TeleNav Announces Stock Repurchase Plan
SUNNYVALE, Calif., Nov. 15, 2010 (GLOBE NEWSWIRE) -- TeleNav, Inc. (Nasdaq:TNAV), one of the largest global wireless location-based services providers with more than 17 million subscribers, today announced that its board of directors has authorized the company to repurchase up to $20 million, inclusive of broker fees, of its common stock under a share repurchase program, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions under this program will depend on market conditions and other considerations. All of the repurchases will be funded by TeleNav's available working capital and the duration of the repurchase program is 12 months, although it may be extended, suspended or discontinued without prior notice.
About TeleNav, Inc.
TeleNav, Inc. is a leading provider of consumer location-based services (LBS), enterprise LBS and automotive LBS. TeleNav's solutions provide consumers, wireless service providers, enterprises and automakers with location-specific, real-time, personalized services such as GPS navigation, local search, mobile advertising, mobile commerce, location tracking and workflow automation. TeleNav's technology is available across more than 500 types of mobile phones, all major mobile phone operating systems and a broad range of wireless network protocols. TeleNav's service providers and partners include AT&T, Bell Mobility, Boost Mobile, China Mobile, Cincinnati Bell, Ford Motor Company, NII Holdings, Rogers, Sprint Nextel, Telcel, T-Mobile UK, T-Mobile USA, U.S. Cellular, Verizon Wireless and Vivo Brazil.The TeleNav, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7118 For more information on TeleNav, please visit www.telenav.com. Follow TeleNav on Twitter at www.twitter.com/telenav or on Facebook at www.facebook.com/telenav . Copyright 2010 TeleNav, Inc. All Rights Reserved. "TeleNav," the TeleNav logo, and "telenav.com" are registered and unregistered trademarks and/or service marks of TeleNav, Inc. Unless otherwise noted, all other trademarks, service marks, and logos used in this press release are the trademarks, service marks or logos of their respective owners.
CONTACT: TeleNav, Inc. Media Contacts: Mary Beth Lowell 425-531-0122 firstname.lastname@example.org The Blueshirt Group (for TeleNav) Investor Relations: Cynthia Hiponia 408-990-1265 IR@telenav.com
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