Statement of BEAT KAHLI / AVALON PARK GROUP, Largest Shareholder with 5,000,000 or 23.32% of All Outstanding VOXX INTERNATIONAL Class A Shares

ORLANDO, Fla., Feb. 15, 2022 /PRNewswire/ -- After additional purchases over the last few weeks, Beat Kahli, through Avalon Park Group Holding AG, Zurich, Switzerland and Avalon Park International LLC, Orlando, Florida USA, now owns 5,000,000 or 23.32% of all outstanding Class A shares of VOXX International, Orlando, Florida.  This makes Avalon Park Group (APG) the largest shareholder as of February 11th, 2022. Beat Kahli is also a Director of VOXX International, where he has served since July 2021.

Avalon Park Group will continue to build up its participation in VOXX International as indicated at the annual shareholder meeting on July 29, 2021.

Avalon Park Group, its subsidiaries, and affiliated companies are hands-on, owner-managed enterprises in a wide range of industries, operating worldwide. While Avalon Park Group is a well-known developer of new urban towns in Florida, over the last 25 years, diversification from real estate has been a key to the group's business success.

Throughout the last several months, Avalon Park Group has been contacted by other shareholders of VOXX International and asked about APG's intentions behind the purchases of VOXX shares. It has been the longstanding practice of APG to be fully transparent and open in our communication, so in keeping with that tradition, we are offering the following answers to frequently asked questions by VOXX shareholders and other interested parties.

1.  Why do you invest in VOXX International?  

The VOXX International stake is a strategic diversification from our real estate assets. In VOXX we see a company, founded more than 60 years ago, that we believe has tremendous hidden value in its brands, business development, real estate, and more. The group of companies fits well and is complimentary to our international business network, global offices, and skills.

2.  Why are you increasing your stake in VOXX and why are you, at times, buying VOXX shares daily, and, at times, not at all?

VOXX shares are presently traded below its book value and at less than 50% of its annual revenue per share. APG's group of companies, with more than $1 billion in assets, has strategically chosen to participate in VOXX, hence the size of our VOXX stake.  We will continue to increase our stake in the company, as indicated at last year's annual shareholder meeting of VOXX.

At present price levels, we are buying VOXX shares daily in the open market.  Being a director of a publicly traded company, however, there are times when an insider is not allowed to trade in the securities of the company it serves.

3.   Why are you investing in the biometric segment of VOXX?

As I previously stated in an earnings call of VOXX International, I believe in the future of the biometric industry. The biometric segment of VOXX represents less than 10% of its assets.  I view this participation, given the patents, business development of EyeLock, and the world market for this particular biometric iris technology, as promising for VOXX.

I am currently investing a 2-digit million amount of my own money into the buildup and distribution of EyeLock iris recognition technology, through the distribution agreement approved by VOXX shareholders on July 29th, 2021. By doing so, I support other large shareholders of VOXX who would like to see an IPO for EyeLock in the future.

4.  VOXX reported an adverse arbitration ruling in December 2021, what is your take on this?

I believe the CEO of VOXX openly communicated on the last earnings call in January 2022 about this ruling. The company has vigorously taken every avenue available to overturn the verdict it believes is without merit.

VOXX built reserves for this arbitration verdict in the last quarter. While I am upset about the arbitration ruling stemming from an agreement entered in 2007, given the fact that it amounts to about $1.5 per VOXX share, or around 10% of the VOXX equity, even if it is not overturned, it is not an event to bring VOXX off its course.

5.  What are your goals for VOXX?

I am motivated to lead and help to create value for all stakeholders, the worldwide team members of the VOXX family of companies, its customers and business partners on every continent, and naturally its shareholders, as the largest of them.

While I have only been a member of the Board of Directors for half a year, Management and the Board has been receptive to opening a new chapter in the VOXX history.

-VOXX INTERNATIONAL has an opportunity to build the world's premier AUDIO group, with its well-known brands KLIPSCH, ONKYO, INTEGRA, and PIONEER. I believe this VOXX business segment alone already accounts for a higher value today than the present stock market capitalization of VOXX.

- VOXX's Automotive group has many irons in the fire and can count on decades-long relationships with the world's largest car manufacturers.

-The Biometrics / IRIS segment is in its very beginning of value creation, and with the 2-digit million investment alongside EyeLock, I want to make sure the fruits can be earned soon, and an IPO opportunity is a possibility.

While there is ample work to be done, I believe VOXX can grow to over $1 billion in revenue while increasing its current profit margins in the coming years.  

As an entrepreneur, I am used to long-term thinking. With my investment in VOXX, I have demonstrated over the last 2 years that I "put my money where my mouth is" and will continue to do so.

Beat Kahli
Avalon Park Group
[email protected]  
Office: 407.658.6565

About Avalon Park Group
Avalon Park Group is a uniquely diversified family of companies engaged in businesses ranging from master-planned community development, to home building, mining and property management, in Florida, Texas and Switzerland. With more than $1 billion in total assets, Avalon Park Group combines its exceptional reputation, sound business experience and significant financial resources to invest in extraordinary opportunities. At Avalon Park Group, our mission is to change the way the world lives, learns, works and plays through creating healthy sustainable communities and every aspect thereof. For more information on Avalon Park Group, visit www.AvalonParkGroup.com or call 407-658-6565.

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.

SOURCE Avalon Park Group