VOXX International Corporation - VOXX STOCK NEWS

VOXX International Corporation (NASDAQ: VOXX) announces a four-year exclusive distribution agreement with GalvanEyes LLC, managed by its largest shareholder, Beat Kahli. GalvanEyes will distribute EyeLock products in the EU, Puerto Rico, Malaysia, Singapore, and select U.S. government agencies. The deal includes a $10 million payment and an annual fee up to $5 million, with a unique put/call option affecting 20% equity interest in EyeLock. CEO Pat Lavelle highlights the strategic partnership as a means to reduce cash burn and enhance market reach for EyeLock's technology.

VOXX International Corporation (NASDAQ: VOXX) has signed a Letter of Intent to acquire the Home A/V business of Onkyo Home Entertainment Corporation, partnering with Sharp Corporation. The companies aim to finalize a Definitive Agreement by May 20, 2021, for presentation to Onkyo's shareholders on June 25, 2021. VOXX previously expanded its partnership with Onkyo in July 2020 and has a long-standing manufacturing relationship with Sharp. CEO Pat Lavelle expressed optimism about leveraging Onkyo's strong brands and VOXX's distribution capabilities for growth.

VOXX International Corporation (NASDAQ: VOXX) will announce its fiscal 2021 fourth quarter and year-end results on May 13, 2021, after market close. A conference call is set for the same day at 5 p.m. Eastern, allowing investors and analysts to discuss the results. VOXX has established itself as a leader in automotive and consumer electronics, with a diverse portfolio and extensive distribution network. The company is also actively addressing the impact of COVID-19 on operations and navigating various market risks.

EyeLock LLC, a subsidiary of VOXX International Corporation (NASDAQ: VOXX), has secured a significant contract to manage access control for four data center facilities in Egypt's New Capital City. The contract highlights EyeLock's Portable Template solution, which offers a secure, contactless iris biometric authentication system, protecting users' personal data. This technology solves privacy concerns by eliminating the need for biometric databases, aligning with global data regulations. EyeLock aims to enhance security for large user groups while maintaining privacy standards.

VOXX International Corporation (NASDAQ: VOXX) announced its participation in the D.A. Davidson & Co. 4th Annual Consumer Growth Conference on March 11, 2021. CEO Pat Lavelle will engage in a fireside chat at 11:45 a.m. ET, with investor meetings scheduled throughout the day. The conference will be held virtually, and the fireside chat will be available via webcast on the company's website. Lavelle highlighted the company's strong growth and profitability in Fiscal 2021, expressing optimism for future opportunities to enhance shareholder value.

EyeLock LLC has announced the release of EyeLock Identity Suite (EIS) version 4.1, enhancing security by integrating physical and logical access control. This new version allows users to manage multiple EyeLock devices through a user-friendly, browser-based system. EIS supports various popular physical access control systems, improving interoperability. EyeLock's focus on advanced iris authentication ensures high security for enterprises. The integration aims to streamline identity management, providing a unified solution for enhanced security across facilities and devices.

VOXX International Corporation (NASDAQ: VOXX) reported strong Q3 results for Fiscal 2021, with net sales reaching $201.1 million, an 82.6% increase year-over-year. The Consumer Electronics segment saw a 74.0% rise in sales, driven by premium audio products. Automotive segment sales doubled, up 105.1% to $61.5 million, bolstered by acquisitions. Operating income improved dramatically to $18.6 million, up from just $0.1 million in the previous year. EBITDA reached $23.8 million, a significant increase compared to $8.6 million last year. VOXX anticipates continued growth into Fiscal 2022.

At CES 2021, Panasonic Automotive, Klipsch, and Dolby Atmos Music unveiled a new concept enhancing in-vehicle audio experiences. This collaboration aims to integrate Dolby Atmos technology into automotive sound systems, creating an immersive listening environment. Notable features include high efficiency, controlled directivity, and a wide dynamic range, promising clearer sound with minimal distortion. The proof-of-concept demonstrates a commitment to elevating vehicle entertainment standards, reflecting Panasonic's dedication to innovation in automotive audio solutions.

VOXX International Corporation (NASDAQ: VOXX) will report its fiscal 2021 third quarter results on January 11, 2021, after the market closes. A conference call and webcast are scheduled for January 12, 2021, at 10 a.m. Eastern. Investors can join via phone or online to hear the results and ask questions. VOXX has established itself as a leader in Automotive Electronics and Consumer Electronics, with a focus on innovative security technology. For further information, visit www.voxxintl.com.