vB Easy Archive - ***JUST IN: Curitel to Buy Audiovox...

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***JUST IN: Curitel to Buy Audiovox...
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Posted by: HC - NO "i"

http://investor.audiovox.com/ireye/...&item_id=497091

Audiovox Signs Non-Binding Memorandum of Understanding

HAUPPAUGE, N.Y., Feb. 19 /PRNewswire-FirstCall/ -- Audiovox Corporation (Nasdaq: VOXX) announced today that it has signed a non-binding letter of intent to sell a controlling interest in the Company's wireless subsidiary, Audiovox Communications Corp. (ACC) to Curitel Communications Inc., (or one of its affiliates or subsidiaries) a leading mobile phone manufacturer in South Korea (Curitel). Currently, Audiovox owns 75% of ACC and Toshiba Corporation owns the remaining interest.

The transaction is subject to a number of contingencies, including satisfactory completion of due diligence, negotiation and signing of definitive agreements and requisite approvals. The terms of the transaction were not disclosed. The Company must also consider all proposals submitted and there can be no assurances that this, or any other transaction, will be completed or as to any terms that may be negotiated. The Company also announced that ACC has retained the services of Jefferies & Company, Inc. to assist in this matter.

Philip Christopher, President and CEO of ACC said, "We welcome this interest shown in our company and its management and recognize that partnership with a strong manufacturer, such as Curitel, a major supplier of handsets to ACC, will permit expansion of our product line and render us very competitive."

Posted by: neomuzic

02-20-2004 17:18

http://www.howardforums.com/showthr...threadid=309736