Audiovox Corporation today announced that it has reached an agreement in principle with SIRIUS XM Satellite Radio, whereby the company will become the principal supplier of SIRIUS satellite radio products to the North American aftermarket, providing products to the major U.S. retailers. The agreement is subject to the completion of a final distribution agreement under which Audiovox will provide warehousing, distribution, logistics and related services for SIRIUS XM with respect to both SIRIUS and XM products.
This new agreement is in addition to the existing Master License Agreement that Audiovox has for XM products, which was entered into by Audiovox and XM in 2005.
Patrick Lavelle, President and CEO of Audiovox stated, "This is yet another major milestone for our Company as it further strengthens our leading position in the satellite radio category. Despite the current economic climate, satellite radio is still growing and we believe it will continue to be a prominent form of consumer entertainment. With this agreement, we expect our satellite radio sales to more than double next year with limited exposure. We look forward to partnering with SIRIUS XM in this next phase of their corporate evolution."
For more information, visit www.audiovox.com.
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