WirelessDevNet.com Press Release
AutoNavi to Acquire New Premises in Beijing
AutoNavi Holdings Limited, a leading provider of digital map content and navigation and location-based solutions in China, recently entered into a set of agreements to acquire under-construction premises with an aggregate gross floor area of approximately 27,000 square meters in the Industrial Park of National Geographic Information Technology in Beijing's Shunyi District. The location will serve primarily as AutoNavi's new map data facility, while also supporting the Company's overall expansion. The aggregate consideration for acquiring the new premises is approximately RMB270 million (USD42.9 million), to be paid in installments until construction is completed and accepted. Approximately 40% of the purchase price is expected to be paid by the end of this year. Pursuant to the agreements, the premises will be delivered to AutoNavi by the end of April 2014.
"As we grow our business and expand our team, we continue to be challenged by office space limitations," commented Mr. Congwu Cheng, chief executive officer of AutoNavi. "Our new office space will enhance our ability to execute our core strategies, particularly with respect to location-based-data content production and integration. After careful evaluation of our evolving needs as a growth-oriented company, we believe the purchase of additional office space represents the best combination of workforce efficiency and return on investment in support of our long-term goals. Moreover, we are confident we will maintain a healthy balance sheet, as well as strong and consistent business operations."
About AutoNavi Holdings Limited
AutoNavi Holdings Limited is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.4 million kilometers of roadway and over 20 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, mobile location-based solutions and Internet location-based solutions, and public sector and enterprise applications. For more information on AutoNavi, please visit http://www.autonavi.com