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- VOXX International (NASDAQ:VOXX) said on Thursday its unit EyeLock had entered into a joint venture agreement with GalvanEyes Partners to form BioCenturion.
- Under the agreement, both companies will contribute selected assets and liabilities to the joint venture.
- According to the company, GalvanEyes will serve as the managing member and will be responsible for all working capital needs over the next two years.
- The new entity will be run by Allen Ibaugh, who served both as President of EyeLock and CEO of GalvanEyes and will combine and manage the talent from both organizations.
- BioCenturion has been structured as a 50/50 joint venture, whereby GalvanEyes will manage all day-to-day business operations and EyeLock will have veto rights as it relates to various fundamental company matters.
- In conjunction with this transaction, Beat Kahli has stepped down as president of VOXX but will continue to serve as co-vice chairman of the company's board.
- Kahli will also serve as chairman of the board and chief executive officer of BioCenturion.
- Press Release