Hauppauge, New York-based Audiovox Corp signed a letter of intent with Shintom Co Ltd and Rainbowstar Co Ltd, two Japanese companies to develop manufacturing and distributing cellular telephone products, pagers, video cassette recorders and other consumer electronic products for Japan and other markets: if all goes to plan, Audiovox and the other parties will each invest some $6m in Talk Co Ltd, a new Japanese company, and take 30% equity stakes with others taking the 10% left; Audiovox markets cellular phones and accessories, and add-on sound and security equipment for cars.
