AMSTERDAM and BEIJING, Oct. 8, 2010 (GLOBE NEWSWIRE) -- TomTom, the world's leading provider of location and navigation solutions, and AutoNavi Holdings Limited, a leading provider of digital map content and navigation and location based solutions in China, today announced the formation of a joint venture. This collaboration provides TomTom and global automotive, location based services and handset companies access to industry leading digital maps and real-time traffic services in China in a standard TomTom format.
The joint venture will be 51% held by AutoNavi and 49% held by TomTom.
"This allows our customers to have access to the highest quality map data and advanced features that exist in China within the standard TomTom format which expands on our ability to offer our customers a global solution," said Alain De Taeye, Member of the Management Board TomTom.
AutoNavi's Chief Executive Officer Mr. Congwu Cheng added, "We are very pleased to deepen our relationship with TomTom, which we are confident will open new opportunities for us to work with international automakers, system integrators and global handset makers in the future. Ultimately, this partnership will help us grow our in-dash business and further penetrate the mobile handset market."
About TomTom N.V.
TomTom N.V. (Amsterdam:TOM2) is the world's leading provider of location and navigation solutions. Headquartered in The Netherlands, it employs over 3,000 employees worldwide. Over 45 million people daily use its solutions, be it in the form of dedicated portable navigation devices (PNDs), in-dash car systems or tracking and tracing solutions for fleet management. In addition, hundreds of millions of people use TomTom's digital maps on the internet or mobile phone.
In 2009, TomTom reported €1.5 billion in revenues and a €340 million net cash flow from operating activities. More information about TomTom can be found on .
For the world's most up-to-date route planner, including LIVE traffic information visit:
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 2.8 million kilometers of roadway and over 12.5 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 .
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 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.