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November 29, 2001

Garmin® Acquires Assets and Technology of Sequoia Instruments

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 Sequoia’s 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, Sequoia’s 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 NASA’s 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 Sequoia’s 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 company’s 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 company’s 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.

 

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