ORLANDO,
Fla., Feb. 7, 2023 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for the
global markets, today announced that Beat
Kahli, Co-Vice Chairman of the Board and VOXX's largest
shareholder, has been appointed President.
"I've known Beat for years and it truly is a major win to bring
someone of his caliber to VOXX. He has been invaluable to the Board
and to me personally since his initial investment and continues to
become more involved in our strategy and operations. I welcome him
to this new role, as do the members of our team, and together, we
look forward to unlocking the value we know is present at VOXX,
while the Company continues to drive innovation for our customers,"
stated Pat Lavelle, Chief Executive
Officer.
Mr. Kahli's appointment is effective immediately and he will be
based at the Company's headquarters in Orlando, Florida, where Mr. Lavelle is also
based. Over the coming year, he will work closely with executive
leadership and employees around the world, to gain a better
understanding of VOXX's operations, brand heritage, products,
customer base, supply partners, distribution, R&D capabilities
and more. He will continue to work closely with the Board, along
with business heads on strategy, organizational plans and policies,
and co-share responsibilities for budgeting, reporting, auditing,
and financial oversight. He will continue to serve as Co-Vice
Chairman and member of the Board of Directors.
Mr. Kahli added, "When I first began investing in VOXX, I saw a
company with great brands in attractive markets; with a stock price
that in my opinion, was far below the value of its assets. I
initially saw VOXX as a good investment and a chance to diversify
my assets, but after getting to know the company and the team, I
believe my thesis didn't account for the growth potential ahead and
opportunity for significant value creation. VOXX has been around
for 60+ years and this is a testament to John and Pat's leadership
and the team they have built. That is why I have invested upwards
of $50 million of my own capital in
VOXX. I strongly believe in the Company's future and I am eager to
focus my energies on unlocking this value as President."
Mr. Kahli continued, "VOXX has an opportunity to build the
world's premier audio group given the strength of its brands and
distribution and can dominate in the Automotive market given its
decades-long relationships with the largest car manufacturers and
its expansive distribution network. I also believe that EyeLock is
still in the beginning stages of its journey and has the potential
to turn into a leading Biometrics and advanced authentication
organization. The future is bright for VOXX, and while the coming
year will be challenging given the global economies, we have a
strong foundation to build from. I am honored for this opportunity
and look forward to taking on this new role to harness and optimize
resources and generate meaningful value for all stakeholders."
Beat Kahli is a seasoned entrepreneur with decades of
experience investing in and building successful businesses, with a
focus on real estate and related businesses. He currently serves as
the founder and CEO of Avalon Park Group, a diversified group of
companies based in Orlando (U.S.)
and Zurich (Switzerland). He also serves as the CEO and as
a member of the Board of Directors of sitEX Properties Holding AG,
an owner managed real estate company, and as a Managing Member of
GalvanEyes LLC, a distribution partner of the EyeLock, LLC. Mr.
Kahli currently serves on the board of directors of Advent Health
Orlando, one of the largest non-profit health systems in the U.S.,
and previously served on the boards of many
community-not-for-profit organizations, including the Red Cross
of Florida, the Central Florida YMCA, the University of
Central Florida's Health and
Public Affairs and the Florida Hospital Orlando.
John Shalam, Founder and Chairman
of VOXX added, "Beat has been integral to our success these past
few years, providing valuable insights as a Board member and
opening up avenues for growth across our business. His passion is
unlike any I've seen before and his success has been earned. As the
two largest shareholders of VOXX, our interests are aligned, as is
our vision for the future and I believe shareholders will benefit
over time."
As of December 1, 2022, Mr. Kahli
was the largest shareholder of VOXX International Corporation's
Class A common stock, owning 6.27 million shares or 29.4% of the
shares outstanding through two companies owned and controlled by
Mr. Kahli - Avalon Park Group Holding AG and Avalon Park
International LLC.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown
into a leader in Automotive Electronics and Consumer
Electronics, with emerging Biometrics technology to capitalize on
the increased need for advanced security. Over the past several
decades, with a portfolio of approximately 35 trusted brands, VOXX
has built market-leading positions in in-vehicle entertainment,
automotive security, reception products, a number of premium audio
market segments, and more. VOXX is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. For additional information, please visit
our website at www.voxxintl.com
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release
constitute forward-looking statements and thus 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 the: risk factors described in the Company's
annual report on Form 10-K for the fiscal year ended February
28, 2022, and other filings made by the Company from time to
time with the SEC. The factors described in
such SEC filings include, without limitation: the impact
of the COVID-19 outbreak on the Company's results of operations,
global supply shortages and logistics costs and delays;
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 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 restrictive debt covenants. Many of the
foregoing risks and uncertainties are, and will be, exacerbated by
the COVID-19 pandemic, the War in the Ukraine and any
worsening of the global business and economic environment as a
result. The Company assumes no obligation and does not intend to
update these forward-looking statements.
Investor and Media Relations Contact (for
VOXX):
Glenn Wiener, GW
Communications
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation