Audiovox Corporation Announces OEM Contract with Ford Motor Company To Supply Mobile Video for 2001 Model Year
HAUPPAUGE, N.Y., Nov. 17 /PRNewswire/ -- Audiovox Corporation (Nasdaq: VOXX - news), announced today that its electronics subsidiary, Audiovox Electronics Corp. has signed an agreement with Ford Motor Company (NYSE: F - news) to manufacture an OE version of its mobile video overhead console. This unit will be included in Eddie Bauer models of the Ford Expedition SUV for the upcoming 2001 model year. Audiovox began delivery in October.
Under the terms of the agreement, Audiovox will supply an OE version of its overhead TFT, 6.8 inch LCD screen and a video cassette player mounted in a custom console. The system also includes remote control and wireless headphones. As with all traditional OE contracts, the system will be installed on the Ford assembly line.
In December 1998, Audiovox's Electronics received QS-9000 and ISO-9001 registration that allows them additional opportunities to partner with the major automobile manufacturers who require that their suppliers be QS-9000 registered.
Pat Lavelle, President and CEO of Audiovox Electronics Corp. stated, ``This contract with Ford is an important milestone for our Company as it clearly demonstrates our continued commitment to become an OE market leader in the mobile video category. We believe that Ford, the world's second largest manufacturer of cars and trucks, partnered with us on this project because of the quality of our product and the flexibility of our OE marketing group.''
Lavelle continued, ``The overall strategy of our Company has been to maintain our leadership position in automotive aftermarket and to expand our product line to increase our penetration of the OE marketplace. Over the past 2 years, since receiving QS registration, we have seen strong demand for our Mobile Video Entertainment products. In fact Mobile Video is our fastest growing product line, accounting for 17% of total sales for our fiscal year 1999, and 30% for the nine months ended August 31, 2000. We expect that this OE contract will help the OE portion of our business to become a major contributing factor to our growth in fiscal year 2001.''
About Audiovox Electronics Corp.
Audiovox Electronics Corp., a subsidiary of Audiovox Corporation, markets a complete line of automotive and consumer electronic products. Their mobile product lines include mobile video systems; automotive sound, vehicle security and remote start systems. Their consumer product lines include, FRS two-way radios, Web-related products such as MP3 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 (OEM's), and the U.S. military. Audiovox Electronics Corp. is QS/ISO 9000 Registered company. QS-9000 is the set of quality requirements established primarily by the U.S. automakers to assure the continued provisions of quality product. QS-9000 is derived from ISO-9001, the international standards for quality, but includes requirements and measurements that are specific to the auto industry.
About Audiovox Corp.
Audiovox Corporation is an international leader in the marketing of cellular telephones, automotive entertainment and security systems and consumer electronics products. The Company conducts its business through two subsidiaries and markets its products both domestically and internationally under its own brands. It also functions as an OEM (Original Equipment Manufacturer) supplier to several customers. For additional information, please visit Audiovox on the Web at audiovox.com.
Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks such as the Company's ability to keep pace with technological advances, significant competition in the wireless, mobile and consumer electronics businesses, quality and consumer acceptance of newly introduced products, the Company's relationships with key suppliers and customers, market volatility, non-availability of product, excess inventory, price and product competition, new product introductions and other risks detailed in the Company's registration statement on Form S-3, dated February 2, 2000 and in the Company's form 10K for the fiscal year ended November 30, 1999. These factors, among others may cause actual results to differ materially from the results suggested in the forward-looking statements.
Company Contacts: For Investor Relations Inquiries:
Patrick M. Lavelle Chris Fullam/Jeremy Stoehr
Audiovox Electronics Corporation PR 21 for Audiovox
(631) 231-7750 (212) 299-3956/(212) 299-8965
SOURCE: Audiovox Corporation |
