Garmin Ltd. does not intend to pursue its offer for Tele Atlas
CAYMAN ISLANDS, Nov. 16 /CNW/ -- Garmin Ltd. (Nasdaq: GRMN) announced
today that its subsidiaries, Garmin International Inc and Garmin Corporation,
have signed a six-year extension to their agreement with NAVTEQ, a leading
provider of digital map data for location based solutions and vehicle
navigation. The agreement allows Garmin to continue using NAVTEQ data through
2015, with an option to renew for an additional four-year period. In
addition, the parties have agreed to pursue expanded points of cooperation
that will result in improved mapping quality and coverage worldwide, and will
drive further device innovation into the future. The parties did not disclose
specific details of the agreement.
"Garmin has partnered with NAVTEQ for many years. We utilize their map
data in the majority of our products and we have always appreciated their
commitment to the market," said Garmin CEO Dr. Min Kao. "Extending our
agreement with NAVTEQ ensures the availability of quality mapping data for our
customers, and provides a basis for enhanced cooperation which is a win-win
for both Garmin and NAVTEQ. We believe the outcome creates the best value for
Garmin, our customers, and stakeholders."
In addition, and with reference to the press release dated October 31st,
2007, Garmin also announced today that in light of these developments it does
not intend to pursue its offer for Tele Atlas N.V.
Garmin is a leading, worldwide provider of navigation, communications and
information devices with subsidiaries in the United States, Canada, Taiwan,
the United Kingdom, Germany, France, Brazil and Singapore with pending
acquisitions in Denmark, Italy and Spain. Through its operating subsidiaries
the company designs, develops, manufactures and markets a diverse family of
hand-held, portable and fixed-mount GPS-enabled products and other navigation,
communications and information products. Garmin's projected FY 2007 revenues
are nearly US$3 billion, and the company expects to ship more than 10 million
devices in 2007. Garmin sells its products through a worldwide network of
approximately 3,000 independent dealers and distributors in approximately 100
This is an announcement in accordance with section 9b paragraph 2(g) of
the Dutch Securities Market Supervision Decree 1995 (Besluit Toezicht
The Garmin Ltd. (Nasdaq: GRMN) group of companies designs and
manufactures navigation, communication and information devices -- most of
which are enabled by GPS technology. Garmin is a leader in the general
aviation and consumer GPS markets and its products serve aviation, marine,
outdoor recreation, automotive, wireless and OEM applications. Garmin Ltd. is
incorporated in the Cayman Islands, and its principal subsidiaries are located
in the United States, Taiwan and the United Kingdom. For more information,
visit Garmin's virtual pressroom at http://www.garmin.com/pressroom or contact
Relations department at 913-397-8200. Garmin is a registered trademark of
Garmin Ltd. or its subsidiaries.
All other brands, product names, company names, trademarks and service
marks are the properties of their respective owners. All rights reserved.
Notice on forward-looking statements:
This release includes forward-looking statements regarding Garmin Ltd.
and its business. All statements regarding the company's future product
introductions are forward-looking statements. Such statements are based on
management's current expectations. The forward-looking events and
circumstances discussed in this release may not occur and actual results could
differ materially as a result of known and unknown risk factors and
uncertainties affecting Garmin, including, but not limited to, the risk
factors listed in the Annual Report on Form 10-K for the year ended December
30, 2006 filed by Garmin with the Securities and Exchange Commission
(Commission file number 0-31983). A copy of Garmin's Form 10-K can be
downloaded at http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
No forward-looking statement can be guaranteed. Forward-looking statements
speak only as of the date on which they are made and Garmin undertakes no
obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise.
For further information:
For further information: Ted Gartner, or Jessica Myers, both of Garmin
International Inc., +1-913-397-8200, +1-913-440-1411,
firstname.lastname@example.org Web Site: http://www.garmin.com//