HAUPPAUGE, N.Y., Sept. 2, 2015 /PRNewswire/ -- VOXX
International Corporation (Nasdaq: VOXX) today announced that it
has successfully completed its acquisition, effective September 1, 2015, to acquire a controlling stake
of biometrics leader, EyeLock. VOXX has acquired a 54% equity
interest in a newly formed subsidiary, EyeLock LLC, which now owns
all of the intellectual property and substantially all of the other
assets of EyeLock, Inc. and its subsidiary EyeLock Corp., and has
assumed certain of their liabilities. The total purchase
price, inclusive of prior investments, is approximately
$20.2 million. The Company also
disclosed that it has entered into a Loan Agreement with EyeLock
LLC, providing up to $10 million for
working capital purposes in the form of a secured credit
facility.
Pat Lavelle, VOXX International's
President and CEO, stated, "This acquisition holds great potential
for our Company and our shareholders as biometrics increasingly has
become a desired authentication mechanism for the Internet of
Things, and for increased access management and security
measures. With EyeLock, we believe we have invested
in the fastest and most secure iris-authentication technology
in the market, and a company that has significant potential to
capture an increasing share of a market that is expected to
increase to over $20 billion within
the next five years. I look forward to working with
Jim Demitrieus, EyeLock's CEO and
his team, leveraging our combined resources and expanding our reach
with both existing and new distribution partners, enterprises,
government agencies, and global technology leaders. This is a major
milestone for VOXX and I'm excited about the opportunities this
transaction should generate in the coming years."
The Company further reiterated that it has expanded on its
existing supply chain and distribution relationship with EyeLock
and will now play a larger role in the distribution and sale of
EyeLock's suite of products. Prior to the transaction, VOXX
had served as the exclusive distribution partner of myris™ to
retailers in North America and
throughout Europe.
About EyeLock
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. myris™, the first consumer
accessible iris authentication device, is available at 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