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SOURCE VOXX International Corporation
$3 Million Investment Builds Upon Exclusive Distribution Agreement for 360 Degree Cameras
HAUPPAUGE, N.Y., April 24, 2014 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX), today announced that it has made a $3 million investment in EyeSee360, Inc. ("EyeSee360"). EyeSee360 is the creator of the highly anticipated panoramic video camera, 360Fly, and the smartphone attachment, 360MicroFly, both of which were launched in the VOXX booth at the Consumer Electronics Show ("CES") in Las Vegas this past January. This latest investment by VOXX is in addition to an earlier capital investment by Catterton Partners, both of which will support the company as it brings the 360Fly line of panoramic action cameras to market this year.
As previously announced in January 2014, VOXX Electronics Corporation, a wholly owned subsidiary of VOXX International Corporation, signed an exclusive distribution agreement with EyeSee360 to deliver a line of proprietary panoramic video cameras and software. Named "360Fly" and "360MicroFly", these two products are compact, lightweight, 360 degree HD lifestyle products that will enable both consumers and professionals to capture and share personal experiences like never before. The 360Fly is mountable on a variety of different sports equipment from helmets to surfboards to a tiny tripod for the center of a table. The "360MicroFly" is a 360 degree lens attachment for Apple and select Android phones.
"In line with our stated strategy, we have continued to invest in new and exciting technologies and categories that will help drive growth for our company and support our core electronics business," said Pat Lavelle, President and CEO of VOXX International. "The initial response from our distribution partners has been very strong and we believe that we and EyeSee360 have highly competitive products that will help shape the future of the consumer's technology experience."
"The 360Fly can see beyond the limits of other cameras allowing consumers to capture even more than what their eyes see. We believe this technology will change the way people capture, view and share life's moments. This is an exciting step in the evolution and disruption of video," said Tim O'Neil, CEO of EyeSee360. "VOXX has been in the retail electronics business for over 50 years and its products are found in virtually every retail channel from the mass merchant to the small independent and we are excited to have them as a true partner."
O'Neil continued, "This infusion of capital, as well as the exclusive distribution partnership for the 360Fly line of panoramic video cameras clearly demonstrates the faith that VOXX has in our design and engineering capability and we are excited to have them as both an investor and marketing partner."
The 360Fly is a panoramic video camera that allows users to capture and share an interactive 360 degree panoramic video. With a field of view – 360 degrees horizontal by 240 degrees vertical, more than twice that of traditional POV cameras – the 360Fly camera is also shock-proof, water resistant, and has built-in Wi-Fi/Bluetooth functionality.
360MicroFly is a smartphone lens attachment that puts a spin on traditional video, offering smartphone users the ability to simultaneously record everything around them and share an immersive experience instantly through social media. 360MicroFly attaches to popular smartphones to capture videos that are not only panoramic but interactive, creating engaging scenes and allowing viewers to control what they want to view.
Lavelle concluded, "Making a financial investment in EyeSee360 allows us to participate not only in the success of the 360Fly line of cameras, but in future products and technologies yet to be developed by their company, as well. We look forward to building upon this partnership and we believe it will help top and bottom line performance and growth for our company."
For additional information, please visit the web site at www.360Fly.com. Like 360Fly on 360Fly Facebook Page or follow on twitter @360Fly.
For more information on becoming a 360Fly Dealer in the US, email us at email@example.com.
About VOXX International Corporation:
VOXX International Corporation (NASDAQ: VOXX). The Company that began as Audiovox over 45 years ago has morphed into a worldwide leader in many automotive and consumer electronics and accessories categories, and now into premium high-end audio. The Company's brands hold leading market positions across a wide-spectrum of consumer and automotive segments.
Today, VOXX International is a global company….with an extensive distribution network that includes some of the world's Fortune 500 companies and an international footprint in Europe, Asia, Mexico and South America, and a growing brand portfolio, which now comprises over 30 trusted brands including Audiovox®, Klipsch®, RCA®, Invision®, Jensen®, Acoustic Research®, Jamo®, Energy®, Mac Audio®, Magnat®, Heco®, Schwaiger®, Hirschmann Car Communication® and Oehlbach®. The Company continues to drive innovation throughout all of its subsidiaries, and maintains its commitment to exceeding the needs of the consumers it serves. For additional information, please visit our Web site at www.voxxintl.com.
EyeSee360 creates products and software for interactive 360 degree video experiences. With their newest brand 360Fly, they aim at fundamentally changing the way you record and watch video by capturing life just as you experience it - in 360 degrees.
Founded out of Carnegie Mellon University's Robotics Institute, EyeSee360 is the technology leader in single-shot panoramic imaging for both still and video photography. EyeSee360 has decades of experience in robotic vision, image rendering, and software interface development. Although EyeSee360's technology was originally designed for aviation and military use, they now make consumer and broadcast products. EyeSee360 has offices in Pittsburgh and Virginia.
About Catterton Partners:
Catterton Partners is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-four year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton's investments include: Restoration Hardware, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, PIADA, Bruxie, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature's Variety pet food, Kettle Foods, Odwalla and P.F. Chang's, to name a few. More information about Catterton Partners can be found at www.cpequity.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive, premium audio and consumer accessories businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations and concerns regarding the European debt crisis; restrictive debt covenants; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against VOXX International Corporation and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended February 28, 2013.
VOXX Electronics Contact:
VOXX Investor Relations Contact:
Glenn Wiener, GW Communications
Phone: 412-922-6002 ext. 702
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