AutoNavi Further Expands Location-Based Solutions Business With Acquisition of PDAger Mobility Inc., a Major Partner in China Te
22 3월 2011 - 10:00PM
AutoNavi Holdings Limited ("AutoNavi" or the "Company")
(Nasdaq:AMAP), a leading provider of digital map content and
navigation and location-based solutions (LBS) in China, today
announced it has entered into an agreement to fully acquire PDAger
Mobility Inc. ("PDAger"), a location-based service provider in
China and major partner in China Telecom's mobile navigation
business. Under the terms of the agreement, AutoNavi, which had
previously made a strategic investment resulting in a 20% ownership
stake in PDAger, will acquire the remaining 80% stake from other
PDAger shareholders for a total cash consideration of approximately
US$8.3 million.
PDAger was founded in 2001 and was one of the first companies to
offer mobile navigation applications in China. PDAger has
cooperated with China's leading smart phone makers to pre-install
"NaviTo," a personal navigation application, across various popular
handsets. Beginning in July 2010, PDAger partnered with China
Telecom to develop and operate "E Navi," a 3G mobile navigation
application of "E Surfing," an industry leading 3G services brand
offered by China Telecom. "E Navi" provides smart phone users with
mapping, local search, routing, turn-by-turn voice-guided
navigation, GPS services, real-time traffic information and access
to in-depth points of interest across China.
AutoNavi's chief executive officer, Mr. Congwu Cheng, commented,
"PDAger's partnership with China Telecom demonstrates PDAger's
trusted research, development and marketing capabilities. By fully
integrating PDAger into our Location-based Solutions business, we
will capitalize on PDAger's mobile navigation solutions and
relationship with China Telecom to further enhance AutoNavi's
leading position in China's LBS market."
Mr. Cheng added, "China has the largest number of mobile
subscribers in the world, and China Telecom, with its high-speed
and stable CDMA network, is one of the fastest growing of the three
Chinese telecom carriers. According to China Telecom's annual
results announcement on March 22, 2011, the company had 12.3
million 3G mobile subscribers in 2010, an increase of 202% over its
3G subscriber base in 2009, representing 13.6% of its total mobile
subscribers. By leveraging PDAger's high-quality products and
partnering capabilities, AutoNavi will have a new gateway to a
growing user base that is bolstered by China Telecom's strong
growth and the expansion of 3G mobile internet usage in China."
Ms. Hongling Yan, PDAger's general manager, added, "Having
developed an efficient business model and strategic partnerships
with handset makers and carriers alike, we are pleased to have been
chosen to become a part of AutoNavi's growing LBS business, and are
confident that both companies' areas of expertise in China's LBS
industry will be successfully leveraged. By combining the technical
expertise and competitive advantages of PDAger and AutoNavi, mobile
subscribers will benefit from our cutting edge navigation
applications and solutions, across multiple handset makers and
operating platforms."
Completion of the acquisition is subject to certain customary
closing conditions. The transaction has been approved by the boards
of directors for both AutoNavi and PDAger and no approval by
AutoNavi's shareholders is required.
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 3.1 million
kilometers of roadway and over 13 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, the Business Outlook section and 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.
For investor and media inquiries
please 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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