Avalon Park International and Kahli Holding AG Enter into a Standstill Agreement with VOXX International Corporation
On November 2, 2020, Avalon Park International and Kähli Holding AG established a Standstill Agreement with VOXX International Corporation (NASDAQ: VOXX) for the assessment of its subsidiary Eyelock, LLC. Swiss businessman Beat Kahli, VOXX's largest shareholder, aims to acquire a majority stake in Eyelock while allowing VOXX to retain significant ownership. The move is timely as Eyelock's biometric technology aligns well with current market demands during the Covid-19 pandemic, particularly for contactless solutions, enhancing VOXX's growth outlook and potential earnings.
- Kähli's potential acquisition of Eyelock may enhance VOXX's shareholder value while maintaining significant ownership.
- Eyelock's biometric technology offers promising solutions during the Covid-19 pandemic, shifting towards contactless options.
- None.
ORLANDO, Fla., Nov. 2, 2020 /PRNewswire/ -- Avalon Park International and Kähli Holding AG, the Swiss holding company founded by Beat Kahli, who is also President and CEO of Avalon Park Group, have entered into a Standstill Agreement with VOXX International Corporation (NASDAQ: VOXX) to undertake a comprehensive assessment of Eyelock, LLC, a majority-owned subsidiary of VOXX. The agreement is based on Kahli and related affiliates submitting an Indication of Interest to potentially acquire a majority stake in Eyelock, whereby VOXX would remain a substantial shareholder, preserving a future upside for VOXX and its shareholders. Under the agreement, Kahli and his representatives will not trade VOXX securities during the standstill period. Kahli, through the entities under his control, is the largest shareholder, over
Kahli stated that in the interest in the most beneficial solution for Eyelock, VOXX and all its shareholders, he has teamed up with Swiss Industrialist Philipp Buhofer for the assessment and potential acquisition of Eyelock. Buhofer is Chairman of Swiss stock exchange listed Kardex Holding AG and Board member of Schaffner Holding AG and is representing the largest shareholder of both companies. His industrial expertise and commitment will add value to Eyelock as well.
VOXX has made a significant investment in Eyelock, who's state-of-the-art biometric technology can be used across many industries. Additionally, the current Covid-19 pandemic presents a unique opportunity for Eyelock's biometric technology as competitive technology such as fingerprint recognition systems are shifting toward contactless options, and facial recognition functionality is limited due to the prevalent use of face masks.
"I believe VOXX is well positioned for growth and improved earnings performance in the years ahead, and has promising technology with Eyelock, with opportunities that have yet to be revealed." Kahli also added, "Eyelock has a strong product line with an untapped market potential, and we intend to explore avenues to assist in building and expanding business on a global scale."
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
Contact: Beat Kahli, Avalon Park Group, 321-229-4116 or Stephanie Lerret, Avalon Park Group, 407-427-6073.
View original content:http://www.prnewswire.com/news-releases/avalon-park-international-and-kahli-holding-ag-enter-into-a-standstill-agreement-with-voxx-international-corporation-301165250.html
SOURCE Avalon Park International
FAQ
What is the Standstill Agreement between Avalon Park and VOXX?
How much of VOXX does Beat Kahli own?
How does Eyelock's technology fit into current market trends?
What impact could the acquisition of Eyelock have on VOXX?
Who is involved in assessing Eyelock's acquisition?
