ORLANDO,
Fla., Aug. 27, 2024 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for the
global markets, announced that its board of directors has been
conducting an exploration of strategic alternatives in connection
with its ongoing effort to maximize shareholder value.
As part of this process, the board will consider a wide range of
options for VOXX, including, among other things, a potential sale
of the Company, a sale of segments, operational improvements, or
other strategic transactions. Per its fiduciary responsibilities
and to support its evaluation process, the VOXX board has
established a strategic transactions committee which has
retained Solomon Partners as financial advisor and Bryan Cave
Leighton Paisner LLP as legal advisor.
There can be no assurance that this process will result in VOXX
pursuing a particular transaction or other strategic outcome. VOXX
has not set a timetable for completion of this process, and it does
not intend to disclose further developments unless and until it
determines that further disclosure is appropriate or necessary.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a
worldwide leader in the Automotive Electronics and Consumer
Electronics industries. Over the past several decades, with a
portfolio of approximately 30 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. For the most recent investor
presentation on the Company, please click here.
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
"Risk Factors" section of the Company's Annual Report on Form 10-K
for the fiscal year ended February 29,
2024, and other filings made by the Company from time to
time with the SEC, as such descriptions may be updated or amended
in any future reports we file with the SEC. The factors described
in such SEC filings include, without limitation: impacts related to
the COVID-19 pandemic, global supply shortages and logistics costs
and delays; global economic trends; cybersecurity risks; risks that
may result from changes in the Company's business operations;
operational execution by our businesses; changes in law, regulation
or policy that may affect our businesses; our ability to increase
margins through implementation of operational improvements,
restructuring and other cost reduction methods; 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 War in the Ukraine and any
worsening of the global business and economic environment as a
result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for
VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation
