company’s brand portfolio and the recently announced distribution alliance with Onkyo & Pioneer Corporation.

Under the new structure, there will be two subsidiaries within Premium Audio Company, LLC (PAC):

Klipsch Group, Inc. – which includes the speaker brands Klipsch, Jamo, Energy and ProMedia;
11 Trading Company, LLC (11 CT) – the newly incorporated distribution company with exclusive distribution rights in America to the Onkyo, Pioneer, Pioneer Elite and Integra brands, as well as the rights to the Magnat and Heco brands.

Pat Lavelle, President and CEO of VOXX International Corporation said, “Our goal was to avoid confusion with the brand and, under the umbrella of PAC, we achieved that. We have taken steps over the past year to realign our global operations and now with the addition of Marques Onkyo, Pioneer, Pioneer Elite, Integra, it is a logical step, all will be under the umbrella of Paul Jacobs and the transition will be smooth for our customers. The Klipsch product portfolio and the premium audio category as a whole are set for a solid year. “

Paul Jacobs remains President and CEO of Premium Audio Company, LLC. Mr. Jacobs added, “Klipsch remains our flagship brand within our premium audio portfolio and we expect significant growth this year with new products entering the market and our expanded distribution. We will also bring some of our international brands to the US market, while providing our customers and consumers with a much broader assortment of premium premium audio products. We look forward to the coming year and build our business through innovation.

As announced on July 30, 2020, Klipsch and Onkyo & Pioneer Corporation have expanded their alliance to include distribution of the Onkyo, Pioneer, Pioneer Elite and Integra brands in the Americas. Distribution will take place through a newly formed subsidiary, 11 Trading Company, LLC, and will include products ranging from AV receivers and HiFi equipment to mini-systems, smart speakers, turntables, sound bars, home theater systems, optical disc players and more, expanding the company’s portfolio to include a diverse mix of audio products. Onkyo & Pioneer Corporation will continue to distribute Klipsch brand products in Japan.

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 the areas of in-car entertainment, automotive safety, reception products, a number of customer segments. premium audio market, and more. VOXX is a global company, with an extensive distribution network that includes electrical retailers, mass merchants, 12 volt specialists and many of the world’s leading automakers. For more information, please visit our website at www.voxxintl.com.

About Premium Audio Company
Founded in 2020, Premium Audio Company is the most innovative, comprehensive and high-end premium audio solutions provider in consumer technology. We connect people to their passion for entertainment. Premium Audio Company is comprised of two subsidiaries and includes some of the most legendary and revered brands such as Klipsch, Jamo, Mirage, ProMedia, Magnat, Heco, Mac Audio, Onkyo, Pioneer, Pioneer Elite and Integra. Premium Audio Company, LLC is a wholly owned subsidiary of VOXX International Corporation (NASDAQ: VOXX).

Safe Harbor Declaration
With the exception of historical information contained in this document, the statements made in this press release constitute forward-looking statements and may therefore involve certain risks and uncertainties. All forward-looking statements made in this press release are based on information currently available and the Company assumes no responsibility to update these forward-looking statements. The following factors, among others, may cause actual results to differ materially from results suggested in forward-looking statements. Factors include, but are not limited to: risk factors described in the Company’s annual report on Form 10-K for the year ended February 29, 2020 and other documents filed by the Company from time to time with the SEC. The factors described in these documents filed with the SEC include, but are not limited to: the impact of the COVID-19 outbreak on the Company’s operating results, the Company’s ability to achieve expected results its commercial 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 sectors; our relationships with major suppliers and customers; quality and consumer acceptance of newly introduced products; Market volatility; non-availability of the product; excess stocks; price and product competition; new product launches; fluctuations in foreign currencies; and debt covenants. Many of the aforementioned risks and uncertainties are and will be exacerbated by the COVID-19 pandemic 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.

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 protected]

[email protected]

SOURCE VOXX International Corporation

Related links

http://www.voxxintl.com

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