Audiovox and Universal Electronics Inc. Sign Comprehensive Agreement for Microcontrollers and Remote Controls in North America
CYPRESS, Calif., May 07, 2008 (BUSINESS WIRE) -- Universal Electronics Inc. (UEI) (NASDAQ:UEIC), a leader in remote control technology, today announced a comprehensive agreement with Audiovox Accessories Corp. (AAC) that will cover the supply of microcontrollers and software for existing AAC brands, development of new products, and a license for distribution rights for products sold to the North American retail market as the ONE FOR ALL(R) brand.
One Agreement, Many Facets
UEI and Audiovox have come to an agreement for UEI to be the exclusive supplier of embedded microcontrollers, infrared (IR) database software for Audiovox's complete line of RCA universal remote controls sold in North America. The database for infrared codes is UEI's renowned industry-leading library featuring over 348,000 function codes and 230,000 brand and model references ensuring universal device compatibility.
UEI and Audiovox have also come to an agreement for UEI to develop future remote controls for existing brands in the AAC lineup. The Audiovox family of universal remotes is the unit market share leader in North America, including popular brands like RCA and Acoustic Research found in many major retail outlets.
In addition, UEI has granted Audiovox an exclusive license to sell and distribute the ONE FOR ALL brand remote controls in North America. The ONE FOR ALL brand will continue to be sold and distributed internationally through Universal Electronics, BV, a wholly owned subsidiary of UEI. ONE FOR ALL continues to dominate the market with innovation and leadership in technology with an extensive history of firsts, including first with macro functions and first with electro-luminescent display panel technology. Today, the ONE FOR ALL brand is synonymous with universal remote controls.
David Geise, president of Audiovox Accessories Corporation, stated, "Remote controls are playing an increasingly important role in the entertainment ecosystem and serve as the primary touch point for consumers accessing media. Our new partnership with UEI affords us a great opportunity to take on a well-known brand such as ONE FOR ALL with strong potential for growth in the North American market. This agreement positions Audiovox to take advantage of the continuing growth in the home entertainment industry, allowing us access to a trusted partner in remote control innovation and technology. This will help us to aggressively expand our existing lineup through the Acoustic Research and RCA families."
"We're thrilled that both parties were able to complete an agreement of this magnitude as it should immediately benefit both companies enormously," says Paul Arling, chairman and chief executive officer of Universal Electronics. "We fully expect Audiovox to propel the ONE FOR ALL brand through their market leadership in sales and distribution of retail remote controls and accessories. Audiovox is the premier global leader in electronics accessories and is an ideal choice for managing and distributing the ONE FOR ALL brand in North America. We look forward to an exciting future with the prestigious Acoustic Research lineup and the iconic RCA products, along with the new opportunities this opens up for us in the retail channel."
About Universal Electronics
Founded in 1986, Universal Electronics Inc. (UEI) is the global leader in wireless control technology for the connected home. UEI designs, develops, and delivers innovative solutions that enable consumers to control entertainment devices, digital media, and home systems. The company's broad portfolio of patented technologies and database of infrared control software have been adopted by many Fortune 500 companies in the consumer electronics, subscription broadcast, and computing industries. UEI sells and licenses wireless control products through distributors and retailers under the ONE FOR ALL brand name. UEI also delivers complete home control solutions in the professional custom installation market under the brand name Nevo(R), as well as software solutions for digital media control and enjoyment in the consumer and OEM markets under the brand SimpleCenter(TM). For additional information, visit our web site at www.uei.com.
This press release contains forward-looking statements that are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development, ordering, delivery and market acceptance of products and technologies identified in this release; the Company's continued ability to design products in a fashion that results in its technology being accepted by the Company's customers and end users; the continued importance of the Company's database of codes and other technologies; the continued growth in the markets and industries identified in this release to occur as anticipated by management; the continued strength and growth and the Company and its customer as explained in this release; and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward looking statement due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: Universal Electronics Inc.
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