Transitioning Business Hands

VOXX will continue to operate as VOXX Accessories Corp. (“VAC”) to ensure business continuity

New Pathways in the Horizon

Orlando, Fla., Aug. 8, 2024 – VOXX International Corporation VOXX, today announced that it has entered into an Asset Purchase Agreement (the “Agreement”) to sell certain assets, including the Company’s iconic RCA® trademarks and other intellectual property, to Established Inc. The total value of the transaction is expected to be approximately $25 million, and the companies anticipate the deal will close on or before August 30, 2024. Under the agreement, VOXX Accessories Corp. will continue to operate the business while working with customers and partners in the normal course of business.

Strategic Maneuvers

Pat Lavelle, Chief Executive Officer of VOXX International Corporation stated, “This transaction is in line with our stated strategy of monetizing assets, realigning the organization and paying down debt. We have enjoyed strong market positions and success in the accessories business globally and will maintain strong global brands and distribution once this transaction closes. Domestically, while we are selling assets, we will continue to provide our customers and manufacturers with the same support as they have had in the past, as we are continuing to manage the business. With this asset sale, however, we will strengthen our financial position.”

The Agreement was entered into on August 2, 2024, and the companies anticipate the transaction will close on or before August 30, 2024. The finalization of the Agreement will be subject to standard closing conditions.

Legacy of Innovation

About VOXX International Corporation VOXX International Corporation 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.

Challenges in Forward Flight

Safe Harbor Statement Except for historical information contained herein, statements made in this release constitute forward-looking statements and 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:

Investor Relations

Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com

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SOURCE VOXX International Corporation