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AUDIOVOX INCREASES CREDIT FACILITY

HAUPPAUGE, N.Y.-Audiovox Corp. said it increased its bank credit facility to $200 million, up from $112.5 million. The facility expiration date has been extended to July 27, 2004.

“Over the past year, we have significantly strengthened both our operational and financial position. This latest increase to our bank lines enhances our ability to stay ahead of the curve and provides us with access to capital to fund our future business plans,” said Michael Stoehr, chief financial officer of Audiovox.

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Chase Manhattan Bank is the agent for the revolving line of credit, the company said.

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