Join today and be part of the best free investment newsletter on the web where we focus on market moving news.
Audiovox Corporation (Nasdaq:VOXX) announced earlier today that it has managed to obtain the assets of Invision Industries Inc., a leading manufacturer of rear seat entertainment systems to OEMs, ports, and car dealers. The assets were obtained by a new subsidiary of Audiovox, Invision Automotive Systems Inc ("IAS").
Patrick Lavelle, president and CEO of Audiovox stated, "One of the strengths of Invision and one of the elements that made them a particularly attractive acquisition was their history of strong relationships with some of the world's leading car makers. As a result of this acquisition we believe we will enhance our position as a significant supplier to the OE market by adding increased R&D capabilities, a manufacturing facility and an established support team to augment our own OE group."
Lavelle continued, "We expect to take full advantage of the improvements in the automotive sector that have been projected for the coming year. This acquisition is in line with our strategy to enhance our position in existing categories and channels. We believe this transaction will be accretive in Fiscal 2011 and along with the other exciting programs underway in the mobile sector, should contribute to increased shareholder value."
You can contact us during market hours at 1-888-9-ClubGrand (1888-925-8247) or via email at staff@wallstreetgrand.com .Gerard@WallStreetGrand.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
Disclaimer:
Wall Street Grand LLC has not been compensated by the company for this press release and does not expect to be compensated in the future for any type of awareness. To read our full disclaimer click the link http://www.wallstreetgrand.com/disclosure.html.
