Asia PR News

CAYMAN ISLANDS, Oct. 31 /PRNewswire-AsiaNet/ –

Garmin Ltd. (Nasdaq: GRMN) announced today that it notified the supervisory
and managing boards (collectively the "Boards") of Tele Atlas N.V. ("Tele
Atlas" or "the Company") today of its intention to make a public offer for all
the outstanding shares of Tele Atlas N.V. on a fully diluted basis at an
indicative offer price of euro 24.50 in cash per share (the "Offer"), implying
an equity value for the Company of euro 2.3 billion. The intended Offer will be
subject to customary conditions, such as receipt of the requisite antitrust
approvals and tender of at least 66.67% of the issued share capital. In
addition to its cash balance in excess of $1 billion, Garmin has secured
financing commitments sufficient for the intended Offer. Garmin plans to launch
the offer before December 4, 2007 (the scheduled expiry date of TomTom’s
offer).

(Logo: http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO)

Garmin believes that a combination of Garmin and Tele Atlas provides the
best value for all stakeholders for the following reasons:

— Garmin’s intended offer is a materially higher cash value for Tele
Atlas’ shareholders than the offer made by TomTom, 15% higher than the
offer by TomTom and a 48% premium to the undisturbed Tele Atlas share
price on July 20, 2007
— A combined company will allow Tele Atlas’ employees and customers to
leverage Garmin’s large worldwide user base and industry leading
technology to further contribute to the creation of superior mapping
coverage, quality and shared content for all of Tele Atlas’ current and
future customers
— Garmin’s broad international footprint, global market share and strong
balance sheet will promote the growth ambitions and prospects of Tele
Atlas and its employees
— In addition to the benefits associated with the portable navigation
market, a combined company will expand Garmin’s ability to serve more
customers in wireless, in-dash automotive, internet, and enterprise
markets by offering a broad range of solutions including content,
applications, and devices.

Commenting on the announcement, Garmin CEO Dr. Min Kao said: "Given the
high growth and rapid change the navigation market has undergone to date, we
feel that now is the right time for Garmin to move ahead with this proposed
combination with Tele Atlas. Together, we believe that we can create the best
available mapping solutions for our customers around the world. We also intend
to make Tele Atlas’ content available to the entire navigation market on a
non-discriminatory basis, promoting healthy competition, with significant
benefits to the navigation market and all its consumers."

It is Garmin’s intention that Tele Atlas, following the completion of the
strategic combination with Garmin, will continue its business as a separate
entity, based and headquartered in the Netherlands. Garmin wishes to retain
the existing management team and all of the Tele Atlas employees and would
welcome them into its global family of nearly 8,000 employees. It also
strongly believes that the increased scale of operations of the proposed
combination will offer exciting and enhanced career opportunities to Tele
Atlas’ employees and will create additional jobs in the Netherlands.

Calls were placed earlier today by Garmin executives to Tele Atlas
executives. Prior to this there has been no contact between the two companies
or their respective advisers concerning a strategic combination. In accordance
with section 9d(2) of the Dutch Securities Market Supervision Decree 1995
(Besluit toezicht effectenverkeer 1995, the "Decree"), Garmin has invited the
Boards to meet with Garmin management within 7 days to discuss the intended
Offer and to determine whether the intended Offer could receive the support
and recommendation of each of the Boards. Garmin prefers that the intended
Offer be supported by each of the Boards but such support and recommendation
is not a condition to launching and consummating the Offer.

Garmin is a leading, worldwide provider of navigation, communications and
information devices with subsidiaries in the United States, Canada, Taiwan,
the United Kingdom, Germany, France, Brazil and Singapore with pending
acquisitions in Denmark, Italy and Spain. Through its operating subsidiaries
the company designs, develops, manufactures and markets a diverse family of
hand-held, portable and fixed-mount GPS-enabled products and other navigation,
communications and information products. Garmin’s projected FY 2007 revenues
are nearly US$3 billion, and the company expects to ship more than 10 million
devices in 2007. Garmin sells its products through a worldwide network of
approximately 3,000 independent dealers and distributors in approximately 100
countries.

This is an announcement in accordance with section 9b(2)(b) and section
9d(2) of the Decree.

Garmin’s key advisers are Credit Suisse Securities (USA) LLC, Wachovia
Capital Markets LLC, Allen & Overy, Cleary Gottlieb Steen & Hamilton LLP,
Ernst & Young, KPMG and Finsbury.

Garmin executives will discuss this transaction today at 10.00 CST/11.00
EST/15.00 GMT/16.00 CET during its third quarter earnings call. For more
information, visit
http://www8.Garmin.com/aboutGarmin/invRelations/irCalendar.html.

Important Information
Not for release, publication or distribution in whole or in part in
Canada, Australia, Japan or Italy. In connection with the proposed Offer,
Garmin expects to produce definitive offer materials, including an Offer
Memorandum pursuant to Dutch law. Investors are urged to read any documents
regarding the proposed Offer if and when they become available because they
will contain important information regarding the proposed Offer. Investors
will be able to obtain copies of such documents from Garmin, free of charge,
once they are available. This announcement shall not constitute an offer to
buy or the solicitation of an offer to sell any securities, nor shall there be
any purchase of securities in any jurisdiction in which such offer,
solicitation, purchase or sale would be unlawful prior to registration or
qualification of the proposed Offer under the securities laws of any such
jurisdiction. The information on Tele Atlas in this press release has been
sourced from public disclosure by Tele Atlas and has not been verified by
Garmin.

About Garmin Ltd.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures,
markets and sells navigation, communication and information devices and
applications — most of which are enabled by GPS technology. Garmin is a
leader in the consumer and general aviation GPS markets and its products serve
aviation, marine, outdoor recreation, automotive, wireless and OEM
applications. Garmin Ltd. is incorporated in the Cayman Islands, and its
principal subsidiaries are located in the United States, Taiwan and the United
Kingdom. For more information, visit Garmin’s virtual pressroom at
http://www.Garmin.com/pressroom or contact the Media Relations department at
913-397-8200. Garmin is a registered trademark of Garmin Ltd.

Notice on Forward-Looking Statements
This announcement includes forward-looking statements. These statements
are based on the current expectations of Garmin Ltd. and are naturally subject
to uncertainty and changes in circumstances. Forward-looking statements
include, without limitation, statements containing words such as "intends" or
"intended". By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that
will occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by such forward-looking statements. Other unknown or unpredictable
factors could cause actual results to differ materially from those in the
forward-looking statements. These factors include those discussed or
identified in the filings by Garmin with the U.S. Securities and Exchange
Commission in its Annual Report on Form 10-K. Garmin does not undertake any
obligation to update publicly or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.

SOURCE Garmin Ltd.

CONTACT: North American, Ted Gartner, +1-913-440-1240, or Jessica Myers,
+1-913-440-1411, both of Garmin International Inc., or
media.relations@Garmin.com; or European, Rollo Head, or James Leviton, both of
Finsbury Group, +44 20 7251 3801

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Web site: http://www.garmin.com
(GRMN)