November 29, 2001
Garmin® Acquires Assets and Technology of
CAYMAN ISLANDS/Nov. 29/PRNewswire Garmin Ltd. (Nasdaq:
GRMN) announced today that it has acquired the assets of Los
Gatos, Calif.-based Sequoia Instruments Inc., a research and
development company, in a cash transaction of approximately
$5 million. This strategic acquisition is expected to help
Garmin significantly in its development of an integrated cockpit
system for a wide range of aircraft.
One of Sequoias chief technologies is GPS-aided Air
Data and Attitude Heading and Reference Systems (ADHRS). This
technology uses solid-state sensors to provide navigation-critical
data such as attitude, heading and rate information for aviation,
marine and land applications. Further, Sequoias technology
delivers high performance with low-cost sensors. The company
and its products have been in the forefront of leading-edge
research and development efforts, including NASAs Advanced
General Aviation Transport Experiment (AGATE) program.
"ADHRS is an enabling technology for Garmin's developmental
integrated cockpit system and it also has significant potential
for military applications in unmanned surveillance aircraft,"
said Dr. Min Kao, co-CEO and co-chairman of Garmin Ltd. "We
extensively tested the Sequoia ADHRS against alternative gyroscopic
technology in our company aircraft and were impressed by Sequoias
design, which offers a superior combination of performance,
reliability and economics."
Garmin is a leading supplier of navigation, communication,
surveillance and audio systems for new and retrofit general
aviation aircraft. The company revolutionized aircraft avionics
with the development of its GNS 430/530 products, which integrate
navigation and communications systems with GPS, VOR, ILS and
color mapping control/display technology. Garmin is currently
in the process of developing next-generation cockpit avionics
systems that feature integrated navigation, communication,
surveillance, flight controls and large-screen color displays.
"Among the emerging general aviation electronics suppliers,
we believe that Garmin is the most innovative and well positioned
to serve its customers around the world," said Dr. Frank
McLoughlin, president of Sequoia Instruments. "We are
proud to be part of the Garmin team."
Three technologists from Sequoia all with doctorates
from Stanford will be joining the engineering staff
of Garmin's U.S. subsidiary to support technology transfer,
quality assurance and successful delivery to market.
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's products serve the aviation, marine, outdoor
recreation, automotive, wireless and OEM markets. Garmin Ltd.
is incorporated in the Cayman Islands, and its principal subsidiaries
are located in the United States, Taiwan and United Kingdom.
For more information, visit the companys online press
center at www.garmin.com/pressroom, or contact the Media Relations
department at 913-397-8200.
Notice on forward-looking statements: This press release
contains forward-looking statements respecting Garmin Ltd.
and its business. Any statements regarding the companys
future financial position, revenues, earnings, product introductions,
plans and objectives are forward-looking statements. These
forward-looking statements involve risks and uncertainties,
and actual results may differ materially. There could be a
number of factors affecting future results, including those
factors identified in Garmin's Annual Report on Form 10-K
for the year ended Dec. 30, 2000 filed by Garmin with the
Securities and Exchange Commission (Commission file number
0-31983). Garmin will not update any forward-looking statements
in this press release to reflect future events or developments.