VOXX International Corporation - VOXX STOCK NEWS

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.

EyeLock LLC has announced that its EyeLock Identity Suite (EIS) now supports the U.S. Federal Government's Personal Identity Verification (PIV) credential format. This upgrade allows government agencies to utilize a secure 200-bit card format, which offers enhanced authentication features and multi-factor authentication capabilities. EyeLock was approached by a federal agency in August to implement this technology. The CEO of EyeLock, Jeff Carter, indicated growing interest from other agencies, emphasizing the company's focus on expanding its federal channel business.

VOXX Automotive Corp., a subsidiary of VOXX International Corporation (NASDAQ: VOXX), was recognized as a Supplier of the Year by Fiat Chrysler Automobiles (FCA) for Innovation. The award was presented during FCA's virtual 2020 North America Annual Supplier Conference on October 23. This accolade highlights VOXX's commitment to providing innovative and high-quality products. The selection was based on evaluations of supplier performance, including quality and delivery metrics. VOXX Automotive plays a key role in developing the next generation of infotainment systems.

VOXX International Corporation (NASDAQ: VOXX) reported strong fiscal Q2 2021 results with net sales of $128 million, a 41.9% increase year-over-year. Premium audio products grew significantly, contributing $69.3 million to sales. The automotive segment saw an overall increase, driven by aftermarket sales, despite OEM product sales declining by 9.3%. The company secured $30 million in new OEM business, boosting future outlook. Operating income reached $8.7 million, compared to a loss last year, with net income of $7.3 million. The gross margin improved to 29.7%, reflecting effective cost management.

VOXX International Corporation (NASDAQ: VOXX) will report its fiscal 2021 second quarter results for the period ending August 31, 2020, on October 13, 2020, after market closure. The company's conference call and webcast are scheduled for October 14, 2020, at 10 a.m. Eastern. VOXX specializes in automotive and consumer technologies, offering advanced security and entertainment solutions through a portfolio of 35 brands. Investors can access the conference via toll-free and international numbers or through the company's website at voxxintl.com.

The press release from EyeLock LLC announces the launch of its new EyeLock ID system, designed for secure access by remote and on-site workers. This system integrates the myris iris authentication device and user-friendly software to enhance data security in response to increased remote work due to COVID-19. EyeLock ID supports biometric logins for various corporate applications, offering multi-factor authentication and single sign-on capabilities. The product aims to improve accountability among employees when accessing corporate devices.

EyeLock LLC has launched the iTemp® add-on for its nano iXT® iris biometric reader, enabling simultaneous iris authentication and forehead temperature checks. Utilizing the FLIR Lepton® LWIR sensor, iTemp aims to enhance workplace safety amidst the COVID-19 pandemic by providing an affordable and accurate tool for temperature screening. This module allows businesses to confidently manage access based on temperature readings. EyeLock emphasizes the reliability and user-friendliness of iTemp, marking it as an essential solution for modern biometric security needs.

VOXX International Corporation (NASDAQ: VOXX) announced a name change of its subsidiary from Klipsch Holding, LLC to Premium Audio Company, LLC. This change reflects the company's expanding brand portfolio and a new distribution alliance with Onkyo & Pioneer Corporation. The Premium Audio Company will house two subsidiaries: Klipsch Group, Inc. and 11 Trading Company, LLC, responsible for distributing renowned audio brands in the Americas. The company anticipates robust growth with new product launches and broader distribution channels.

EyeLock LLC announced the global availability of its new nano iXT iris recognition reader, which is now in full production. This product is the first to emerge from its partnership with CMITech. Amid the COVID-19 pandemic, demand for touchless biometric solutions has surged, positioning the nano iXT as a suitable alternative to facial recognition systems hampered by masks. The nano iXT features a large LCD touchscreen, dual cameras, and multi-language support while being competitively priced. EyeLock's technology, recognized for its security and accuracy, serves various sectors including medical and automotive.