HAUPPAUGE, N.Y., Aug. 19, 2015 /PRNewswire/ -- VOXX
International Corporation (Nasdaq: VOXX) today announced that it
has entered into a Definitive Agreement to purchase the assets,
inclusive of all intellectual property, of iris authentication
market leader EyeLock through an acquiring entity. Upon
consummation of the transaction, VOXX will have a controlling
interest in the acquiring entity. The closing of the transaction is
subject to completion of due diligence. Expanding on its
existing supply chain and distribution relationship with EyeLock,
VOXX will play a larger role in the distribution and sale of
EyeLock's suite of products with an increased focus on enterprise
and access control business lines.
EyeLock was founded in 2006 and provides market leading iris
authentication solutions for global access control and logical
access control environments. EyeLock has developed a
portfolio of biometric solutions based on iris authentication with
more than 70 patents and patents pending. EyeLock's
technology provides an unprecedented level of convenience and
security with biometric accuracy, making it the most proven way to
authenticate one's identity aside from DNA. The Company's
advances and miniaturization in iris authentication have made it
possible to incorporate this highly secure technology across a
broad array of consumer and enterprise oriented IoT (Internet of
Things) end-points at scale, without compromising accuracy or
ease-of-use.
EyeLock has a comprehensive slate of go-to-market partners for
both physical and logical access control business lines. The
physical access control market continues to expand at an
accelerated rate with market demand from enterprises seeking to
improve physical security. The Company's products and
solutions are available through an extensive network of leading
security integrators and value-added resellers. At the same
time, logical access control infrastructures are experiencing a
crisis level of password and network breaches, punctuating the need
to move away from password and existing security protocols.
EyeLock's logical access control solutions are available for
license, and embed across the vast spectrum of the IoT.
"There is no question that people will all be authenticated
using biometrics in the near future," said Pat Lavelle, President and CEO of VOXX.
"Market growth has been staggering and is expected to increase to
over $20 billion within the next five
years, according to various industry reports. Cyber security
threats and continued attacks are costing corporations billions of
dollars. Moreover, with more sharing of information between
networks and portable devices, there is a pressing need for more
secure authentication. The Internet of Things has
become a driving force in new identity and access management, with
biometrics emerging as a primary industry solution.
Additionally, there are billions of dollars spent in securing
infrastructures and perimeters with biometrics. EyeLock is well
positioned to benefit from these positive market conditions."
"In EyeLock, we believe they have the fastest, most secure and
reliable biometric authentication solutions in the industry.
Their intellectual property continues to expand, with broad
applications across vertical markets that address consumer and
enterprise needs for authenticating identities and securing
critical infrastructure. In this transaction, we not only
increase our equity stake, we also expand our market reach and will
work with the EyeLock team to bring their iris-authentication
solutions to a larger global customer base. While we know it
will take time, we are confident in the potential this investment
will bring to our Company and our shareholders," added Mr.
Lavelle.
"VOXX has a strong reputation and deep relationships that will
prove invaluable in helping EyeLock catapult to the next level,"
said Jim Demitrieus, CEO of EyeLock.
"The transaction provides EyeLock with the leverage and
stability we need to accelerate and continue providing market
leading solutions to the IoT and access control sectors. We
look forward to working closely with VOXX to expand our global
reach and licensee and partnership base."
The Definitive Agreement has been approved by EyeLock's Board of
Directors and shareholders. When completed, EyeLock's
financial results will be included in VOXX International's Consumer
Accessories segment. Consistent with VOXX's prior
acquisitions, EyeLock's management team will remain in place and
the Company will retain the EyeLock name.
About EyeLock, Inc.
EyeLock is a leader in iris
authentication, providing the highest level of security with
EyeLock ID technology. The Company's proprietary, embeddable
technology enables the convenient and secure authentication of
individuals across physical and logical environments. EyeLock's
solutions have been integrated across consumer and enterprise
products and platforms, eliminating the need for PINs and
passwords. myrisâ„¢, the first consumer accessible iris
authentication device, is available at more than 1,000 retail
locations across the U.S., including Best Buy, Staples, Fry's,
TigerDirect, ABC Warehouse, and at eyelock.com. No two irises
are alike, and outside DNA - the iris is the most accurate human
identifier. Corporations across the Fortune 500 recognize the level
of security EyeLock provides due in part to its false accept rate,
ease of use and scalability. As a sponsor member of the Fast
IDentity Online Alliance (FIDO), a non-profit organization
dedicated to creating a safer and more secure digital presence for
consumers, EyeLock is dedicated to advancing digital privacy and
next generation security.
About VOXX International Corporation
VOXX
International Corporation (NASDAQ: VOXX) has grown into a worldwide
leader in many automotive and consumer electronics and accessories
categories, as well as premium high-end audio. Today, VOXX
International Corporation has an extensive distribution network
that includes power retailers, mass merchandisers, 12-volt
specialists and most of the world's leading automotive
manufacturers. The Company has an international footprint in
Europe, Asia, Mexico
and South America, and a growing
portfolio, which now comprises over 30 trusted brands. Among the
key domestic brands are Klipsch®, RCA®, Jensen®, Audiovox®,
Acoustic Research®, Terk®, Advent®, 808®, Code Alarm®, Invision®
and Prestige®. International brands include Hirschmann Car
Communication®, Klipsch®, Jamo®, Energy®, Mirage®, Mac Audio®,
Magnat®, Heco®, Schwaiger®, Oehlbach® and Incaar™. For
additional information, please visit our Web site at
www.voxxintl.com.
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release that
would constitute forward-looking statements 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 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,
premium audio and consumer accessories 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 concerns regarding the European debt
crisis; restrictive debt covenants; the possibility that the review
of our prior filings by the SEC may result in changes to our
financial statements; and the possibility that stockholders or
regulatory authorities may initiate proceedings against VOXX
International Corporation and/or our officers and directors as a
result of any restatements. Risk factors associated with our
business, including some of the facts set forth herein, are
detailed in the Company's Form 10-K for the fiscal year ended
February 28, 2015.
VOXX International Corporation: Investor
Relations
Glenn Wiener,
President and CEO
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation