AutoNavi Enters Into Strategic Agreement To Form Largest Car Owner Service Platform In Guangdong, China
BEIJING, Dec. 31, 2010 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, announced today that it has entered into a strategic agreement with other major industry players to form the joint Guangdong Car Owner Service Platform, the largest platform in Guangdong, China to provide car owners with integrated all-around services including connected navigation services in the area.
Powered by the vast wireless network of Guangdong Mobile, one of China Mobile's largest subsidiaries with approximately 70 million subscribers, the new platform will provide a broad offering of high-quality services including in-dash calling, real-time traffic updates, an internet network address book and information on travel options, in addition to discounts on Guangdong highway tolls and roadside assistance.
AutoNavi's Chief Executive Officer Mr. Congwu Cheng said of the agreement, "Building off our long-standing relationship with China Mobile, we are excited to enter into this strategic alliance by offering high quality map data and highly integrated solutions. Capitalizing on our synergies with China Mobile and our other partners, we continue to look to expand and integrate our connected navigation services with wireless carriers to deliver a seamless end-user experience."A signing ceremony was held on December 24, 2010 at the Guangzhou Pazhou International Exhibition Center in Guangzhou, China. Mr. Cheng participated in the ceremony together with representatives from the State-owned Assets Supervision and Administration Commission, the People's Government of Guangdong Province and the Economic and Information Commission of Guangdong Province and senior management from the other participating institutions. In addition to China Mobile, the other member companies include major industry players from both state-owned and private enterprises. 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 http://www.autonavi.com . The AutoNavi Holdings Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8262 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, 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts