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Audiovox Corporation Authorizes Increase in Stock Repurchase Plan

27 May 1999

Audiovox Corporation Authorizes Increase in Stock Repurchase Plan; 598,277 Shares Purchased Since Inception

    HAUPPAUGE, N.Y.--May 26, 1999--Audiovox Corporation's (AMEX: VOX) Board of Directors today authorized an increase to the company's existing stock repurchase program originally approved in May of 1997. Today's authorization allows the purchase of up to 1,000,000 shares in addition to the 598,277 shares already repurchased by the company. These shares may be purchased on the open market or through private transactions. Assuming exercise of the entire program, the company will have purchased 1,598,277 shares.
    John Shalam, Chairman, President and CEO, said, "This latest announcement further underscores our commitment to enhance long-term shareholder value and reflects our confidence in the long-term prospects of our company. Over the past year, both of our operating divisions have made significant strides in developing their core technologies and positioning the company for future growth. We have seen tremendous growth in many of our electronic product offerings, namely mobile video and by year-end, expect to have all digital cellular technologies available in the marketplace."
    Shalam continued, "To date during this fiscal year, the company has repurchased 73,000 shares of our common stock. While our strategy remains focused on maintaining a healthy balance sheet with a strong cash position, at current levels, we believe continued repurchases are in the best interest of our shareholders."
    Audiovox Corporation is an international leader in the marketing of cellular telephones, auto sound, vehicle security, mobile video systems, and consumer electronics products. The Company conducts its business through two separate marketing groups and markets its products both domestically and internationally under its own brands as well as functioning as an OEM (Original Equipment Manufacturer) supplier to several customers.
    Except for historical information contained herein, the statements made in this release constitute forward-looking statements that involve certain risks and factors which may cause actual results to differ materially from those contained in the forward-looking statements, including those risks detailed from time to time in the Company's reports on file at the Securities and Exchange Commission, including the Company Form 10-K for the fiscal year ended November 30, 1998.