CHICAGO, Nov. 10 /PRNewswire-FirstCall/ -- Cobra Electronics Corporation , a leading global manufacturer of mobile communications and navigation products, today announced that it has entered into an agreement with Inter-Ocean Worldwide, L.L.C. to license the use of the Cobra brand and distinctive snake logo on several categories of consumer electronics in more than 20 countries around the world. Inter-Ocean has received a license to develop and sell products featuring the Cobra name and logo in nine product categories. These include home video and audio equipment, portable video and audio equipment, personal computers, personal digital assistants (PDA's), telephones and in-vehicle audio and video products. The first licensed products bearing the Cobra logo will be available for sale in the first quarter of 2006, beginning in the United States, Europe and South America.
Jim Bazet, President and CEO of Cobra, described the agreement as a tremendous opportunity for both companies. "The Cobra brand has been built during four decades of offering innovation to the masses, based on a commitment to quality and value. Cobra's products, including two-way radios, radar detectors, Citizen's Band radios, marine radios and mobile navigation devices, have reached millions of consumers globally. As a long-standing partner to consumer electronics companies, Inter-Ocean provides Cobra with new opportunities to be associated with additional categories of high-quality and good-value consumer electronics used by households around the world. This is Cobra's first licensing agreement of this nature and we have taken steps to ensure that products carrying the Cobra brand meet our standards, including the active oversight of product development, design integrity and manufacturing by our own engineers."
Charles Edelstein, representing Inter-Ocean, affirmed Bazet's view of the agreement, noting, "We have carefully assessed the opportunity to use the Cobra name and logo to sell products in several categories in which Cobra doesn't participate today. The strength of the brand is evident in our discussions with retailers around the world. Inter-Ocean has over 45 years of experience manufacturing consumer electronics and we are confident that we will be successful with the Cobra brand."
Licensed products featuring the Cobra name and logo will be on display at Cobra's booth at the International Consumer Electronics Show January 5 - 8, 2006 in Las Vegas. Cobra's booth, number 12433, will be located in the Central Hall of the Las Vegas Convention Center.
About Inter-Ocean Worldwide, L.L.C.
Inter-Ocean Worldwide, L.L.C. was founded in 1958 by Benjamin Fishoff as an international import-export company of brand name electronics. Throughout its history, Inter-Ocean has been master distributor, agent and licensee in various territories for many of the world's most prestigious consumer electronics manufacturers, such as Sony, Panasonic, Technics, Aiwa, Samsung, Philips and Sony-Ericsson. Inter-Ocean has maintained offices and affiliates throughout the world, including among other countries, Brazil, Paraguay, Argentina, Venezuela, Israel, Japan, Hungary and the United States. In addition to most major retailers in the United States and Canada, Inter-Ocean has worked with many of the world's largest retailers, including Makro, Costco and Carrefour.
About Cobra Electronics
Cobra Electronics is a leading global manufacturer of communication and navigation products, with a track record of delivering innovative and award- winning products. Building upon its leadership position in the GMRS/FRS two- way radio, radar detector and citizens band industries, Cobra identified new growth opportunities and has aggressively expanded into the GPS, mobile navigation and marine markets over the last several months. The Consumer Electronics Association, Forbes and Deloitte & Touche have all recently recognized Cobra for the company's innovation and industry leadership. To learn more about Cobra Electronics, please visit the Cobra site at http://www.cobra.com/.
Safe Harbor
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks and uncertainties. Actual results may differ materially from these expectations due to factors such as the acceptance of Cobra's new and existing products by customers, the continued success of Cobra's cost containment efforts and the continuation of key distribution channel relationships. Please refer to Cobra's filings with the Securities and Exchange Commission for a more detailed discussion of factors that may affect Cobra's performance.
Web Site: http://www.cobra.com
