VOXX International To Bring Bongiovi Digital Power Station Technology To The Car
Company finalizes previously announced distribution agreement with AVG Corp.
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."
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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.
SOURCE VOXX International Corporation
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