AutoNavi Announces Management Changes
31 1월 2011 - 7:00PM
AutoNavi Holdings Limited ("AutoNavi" or the "Company")
(Nasdaq:AMAP), a leading provider of digital map content and
navigation and location-based solutions in China, today announced
the following management changes:
- Mr. Jun Xiao, a co-founder of AutoNavi who has served as the
Company's senior vice president of sales and marketing since April
2002 and Chief Operating Officer (COO) since October 2009, has
resigned from those positions for personal reasons, effective
immediately, but will continue to serve as a director of the
Company;
- Mr. Yongqi Yang, the Company's Chief Technology Officer (CTO)
since March 2007, has transitioned from his position as CTO to
executive vice president of AutoNavi's automotive business and will
assume Mr. Jun Xiao's former primary responsibilities;
- Mr. Hai Cui will succeed Mr. Yang as the Company's new CTO,
effective on February 9, 2011.
Upon the completion of these management changes, AutoNavi will
no longer keep the position of COO as part of its senior management
structure.
AutoNavi's Chief Executive Officer Mr. Congwu Cheng commented,
"As a co-founder, senior vice president of sales and marketing and
later on as the Company's COO, Jun was a key driver of our
automotive business. Through his deep expertise and extensive
experience, he helped enhance our automotive business capabilities
tremendously. We thank him for his years of dedicated service as an
executive officer and look forward to continuing to work with him
in his capacity as director."
Mr. Cheng continued, "I am also pleased to announce the
appointment of Yongqi as the executive vice president of our
automotive business. As CTO, Yongqi made significant contributions
across all three business lines, helping us secure our leadership
position in digital map content and location-based solutions in
China. In his new role, he will leverage his vast knowledge by
leading our automotive navigation business, as we continue to build
out our connected navigation services platform. Through his years
of experience working in both technology start-ups and large
multi-national technology companies, Yongqi has cultivated a unique
blend of innovation and technical expertise that will serve him
well in his new position."
Prior to joining AutoNavi as the Company's new CTO, Mr. Cui was
the head of the China Technology Development Center at NHN
Corporation (KOSPI: 035420), a leading, publicly-listed Internet
company based in the Republic of Korea, from February 2009 to
January 2011. During that time, he led an experienced team
that was focused on building platform technologies for large-scale
Internet services. Before that, he spent nine years with
Microsoft Corporation, where he built and led a specialized
engineering team focused on technology engagement with China
Mobile. Mr. Cui received a Master's degree in Computer Science and
Engineering from Michigan State University and a Bachelor of
Science in Computer Science from Fudan University.
"Hai brings a wealth of hardware, mobile and Internet product
development experience at multi-national corporations to our
business," continued Mr. Cheng. "In his capacity as CTO, Hai
will focus on our development efforts in the wireless and Internet
space. I'm confident that his deep understanding of these
industries in China will help us to further expand our mobile and
Internet platforms as we strive to continue delivering innovative
solutions to our customers."
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.
The AutoNavi Holdings Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8262
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, 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.
CONTACT: In China:
Serena Shi
AutoNavi Holdings Limited
Tel: +86-10-5985-9538
E-mail: serena.shi@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
E-mail: amap@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
E-mail: amap@ogilvy.com
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