Garmin(R) Signs Letter of Intent to Acquire Swedish Distributor.CAYMAN ISLANDS Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. -- Garmin Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GRMN) announced today that it has signed a letter of intent for the proposed acquisition of Sportmanship International AB ("Sportmanship"), the distributor of Garmin's consumer products in Sweden. The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and customary closing conditions. The acquisition is expected to be completed in December 2008. Dr. Min Kao
Min H. Kao (Simplified Chinese: 高民环; Traditional Chinese: , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Garmin Ltd., said "Sportmanship has been successful in making the Garmin brand the market leader in Sweden in portable navigation devices (PNDs). We anticipate that the acquisition of Sportmanship will further consolidate and expand our market-leading position in Sweden and the Nordic countries as a whole." Christer Johansson Christer Johansson (born July 30 in Stockholm) is a Swedish professional sports better and poker player, based in Malmö. Johansson started by playing draw poker with his family, but now concentrates on texas hold 'em. , managing director of Sportmanship Invest AB, the parent company of Sportmanship, said "We are proud of our success in making Garmin the leading brand of portable navigation devices in Sweden. We anticipate that the full integration of Sportmanship into the Garmin family will achieve additional efficiencies and cost savings that will benefit Sportmanship's customers and further drive sales of Garmin products in Sweden." Financial terms of the proposed transaction were not released. Following the acquisition, Sportmanship is expected to change its name to Garmin Sweden AB. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 28 people. About Garmin Ltd. The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 - most of which are enabled by GPS technology. Garmin's products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. Notice on Forward-Looking Statements: This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 29, 2007 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's Form 10-K can be downloaded at www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. |
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