ORLANDO, Florida, May 3, 2021 / PRNewswire / – VOXX International Corporation (NASDAQ: VOXX) (the “Company”), a leading manufacturer and distributor of automotive and consumer technologies for global markets, today announced that it has signed a Letter of intention (“LOI”) to acquire the Home Audio / Video (“A / V”) business of Onkyo Home Entertainment Corporation (“Onkyo”), with Sharp Corporation (“Sharp”) as a partner. VOXX and Sharp were granted the exclusivity while discussions are still ongoing.
VOXX and Sharp have also entered into a binding agreement to go ahead with this proposed transaction. All the companies have a strong working relationship and are about to enter into a definitive agreement. May 20, 2021. If an Agreement is reached, it will be presented to Onkyo shareholders at its Ordinary General Meeting of Shareholders scheduled for June 25, 2021.
In july 2020, VOXX, through its new distribution company and subsidiary 11 Trading Company, LLC (“11TC”), became the exclusive distributor in the Americas of the Onkyo, Pioneer, Pioneer Elite and Integra brands. This built on and broadened the alliance between the company when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019. For many years, Sharp Corporation manufactured products for Onkyo at its Malaysian factory as a joint venture.
Pat Lavelle, President and CEO of VOXX International Corporation said, “Over the past two years, we have worked well with the Onkyo team, expanding our relationship and, more importantly, meeting the needs of our customers. We hope to be able to reach a deal soon as they have strong brands, and through our Premium Audio Group, led by the Klipsch management team, we have an extensive distribution and global infrastructure to support our growth. “
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 leading market 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.
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 fiscal 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.
Investor Relations Contact:
GW Communications (for VOXX)
E-mail: [email protected]
SOURCE VOXX International Corporation