Premium Audio Company, LLC Comments On Onkyo Home Entertainment’s Bankruptcy Filing


Premium Audio Company, LLC, through a joint venture with Sharp Corporation, acquired certain assets of Onkyo Home Entertainment Corporation’s audio/video business in September 2021 – this last deposit has no impact on operations and is not linked to the acquired assets

INDIANAPOLIS, May 16, 2022 /PRNewswire/ — Premium Audio Company, LLC, (“PAC”), a wholly owned subsidiary of VOXX International Corporation (NASDAQ: VOXX), today provided comments regarding Onkyo Home Entertainment Corporation’s bankruptcy filing (“OHE”) with the Osaka District court. PAC’s statement was made in response to misleading media reports regarding the Onkyo brand, which was acquired through a joint venture between PAC and Sharp Corporation in September 2021 and has grown considerably since.

On May 13, 2022OHE filed for bankruptcy protection in Osaka, Japan. This filing did not include assets previously purchased by PAC and Sharp. The joint venture between these companies acquired the Onkyo and Integra brands, including all intellectual property, and took responsibility for product development, engineering, sales, marketing and distribution of the business. home entertainment products from Onkyo. The joint venture also took over all manufacturing for these products, which include a variety of A/V and stereo receivers, amplifiers and hi-fi components under the Onkyo and Integra brands.

The Premium Audio Company, through its subsidiary 11 Trading Company (“11TC”), began as a distributor of the Onkyo, Integra, Pioneer and Pioneer Elite brands in July 2020. In April 202111TC became the exclusive American distributor of the Teac and Esoteric audio brands and in September 2021, Premium Audio Company through its joint venture with Sharp, acquired the Onkyo and Integra brands and entered into a licensing and distribution agreement with Pioneer Corporation. Sales of these branded products are throughout 11TC, which has grown from $13.7 million in revenue during the 2021 financial year at $59.4 million in fiscal 2022, with Onkyo’s No. 1 branded products by volume.

Paul JacobsPresident and CEO of Premium Audio Company, said, “Demand for Onkyo and Integra products has been very high and we expect it to increase in the years to come. We have worked closely with Sharp to ramp up production and have developed our We have big plans for Onkyo and the other brands sold through 11TC and as we expand production and expand distribution we believe that sales will more than double in the short term. the Onkyo brand are simply unfounded and misleading.”

About Premium Audio Company
Founded in 2020, Premium Audio Company is the most innovative, comprehensive and premium audio solution provider in consumer technology. We connect people to their passion for entertainment. Premium Audio Company is made up of three subsidiaries and includes some of the most legendary and revered brands such as Klipsch, Jamo, Mirage, ProMedia, Magnat, Heco, Mac Audio, Onkyo, Pioneer, Pioneer Elite, Integra, Teac and Esoteric.

About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has become a leader in automotive electronics and consumer electronics, with emerging biometric technology to capitalize on the increased need for advanced security. Over the past decades, with a portfolio of approximately 35 trusted brands, VOXX has built market leading positions in in-car entertainment, car safety, hospitality products, a number of market segments premium audio, and more. VOXX is a global company, with an extensive distribution network that includes electrical retailers, mass marketers, 12 volt specialists and many of the world’s largest automotive manufacturers. For more information, please visit our website at www.voxxintl.com.

Contact Premium Audio

Investor Relations for VOXX International Corporation

Jill Escol, Vice President of Global Brand Communications

Glenn Wiener, President and CEO

E-mail: [email protected]

E-mail: [email protected]

SOURCE Premium Audio Company, LLC

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