Audiovox Corporation Announces Formation Of Audiovox Electronics Corp.

Wholly-Owned Subsidiary To Focus Resources On Consumer Electronics

10-Aug-00

Audiovox Corporation (NASDAQ: VOXX) announced it has formed Audiovox Electronics Corp., from its former electronics division. This wholly-owned subsidiary will focus on increasing its existing mobile electronics business, while also pursuing new growth strategies in the consumer electronics and Internet markets. Patrick Lavelle, Senior Vice President of Audiovox Corporation, will be the President and CEO of the new subsidiary. John Shalam will serve as the new company's Chairman.John J. Shalam, Chairman, President and CEO of Audiovox Corporation said, ""The development of our former automotive group into an electronics company has actually been in the making for the last several years. This formal change is the next logical step in that process. It will position us with a strong focus and clear direction on increasing our growth in the consumer electronics industry and allow us to capitalize on the potential of this enormous market.""Patrick Lavelle noted, ""We believe that there are considerable growth opportunities in consumer electronics, many in categories where we have yet to develop product. The establishment of this separate entity will give us the focus and resources to expand far beyond our current product offerings.""Audiovox Electronics Corp. markets a complete line of automotive and consumer electronic products. Their product lines include mobile video systems, FRS two-way radios, Web-related products such as MP3, automotive sound, vehicle security and remote start systems, and personal and portable home stereo, DVD and theatre systems. The company's products are marketed to mass merchandiser retailers, specialty retailers, distributors to new car dealers, original equipment manufacturers (OEMs) and the U.S. military. Audiovox Electronics Corp. is a QS/ISO 9000 Registered company.Audiovox Corporation is an international leader in the marketing of cellular telephones and mobile and consumer entertainment and security. The company conducts its business through two separate subsidiaries Audiovox Communications Corp. (ACC) and Audiovox Electronics Corp. (AEC) Audiovox products are marketed domestically and internationally under the Audiovox brand as well as under other brands owned by the company. Audiovox operating subsidiaries also function as an OEM (Original Equipment Manufacturer) supplier to several customers. For additional information, visit Audiovox on the Web at www.audiovox.com.

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