HAUPPAUGE, N.Y., May 10, 2012 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX) announced today that it
has finalized its agreement with AVG (OEAM) Inc., an AVG Group
company, to become the exclusive U.S. distributor of the Bongiovi
Digital Power Station™ (DPS) technology for applications in the
automotive aftermarket and the PPO Market (automotive
accessorization post factory and pre aftermarket).
Under the terms of the agreement, VOXX International's wholly
owned subsidiary, Audiovox Electronics Corp. (AEC) will have
exclusive U.S. rights to distribute the patented DPS technology
automotive applications, which significantly enhances the
in-vehicle audio experience by making a traditional car stereo
'studio-sound enabled.' The companies will collaborate to
develop applications specifically designed for Original Equipment
Manufacturers, initially focusing on the U.S. market.
Additionally, AEC and AVG are working to develop aftermarket
applications which will be available through the Audiovox expeditor
network.
"We're excited about this partnership and the potential it holds
not only for our company, but for our customers. For decades,
Audiovox has been a leader in automotive entertainment, in-vehicle
security and sound," stated Tom
Malone, President of Audiovox Electronics Corp. "The
addition of DPS technology based applications enhances our
automotive solutions for our OE partners, and will enable them to
lower their acquisition costs for premium car sound while helping
them differentiate their value-added solutions. This applies
to both Original Equipment Manufacturers as well as car dealers as
it easily integrates with the technologies of both new and used
cars. We believe the patented DPS technology applications can
potentially change the automotive sound landscape as it provides
car manufacturers with the ability to take a basic factory sound
system and dramatically improve audio quality without the need to
upgrade to higher-end systems. Additionally, this will
resonate well with consumers who want a premium sound experience in
their vehicles."
DPS is the new standard for digital audio delivery and was
developed by Tony Bongiovi, the
critically acclaimed sound engineer and record producer for
Bongiovi Acoustics. DPS creates this high-end quality by
digitally re-mastering the audio signal in real-time, effectively
compensating for the acoustical deficiencies of the vehicle and
optimizing the program material for playback in the vehicle.
It extends the frequency response of car speakers and maximizes the
frequency-specific power distribution of a vehicle's head-unit
amplifier. DPS applications are also designed and tuned for
the individual vehicle so they are as custom as the other OE
components.
Ayaz Somani, CEO of AVG Group
added, "Our goal is to provide consumers with an optimized
listening experience in a vehicle environment. DPS is the new
standard for digital audio enhancement, and we see significant
opportunities to expand the reach of DPS into car audio through our
partnership with Audiovox. Especially so, given Audiovox's
nationwide automotive distribution network covering the OEMs,
12-volt specialists and aftermarket car dealers. This
partnership is not about 2012 – it's about the future, and our team
is very excited to be working with Audiovox. They know
technology, they have proven market leadership and their
distribution is unparalleled. We see this alliance as a
win-win not only for Audiovox, AVG and Bongiovi Acoustics but also
for the automotive market and its consumers."
For information on becoming an Audiovox Dealer in the US - email
us at newaccounts@audiovox.com.
For more information on Audiovox's product lines please visit:
http://audiovoxproducts.com.
About VOXX International Corporation
VOXX International Corporation (NASDAQ:VOXX) is the new name for
Audiovox Corporation, a company that was formed over 45 years ago
as Audiovox that has grown into a worldwide leader in many
automotive and consumer electronics and accessories categories, and
premium high-end audio. Through its wholly owned
subsidiaries, VOXX International is proudly recognized as the #1
premium loudspeaker company in the world, and has #1 market
positions in automotive video entertainment and remote starts, and
TV remote controls and reception products. Now, with the
addition of Hirschmann, the Company has #1 market share in
automotive TV tuners. The Company's brands also hold leading
market positions across a wide-spectrum of consumer and automotive
segments.
Today, VOXX International is a global company….with 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 is now comprised of
over 30 trusted brands. Among the key domestic brands are
Hirschmann®, Klipsch®, RCA®, Invision®, Jensen®, Audiovox®, Terk®,
Acoustic Research®, Advent®, Code Alarm®, CarLink®, Omega®,
Excalibur®, Prestige®, and SURFACE™. International brands
include Klipsch®, Jamo®, Energy®, Mirage®, Mac Audio®, Magnat®,
Heco®, Schwaiger®, Oehlbach® and Incaar™. The Company
continues to drive innovation throughout all of its subsidiaries,
and maintains its commitment to exceeding the needs of the
consumers it serves. For additional information, please visit
our Web site at www.voxxintl.com.
About AVG Group
AVG Group, based in Ontario,
Canada is a global supplier of accessory solutions to
leading North American car OEMs including Toyota, Lexus and
Hyundai. The Company supplies a wide range of accessories in
several enhancement categories including style, safety,
convenience, comfort, infotainment, wireless communication and
audio. AVG Group's manufacturer-supplier-partner footprint
stretches around the globe and includes countries such as
Canada, USA, Mexico,
China, Taiwan, Korea, Thailand, Vietnam and Italy. For more information
on Digital Power Station, visit www.bongioviacoustics.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
statement. 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 mobile and consumer
electronics businesses as well as the accessories business;
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; 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, 2011.
Company Contact:
Glenn Wiener
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
SOURCE VOXX International Corporation