Brief: VOXX Announces Exclusive Distribution Agreement Between EyeLock And GalvanEyes Partners

VOXX International

03/05/2021 13:59

May 3 (Reuters) - VOXX International Corp  VOXX.O :
    * VOXX INTERNATIONAL CORPORATION ANNOUNCES EXCLUSIVE
DISTRIBUTION
AGREEMENT BETWEEN EYELOCK LLC AND GALVANEYES PARTNERS LLC
    * VOXX INTERNATIONAL CORP - ANNOUNCED THAT EYELOCK CO'S
MAJORITY-OWNED SUBSIDIARY ENTERED INTO A 4-YEAR AGREEMENT WITH
GALVANEYES LLC
    * VOXX INTERNATIONAL - GALVANEYES  WILL BECOME EXCLUSIVE
DISTRIBUTOR OF EYELOCK PRODUCTS IN EU, SWITZERLAND, PUERTO RICO,
MALAYSIA, & SINGAPORE
    * VOXX  - EYELOCK HAS GRANTED GALVANEYES EXCLUSIVE
DISTRIBUTION
RIGHTS IN U.S. FOR RESIDENTIAL REAL ESTATE MARKET & SPECIFIC
U.S. GOVERNMENT AGENCIES
    * VOXX INTERNATIONAL - IN CONSIDERATION OF EXCLUSIVITY BEING
GRANTED, GALVANEYES AGREED TO PAY EYELOCK $10.0 MILLION WITH AN
ANNUAL FEE OF UP TO $5.0 MILLION
    * VOXX INTERNATIONAL CORP - ANY GROSS PROFIT GENERATED BY
GALVANEYES ON SALE OF EYELOCK PRODUCTS BY GALVANEYES WILL BE
DEDUCTED FROM ANNUAL FEE

Source text for Eikon:  ID:nPn4388gja 
Further company coverage:  VOXX.O 

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