ORLANDO, Fla., Aug. 11, 2020 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive, consumer and biometrics
technologies, announced today it has changed the legal name of its
wholly owned subsidiary from Klipsch Holding, LLC to Premium Audio
Company, LLC. This move is a result of the Company's growing brand
portfolio and recently announced distribution alliance with Onkyo
& Pioneer Corporation.
Under the new structure, there will be two subsidiaries within
Premium Audio Company, LLC (PAC):
- Klipsch Group, Inc. – which includes the
Klipsch, Jamo, Energy, and ProMedia speaker brands;
- 11 Trading Company, LLC (11 TC) – the newly
formed distribution company with exclusive distribution rights in
the Americas to the Onkyo, Pioneer, Pioneer Elite, and Integra
brands, as well as rights with respect to the Magnat and Heco
brands.
Pat Lavelle, President and CEO of
VOXX International Corporation stated, "Our goal was to avoid brand
confusion and under the PAC umbrella, we have accomplished that. We
took steps over the past year to realign our global operations, and
now, with the addition of the Onkyo, Pioneer, Pioneer Elite, and
Integra brands, this is a logical step. All will fall under the
leadership of Paul Jacobs and the
transition will be seamless for our customers. The Klipsch product
portfolio and the premium audio category in its entirety, are
poised for a strong year."
Paul Jacobs remains President and
CEO of the Premium Audio Company, LLC subsidiary. Mr. Jacobs added,
"Klipsch remains our flagship brand within our premium audio
portfolio and we are expecting significant growth this year with
new products coming to market and our expanded distribution. We
will also be bringing to the U.S. market some of our international
brands, while offering our customers and consumers a much wider
assortment of high-end premium audio products. We look forward to
the coming year and building our business through innovation."
As announced on July 30, 2020,
Klipsch and Onkyo & Pioneer Corporation expanded their alliance
to include the distribution of Onkyo, Pioneer, Pioneer Elite, and
the Integra brands in the Americas. Distribution will run through a
newly created subsidiary, 11 Trading Company, LLC, and will include
products ranging from AV receivers to HiFi equipment, mini systems,
smart speakers, turntables, sound bars, home theater systems,
optical disc players and more, broadening the Company's portfolio
to include a diverse mix of audio products. Onkyo & Pioneer
Corporation will continue to distribute Klipsch-branded products in
Japan.
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.
About Premium Audio Company
Established in 2020,
Premium Audio Company is the most innovative, complete and high-end
premium audio solutions provider in consumer technology. We connect
people to their passion for entertainment. Premium Audio Company
comprises two subsidiaries and includes some of the most legendary
and revered brands such as Klipsch, Jamo, Mirage, ProMedia, Magnat,
Heco, Mac Audio, Onkyo, Pioneer, Pioneer Elite, and Integra.
Premium Audio Company, LLC is a wholly owned subsidiary of VOXX
International Corporation (NASDAQ: VOXX).
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 29, 2020 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, the Company's ability to realize the anticipated
results of its business realignment; 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 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.
VOXX Investor
Relations
Contact
|
Klipsch Company
Contact
|
Glenn
Wiener
|
Jill Escol
|
President and
CEO
|
Klipsch Group,
Inc.
|
GW Communications
(for
VOXX)
|
(317)
860-8721
|
gwiener@GWCco.com
|
jill.escol@klipsch.com
|
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SOURCE VOXX International Corporation