AutoNavi Announces Share Repurchase Program
05 6월 2013 - 8:45PM
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
that its Board of Directors has authorized a share repurchase
program.
AutoNavi has been authorized, but not obligated, by its board of
directors to repurchase up to 2.5 million of the Company's American
depositary shares ("ADSs") within 12 months, beginning from June 5,
2013. The repurchases may be made from time to time on the open
market at prevailing market prices pursuant to a 10b5-1 plan (which
allows AutoNavi to repurchase its ADSs pursuant to the
pre-determined terms under the plan at any time, including periods
in which it may be in possession of material non-public
information), in negotiated transactions off the market, in block
trades or otherwise. The timing and extent of any purchases will
depend upon market conditions, the trading price of its ADSs and
other factors, and are subject to the restrictions relating to
volume, price and timing under applicable law. AutoNavi expects to
implement this share repurchase program in a manner consistent with
market conditions and the interests of the Company's shareholders.
AutoNavi's Board of Directors will review the share repurchase
program periodically, and may authorize adjustment of its terms and
size accordingly. AutoNavi plans to fund repurchases made under
this program from its available cash balance.
"The board's decision to buy back AutoNavi's ADSs reflects our
belief that our ADSs are presently undervalued in the marketplace,"
said Mr. Congwu Cheng, chairman and chief executive officer of
AutoNavi. "We also believe that this share repurchase plan reflects
our commitment to creating shareholder value as well as the
confidence we have in the Company's growth prospects. Furthermore,
our strong cash position enables us to continue to reinvest in our
business to enrich our digital map content, develop and promote our
mobile offerings, and capture emerging opportunities in the mobile
Internet space."
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 3.6 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 China market,
including mobile location-based solutions and Internet
location-based solutions, automotive navigation solutions, and
public sector and enterprise applications.
For more information on AutoNavi, please visit
http://www.autonavi.com.
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 mobile/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 annual report on Form 20-F as well as in its other
filings 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: For investor and media inquiries please contact:
In China:
Investor Relations
AutoNavi Holdings Limited
Tel: +86-10-8410-7883
E-mail: ir@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
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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