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WirelessDevNet.com Press Release
Garmin(R) Signs Letter of Intent to Acquire Danish Distributor
CAYMAN ISLANDS, Oct. 11 -- Garmin Ltd. (Nasdaq:
GRMN) announced today that it has signed a letter of intent for the
proposed acquisition of Fairpoint Navigation A/S ("Fairpoint"), the
distributor of Garmin's consumer products in Denmark. The completion of the
acquisition is subject to the negotiation and execution of a definitive
acquisition agreement, the completion of legal and financial due diligence
and customary closing conditions. The acquisition is expected to be
completed in January 2008.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said, "The acquisition of
Fairpoint will strengthen our presence in the Nordic countries. Fairpoint
has been successful in making the Garmin brand the market leader in Denmark
and we hope to build on that success."
Jens Jorgensen, managing director of Fairpoint said, "Fairpoint and
Garmin have worked together successfully to make Garmin the leading brand
of portable navigation devices in Denmark. We anticipate that the full
integration of Fairpoint into the Garmin family will enable us to achieve
additional efficiencies and cost savings that will benefit our customers
and further drive sales of Garmin products in Denmark."
Financial terms of the proposed transaction were not released.
Following the acquisition, Fairpoint is expected to change its name to
Garmin Danmark A/S. The company will retain its management, sales,
marketing and supporting staff, consisting of approximately 30 people, and
will continue operations at its current headquarters located in a suburb of
Copenhagen.
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
http://www.garmin.com/pressroom or contact the Media Relations department
at 913-397-8200. Garmin is a registered trademark of Garmin Ltd.
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