SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 2, 1995
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-9532 13-1964841
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation or File Number) Identification
organization) Number)
150 Marcus Boulevard, Hauppauge, New York 11788
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including area code:(516) 231-7750
NONE
(Former name, former address and former fiscal year, if changed
since last report)
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Item 5. Other Events
One June 2, 1995, Audiovox Corporation (the "Company")
announced that Alan H. Goldfield, Chairman and Chief Executive
Officer of CellStar Corp., exercised his option, pursuant to a
December 3, 1993 option agreement with the Company, to purchase 1.5
million shares of CellStar common stock from the company at a price
of $11.50 per share. See the press release which is annexed as
Exhibit 1.
As a result of this transaction, the Company received gross
proceeds of $17.25 million and, through its wholly owned
subsidiary, Audiovox Holding Corp., continues to hold 2.375 million
shares of CellStar common stock or 12.79% ownership interest in
CellStar Corp.
Item 7. Exhibits.
1. Press release dated June 2, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Company has duly caused this report to be signed on it
behalf by the undersigned hereunto duly authorized.
AUDIOVOX CORPORATION
Dated: June 5, 1995 By:s/Charles M. Stoehr
Senior Vice President and
Chief Financial Officer<PAGE>
<PAGE>
Contact: Michael Stoehr
Audiovox
(516) 231-7750
Brian James or
Alexandra Magnuson
Edelman Financial
(212) 704-8111
or 704-8172
June 2, 1995, Hauppauge, NY -- Audiovox Corporation (AMEX:VOX)
announced today that Alan H. Goldfield, Chairman and Chief
Executive Officer of CellStar Corp., has exercised his option
pursuant to a December 3, 1993 agreement with Audiovox to
purchase 1.5 million shares of CellStar common stock from
Audiovox at a price of $11.50 per share. As a result of this
transaction, Audiovox has received $17.25 million and still holds
2.375 million shares of CellStar common stock or a 12.79%
ownership interest in CellStar Corp.
Unrelated to this announcement, Audiovox stated that as a
result of CellStar Corporation's withdrawal of 3,000,000 shares
of CellStar common stock from registration with the Securities
and Exchange Commission, Audiovox is withdrawing its request to
include 1,075,000 shares of CellStar common stock held by
Audiovox in such registration statement. These shares are
included in the 2.375 million CellStar common shares still held
by Audiovox. Audiovox had the option to include such shares in
the registration statement pursuant to the piggy back
registration rights agreement between CellStar Corporation and
Audiovox. CellStar withdrew its SEC registration of common stock
when it obtained a firm commitment for a $125 million credit
facility underwritten by Texas Commerce Bank National
Association.
Audiovox Corporation makes cellular telephones and
accessories, automotive aftermarket sound and security equipment,
as well as other aftermarket automotive accessories.
Exhibit 1
