Avalon Park International and Kahli Holding AG Enter into a Standstill Agreement with VOXX International Corporation

Avalon Park International and Kahli Holding AG Enter into a Standstill Agreement with VOXX International Corporation

Indication of Interest to Acquire a Majority Stake in
Eyelock, LLC Submitted

 

Orlando, FL (November 2, 2020) – Avalon Park International and Kähli Holding AG, the Swiss holding company founded by Beat Kahli, who is also President and CEO of Avalon Park Group, 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 Kahli 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, whose 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.”

About Avalon Park Group
Avalon Park Group is a uniquely diversified family of companies engaged in businesses ranging from master-planned community development, to home building, mining and property management, in Florida, Texas and Switzerland. With more than $1 billion in total assets, Avalon Park Group combines its exceptional reputation, sound business experience and significant financial resources to invest in extraordinary opportunities. At Avalon Park Group, our mission is to change the way the world lives, learns, works and plays through creating healthy sustainable communities and every aspect thereof. Avalon Park Group develops communities like Avalon Park, where our residential villages are surrounded by preservation, fields, and ponds that are interconnected by roadways, pedestrian walks, and trails that provide effortless access to For more information on Avalon Park Group, visit www.AvalonParkGroup.com or call 407-658-6565.

Contact: Beat Kahli, Avalon Park Group, 321-229-4116 or Stephanie Lerret, Avalon Park Group, 407-427-6073.

###