Indication of Interest to Acquire a Majority Stake in Eyelock, LLC Submitted
Orlando, FL (November 2, 2020) - Avalon Park International and Kähli Holding AG 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 Beat Kahli, Vice-Chairman of Launchpad 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 20%, in VOXX's Class A common shares, which is approximately 4.4 million shares.
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."