OLATHE, Kan./May 2, 2012/Business Wire — Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation, today announced that it has sold more than 100 million of its products to motorists, pilots, boaters, runners, cyclists, golfers, hikers, hunters, and geocachers – who all depend on Garmin to help show the way.
“This is a tremendous milestone for Garmin. In just 23 years, we’ve gone from a startup company into one that is a global consumer brand – and one that continues to extend its reach by creating new markets and product categories that focus on location technology,” said Cliff Pemble, Garmin’s president and COO. “It is our associates and customers who have made this achievement possible. Garmin is fortunate to have a global workforce that is passionate, able to dream big and execute successfully on those ideas. Our customers are also passionate about their Garmin devices, and the feedback they provide has been instrumental in delivering new products that make their activities safer, more successful, and more enjoyable.”
Garmin was founded in 1989 by a small group of engineers with a big idea: that GPS technology could be utilized by everyday consumers for both work and play. In 1991, Garmin sold its first GPS-enabled device. Six years later, in 1997, the company sold its millionth unit. A decade after that, in 2007, it had sold 25 million devices. It only took another five years for Garmin to sell its 100 millionth product.
In addition to continually advancing its highly diversified automotive/mobile, fitness, outdoor, marine, and aviation markets, Garmin is growing its presence geographically in emerging markets like China, India, and South America; investing in its global automotive OEM capabilities; and making key strategic acquisitions that enhance the company’s technology portfolio.
The 100 million milestone will be celebrated through a commemorative logo to appear on product packaging, in point-of-purchase materials, in Garmin’s online assets, and available to Garmin dealers. Learn more about Garmin at Garmin.com, and join the conversation at http://Twitter.com/Garmin; http://Facebook.com/Garmin; http://YouTube.com/Garmin; or http://Garmin.blogs.com.
Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN), the global leader in satellite navigation. Since 1989, this group of companies has designed, manufactured, marketed and sold more than 100 million navigation, communication and information devices and applications – 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.
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 for the year ended December 31, 2011, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K 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.
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