Audiovox Announces Contract with Nissan North America For 2000 Model Year
17 February 2000
Audiovox Corporation Announces Contract with Nissan North America For 2000 Model Year-- Chosen as Manufacturer of Mobile Video Entertainment Systems for Quest Minivan -- HAUPPAUGE, N.Y., Feb. 17 -- Audiovox Corporation , announced that it has signed an agreement with Nissan North America, Inc. to manufacture an OE version of its "EZ Fit" center console entertainment system for inclusion in Nissan's four-door Quest minivan for the 2000 model year. The contract is valued at approximately $40 million and Audiovox has been shipping product since the 2000 Quest began delivery late last year. Under the terms of the contract, Audiovox will supply an entertainment system, consisting of a 6.4 inch LCD TV and vertically mounted videocassette playback unit, with storage compartment at the base of the console. The Nissan system is installed in all 2000 Quest minivans sold in the U.S. Said Patrick Lavelle, Senior Vice President of the Electronics Divisions, "Last year we provided Nissan with an Audiovox branded system for use in a promotion they ran on the Quest. For model year 2000, the newly developed OE Version is installed in the vehicle. We are pleased that Nissan has rewarded our commitment to quality and cutting edge technology with this supply contract to provide the system for the 2000 model year Quests. Our products and programs are designed to be flexible in order to meet our customers needs, and we are excited to enhance our partnership with a company such as Nissan." Lavelle further stated, " This contract is indicative of Audiovox's aggressive approach to capitalize on both the aftermarket and original manufacturing potential of the hugely popular mobile video entertainment systems." Audiovox Corporation is an international leader in the marketing of cellular telephones, auto sound, vehicle security, mobile video systems, and consumer electronics products including FRS two-way radios, MP 3 players and home and portable stereos. 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. For additional information, please visit Audiovox on the Web at http://www.audiovox.com. Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks such as our ability to keep pace with technological advances, significant competition in the wireless, automotive and consumer electronics businesses, quality and consumer acceptance of newly introduced products, our relationships with key suppliers and customers, market volatility, non-availability of product, price and product competition, new product introductions and other risks detailed in the Company's registration statement on Form S-3, dated February 2,2000 and in the Company's form 10K for the fiscal year ended November 30, 1999. These factors, among others may cause actual results to differ materially from the results suggested in the forward-looking statements.