HAUPPAUGE, N.Y., April 16, 2015 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX) today announced that it has turned on the power at its Long Island facility. The program is the result of a strategic partnership with Harvest Power LLC to install a large scale solar energy system for the Company's property at 180 Marcus Blvd, Hauppauge, NY. This solar energy system is part of the local utility (PSEGLI) Clean Solar Initiative feed-in tariff (FIT) Program and offers VOXX the opportunity to produce and sell back electricity energy at a fixed rate per kWh (.22) over the 20-year term of a power purchase agreement (PPA).
The total solar system consists of a 171,000 kW (DC) rooftop mounted solar energy system on the building as well as two solar carport systems totaling 296,000 kW (DC) located in the rear parking lot. The new solar carports have been designed with several EV charging stations and will benefit VOXX employees who currently have electric vehicles and those who plan to own such vehicles in the future.
Pat Lavelle, President and CEO of VOXX International stated, "This is a very exciting development for our Company and one I believe is testament to our corporate vision and commitment to long-term sustainability. In addition to the 'green' benefits from this alliance, we also anticipate energy cost savings of well over $1 million over the next 20 years." Lavelle continued, "For over four decades, we've operated on Long Island and remain committed to investing in our facilities and continuing to make a meaningful difference within the Long Island community and for our employees." The solar project is part of the Company's continuing ISO14001 environmental management certification processes.
The Company is also planning through the partnership with Harvest Power to offer a jointly sponsored "employee discount/VIP program" that will be available shortly to give VOXX employees the ability to take advantage of the solar energy alternative for their homes.
Mr. Lavelle concluded, "VOXX has always prided itself on deploying innovative solutions whether it be the latest technology for our customers or the way we manage our assets and properties and our approach to alternative, renewable energy is no different. Our new partnership with Harvest Power provided a convenient and affordable process for going solar that will help us lower costs and deliver performance to our shareholders."
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®, Invision®, Jensen®, Audiovox®, Terk®, Acoustic Research®, Advent®, Code Alarm®, CarLink®, 808®, AR for Her®, 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.
About Harvest Power LLC:
Harvest Power LLC, is a family owned and operated full service Solar Energy Company located in Bay Shore, New York, established in 2009. Harvest Power LLC has installed hundreds of residential and dozens of commercial solar energy systems on Long Island and in the Metro New York region. Recognized as one of the local Solar Energy Industry leaders, Harvest Power LLC has NABCEP certification, is a leading member of NYSEIA and LISEIA, the local solar energy industries trade association and an active Trade Ally Partner with PSEG LI. For more information about Harvest Power LLC, visit their website at www.harvestpower.net
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, 2014.
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SOURCE VOXX International Corporation