VOXX International Corporation Completes Its Sale Of Hirschmann Car Communication To TE Connectivity And Receives Approximately

     VOXX International Corporation Completes Its Sale Of Hirschmann Car
  Communication To TE Connectivity And Receives Approximately $170.0 Million

PR Newswire

HAUPPAUGE, N.Y., Aug. 31, 2017

HAUPPAUGE, N.Y., Aug. 31, 2017 /PRNewswire/ -- VOXX International Corporation
(NASDAQ: VOXX), today announced that it has closed on its previously announced
sale of Hirschmann Car Communication GmbH and its worldwide subsidiaries
(collectively, "Hirschmann") to a subsidiary of TE Connectivity Ltd. (NYSE:
TEL). The Company received approximately 149.0 million Euro or $170.0 million
upon closing based on the terms of the sale and forward contracts at an
average U.S. dollar exchange rate of approximately 1.14. There may be
additional proceeds received by VOXX, which will be based upon final working
capital adjustments to be calculated within 75 days.

Pat Lavelle, President and CEO of VOXX International Corporation stated, "With
this transaction closed, we are now in position to pay down our debt in full,
which will save us more than $6.0 million in interest payments annually, while
providing us with cash on hand and full access to our banking facilities to
support our business and pursue a targeted M&A strategy. We are looking to
grow organically within each of our segments and inorganically, through
complementary acquisitions or ventures that will strengthen our offering,
customer reach and financials. Our focus will predominantly be in the domestic
markets, where we can leverage our distribution into the retail and automotive
sectors and we intend to stay within our current areas of expertise. Over the
next year, we will look for synergies and areas to lower our fixed expenses
given lower sales volumes related to the Hirschmann sale, while at the same
time, ensuring we have the foundation to support accretive acquisitions. We
are exploring all avenues that we believe will lead to great value for our
customers, employees and shareholders."

John Shalam, Founder and Chairman of VOXX International Corporation added, "I
would like to extend my sincere appreciation and gratitude to the team at
Hirschmann, and wish them nothing but continued success in the years ahead.
They have enjoyed decades of growth due to their commitment to innovation, and
by partnering with their customers to continuously deliver the best antenna
and tuner technologies in the industry. Their passion to be at the forefront
will only be intensified with TE Connectivity by their side. For VOXX, this is
a transformative event as it enables us to strengthen our balance sheet and
gives us added flexibility to pursue investments in our current business, and
in future technologies and companies we believe will add value. We have
significant assets within our portfolio, such as EyeLock, Klipsch, Jamo,
Acoustic Research, RCA, 808 Audio and more, as well as new contracts for
rear-seat infotainment with some of the largest Automotive OEMs in the world,
such as General Motors and Ford. While it will take us time to realign our
business and drive savings, we are focused on generating consistent cash flow
and profitability in the years ahead."

As noted in the Company's press release issued on June 26, 2017, VOXX
International Corporation will continue to operate in the Automotive industry
and will retain its ongoing OEM business that is not part of this transaction
through VOXXHirschmann Corporation. The Company will also continue its
Automotive Aftermarket business through its proprietary brands and 3rd-party
distribution agreements. The continuing operations include the Company's
market-leading rear-seat infotainment solutions, car security and remote start
systems, remote start modules, app-based vehicle security solutions, keyless
entry products and its newest innovation, the eFob, satellite radio products,
and telematics, among others. Business lines that will be sold as part of this
agreement include Hirschmann's antenna, smart antenna, multi-digital tuner and
commercial asset tracking business, which incorporates various technologies
and product lines. Under the terms of the agreement, VOXX International will
phase out the VOXXHirschmann name over a period of two years.

Wells Fargo Securities is acting as exclusive financial advisor to VOXX
International on the transaction.

About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide
leader in many automotive and consumer electronics and accessories categories,
as well as premium high-end audio. Today, VOXX International Corporation has
an extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and most of the world's leading automotive
manufacturers. The Company has an international footprint in Europe, Asia,
Mexico and South America, and a growing portfolio, which now comprises over 30
trusted brands. Among the key domestic brands are Klipsch®, RCA®, Invision®,
Jensen®, Audiovox®, Terk®, Acoustic Research®, Advent®, Code Alarm®, Car
Connection®, 808®, AR for Her®, and Prestige®. International brands include
Klipsch®, Jamo®, Energy®, Mirage®, Mac Audio®, Magnat®, Heco®, Schwaiger®,
Oehlbach® and Incaar™. For additional information, please visit our Web site
at www.voxxintl.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, 2017.

Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com

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SOURCE VOXX International Corporation

Website: http://www.voxxintl.com
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