Schaffhausen, Switzerland and Taipei, Taiwan/October 26, 2010/Business Wire — Garmin Ltd. (NASDAQ: GRMN) and ASUSTeK Computer Inc. (TAIEX: 2357) today announced a strategic decision to alter their current co-branded business model for location-centric mobile handsets. The two companies will not introduce any new co-branded handset models going forward, but will continue to sell and support models that have already been introduced to the market. ASUS will design and manufacture new models of ASUS-branded mobile phones, some of which will include preloaded Garmin navigation and Location Based Service (LBS) applications. Garmin will expand its mobile handset application development and plans to offer navigation and other applications through certain consumer application stores.
Since the announcement of the Garmin-Asus strategic alliance in February 2009, the companies have developed and marketed six devices. These products are available through carrier and retail channels in a large number of countries. Customer support continues to be of utmost importance to Garmin and ASUS, and Garmin-Asus smartphone customers will continue to receive product support, software updates and/or downloads from either Garmin or Asus, depending upon the region.
Additional details about ASUS and Garmin’s future product roadmaps will be discussed during their independent third quarter earnings calls on October 28, 2010, and November 3, 2010, respectively.
Garmin-Asus is a co-branded strategic alliance that enables Garmin Ltd. and ASUSTeK Computer Inc. to combine their complementary resources to develop world class LBS-centric mobile phones.
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 applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, 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.
ASUS is a leading company in the new digital era. With a global staff of more than ten thousand and a world-class R&D design team, the company’s revenue for 2008 was 8.1 billion U.S. dollars. ASUS ranks among the top 10 IT companies in BusinessWeek’s “InfoTech 100”, and has been on the listing for 11 consecutive years. ASUS was also selected by the Wall Street Journal Asia as No.1 in quality and service.
ASUS is a registered trademark of ASUSTeK Computer Inc. Garmin is a registered trademark of Garmin Ltd. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
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 Quarterly Report on Form 10-Q for the quarter ended June 26, 2010, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-Q is available 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.