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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): November 3, 2008
AUDIOVOX
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-28839
|
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number
|
|
13-1964841
|
|
(I.R.S.
Employer Identification No.)
|
|
180
Marcus Blvd., Hauppauge, New York
|
11788
|
|
|
(Address
of principal executive officers)
|
(Zip
Code)
|
Registrant's
telephone number, including area code (631) 231-7750
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of file following
provisions:
[
] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
[
] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(e))
Item
8.01 Other
Events.
On November 3, 2008, the Company issued
a press release announcing that it had reached a settlement agreement with
INViSiON Industries, Inc. regarding the patent infringement suit filed by
Audiovox earlier this year. A copy of the release is furnished
herewith as Exhibit 99.1.
The information furnished under Item
8.01, including Exhibit 99.1, shall not be deemed to be filed for
the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and will not
be incorporated by reference into
any registration statement filed under
the Securities Act of 1933, as amended, unless
specifically identified therein as being incorporated therein by
reference.
.
Exhibits
Exhibit
No. Description
99.1 Press Release,
dated November 3, 2008, relating to Audiovox Corporation's settlement of the
INViSiON Industries, Inc. patent litigation (furnished herewith).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
AUDIOVOX CORPORATON
(Registrant)
Date:
November 6,
2008 ___________________________________
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
Audiovox
Reaches Settlement with INViSiON Industries on Patent Infringement
Lawsuit
Audiovox
to receive past damages and royalties for future sales
HAUPPAUGE,
N.Y., Nov. 3 /PRNewswire-FirstCall/ -- Audiovox Corporation (Nasdaq: VOXX) today
announced that it reached a settlement agreement with INViSiON Industries, Inc.,
a Florida based corporation, regarding the patent infringement suit filed
earlier this year in the United States District Court for the Eastern District
of New York.
In June
2008, Audiovox announced the suit, alleging that INViSiON infringed on three of
the Company's U.S. Patents -- Nos. 6,899,365, 7,245,274 and D448,009 -- all of
which apply to headrest-mounted, rear-seat entertainment systems for
automobiles. These patents protect Audiovox's commercially successful line of
headrest-mounted, rear-seat automobile entertainment systems.
Audiovox
will receive payment for past damages and an ongoing royalty fee for future
business. Additionally, Audiovox has received an exclusive license on related
patents from Christopher Vitito, the principal of INViSiON and owner of mobile
video patents for additional mobile video technology.
Patrick
Lavelle, President and CEO of Audiovox stated, "We are pleased to have reached
this settlement with INViSiON. Our intellectual properties are one of our
greatest assets and it is our intention to vigorously protect them at all
costs."
About
Audiovox
Audiovox
(Nasdaq:VOXX) is a recognized leader in the marketing of automotive
entertainment, vehicle security and remote start systems, consumer electronics
products and consumer electronics accessories. The company is number one in
mobile video and places in the top ten of almost every category that it sells.
Among the lines marketed by Audiovox are its mobile electronics products
including mobile video systems, auto sound systems including satellite radio,
vehicle security and remote start systems; consumer electronics products such as
MP3 players, digital camcorders, DVRs, clock radios, portable DVD players,
portable GPS, flat-panel TV's, extended range two-way radios, multi media
products like digital picture frames and home and portable stereos; consumer
electronics accessories such as indoor/outdoor antennas, connectivity products,
headphones, speakers, wireless solutions, remote controls, power & surge
protectors and media cleaning & storage devices; Energizer-branded products
for rechargeable batteries and battery packs for camcorders, cordless phones,
digital cameras and DVD players, as well as for power supply systems, automatic
voltage regulators and surge protectors. The company markets its products
through an extensive distribution network that includes power retailers, 12-volt
specialists, mass merchandisers and an OE sales group. The company markets
products under the Audiovox, RCA, Jensen, Acoustic Research, Energizer, Advent,
Code Alarm, TERK, Prestige and SURFACE brands. For additional information, visit
our web site at www.audiovox.com.
Safe
Harbor Statement
Except
for historical information contained herein, statements made in this release
that would constitute forward-looking statements may involve certain risks and
uncertainties. All forward-looking statements made in this release are based on
currently available information and the Company assumes no responsibility to
update any such forward-looking statement. The following factors, among others,
may cause actual results to differ materially from the results suggested in the
forward-looking statements. The factors include, but are not limited to, risks
that may result from changes in the Company's business operations; our ability
to keep pace with technological advances; significant competition in the mobile
and consumer electronics businesses as well as the wireless business; our
relationships with key suppliers and customers; quality and consumer acceptance
of newly introduced products; market volatility; non-availability of product;
excess inventory; price and product competition; new product introductions; the
possibility that the review of our prior filings by the SEC may result in
changes to our financial statements; and the possibility that stockholders or
regulatory authorities may initiate proceedings against Audiovox and/or our
officers and directors as a result of any restatements. Risk factors associated
with our business, including some of the facts set forth herein, are detailed in
the Company's Form 10-K for the fiscal year ended February 29, 2008 and Form
10-Q for the fiscal second quarter ended August 31, 2008.
Contact:
Glenn Wiener, GW Communications
Tel:
212-786-6011 / Email: gwiener@GWCco.com
SOURCE
Audiovox Corporation
CONTACT:
Glenn Wiener, GW Communications, +1-212-786-6011,
gwiener@GWCco.com
Web Site:
http://www.audiovox.com
(VOXX)