July 2, 2007
Garmin® Completes Acquisition of GPS GmbH
CAYMAN ISLANDS/July 2, 2007/PR Newswire/ - Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of GPS Gesellschaft für Professionelle Satellitennavigation mbH, the exclusive distributor of Garmin’s consumer products in Germany. The company will be renamed Garmin Deutschland GmbH and will retain its management, sales, marketing and supporting staff, consisting of approximately 60 people, and will continue operations at its current headquarters and warehouse facilities located close to Munich.
“The acquisition of Garmin Deutschland GmbH will further solidify our sales and distribution efforts in a very important European market,” said Dr. Min Kao, chairman and CEO of Garmin Ltd. “We believe that there is significant potential for further growth in Germany, and Garmin Deutschland GmbH will enhance our ability to support our key retailers and OEMs in that market.”
Dr. Axel Därr, Managing Director of Garmin Deutschland GmbH, added, “As a new member of the Garmin family we are now able to operate with increased efficiency as an integrated part of the whole team. We are looking forward to the continued development of Garmin’s market position in Germany.”
In January 2007, Garmin Ltd. acquired its French distributor in a similar effort to enhance its European sales and marketing presence.
About Garmin Ltd.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures, markets and sells navigation, communication and information devices and applications – most of which are enabled by GPS technology. Garmin is a leader in the consumer and general aviation 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 www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. 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 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.