HAUPPAUGE, N.Y.-Audiovox Corp. acquired a 20 percent equity interest in Bliss-tel Company Ltd., a Bangkok, Thailand-based distributor of cellular, cordless and corded telephones.
Audiovox acquired the interest for 250,000 shares of its common stock and an inventory credit of approximately $1.25 million. Bliss-tel has been a distributor of Audiovox products since 1992.
“This investment in Bliss-tel positions the company to participate in the explosive growth of wireless communications in the Thai marketplace,” said John Shalam, president and chief executive ofdicer of Audiovox.
Bliss-tel’s sales reached $25 million last year, and the company had a net profit of $800,000.