TomTom and AutoNavi Team up in Chinese Market
08 10월 2010 - 3:30PM
TomTom, the world's leading provider of location and navigation
solutions, and AutoNavi Holdings Limited, a leading provider of
digital map content and navigation and location based solutions in
China, today announced the formation of a joint venture. This
collaboration provides TomTom and global automotive, location based
services and handset companies access to industry leading digital
maps and real-time traffic services in China in a standard TomTom
format.
The joint venture will be 51% held by AutoNavi and 49% held by
TomTom.
"This allows our customers to have access to the highest quality
map data and advanced features that exist in China within the
standard TomTom format which expands on our ability to offer our
customers a global solution," said Alain De Taeye, Member of the
Management Board TomTom.
AutoNavi's Chief Executive Officer Mr. Congwu Cheng added, "We
are very pleased to deepen our relationship with TomTom, which we
are confident will open new opportunities for us to work with
international automakers, system integrators and global handset
makers in the future. Ultimately, this partnership will help us
grow our in-dash business and further penetrate the mobile handset
market."
About TomTom N.V.
TomTom N.V. (Amsterdam:TOM2) is the world's leading provider of
location and navigation solutions. Headquartered in The
Netherlands, it employs over 3,000 employees worldwide. Over 45
million people daily use its solutions, be it in the form of
dedicated portable navigation devices (PNDs), in-dash car systems
or tracking and tracing solutions for fleet management. In
addition, hundreds of millions of people use TomTom's digital maps
on the internet or mobile phone.
In 2009, TomTom reported €1.5 billion in revenues and a €340
million net cash flow from operating activities. More information
about TomTom can be found on www.TomTom.com.
For the world's most up-to-date route planner, including LIVE
traffic information visit: www.routes.TomTom.com.
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) 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 2.8 million
kilometers of roadway and over 12.5 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, public
sector and enterprise applications, wireless location-based
solutions and Internet location-based solutions. For more
information on AutoNavi, please visit http://www.autonavi.com.
For AutoNavi
Forward Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Among other
things, the quotations from management in this press release, as
well as AutoNavi's strategic and operational plans, contain
forward-looking statements. AutoNavi may also make written or oral
forward-looking statements in its reports filed with or furnished
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about AutoNavi's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: AutoNavi's ability to adequately maintain
and update its digital map database and minimize errors in its
solutions; its current reliance on the automotive navigation market
and a small number of customers for a substantial portion of its
revenues; the project-based nature of its public sector and
enterprise applications business; its limited operating history in
the wireless/Internet location-based solutions markets; compliance
with a complex set of laws, rules and regulations governing its
surveying and mapping and other businesses in China; competition in
the navigation and location-based solutions businesses in China;
and its ability to manage its growth effectively and
efficiently. Further information regarding these and other
risks is included in AutoNavi's registration statement on Form F-1
filed with the Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and AutoNavi undertakes no duty to update such
information, except as required under applicable law.
TomTom Contacts: |
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For Investor
Relations: |
For Corporate
Communications: |
Richard Piekaar |
Kristina Nilsson |
+31 20 7 57 5119 |
+31 20 7 575078 |
ir@tomtom.com |
cc@tomtom.com |
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AutoNavi Contacts: |
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In China: |
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Serena Shi |
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AutoNavi Holdings Limited |
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Tel: +86-10-5985-9538 |
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Email: serena.shi@autonavi.com |
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Justin Knapp |
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Ogilvy Financial, Beijing |
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Tel: +86-10-8520-6556 |
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Email: amap@ogilvy.com |
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In the U.S.: |
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Jessica Barist Cohen |
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Ogilvy Financial, New York |
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Phone: +1-646-460-9989 |
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Email: amap@ogilvy.com |
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