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EXHIBIT 99.1
G
armin
®
Signs Letter of Intent to Acquire Spanish
Distributor
CAYMAN
ISLANDS/July17, 2007/PR Newswire/ - Garmin Ltd. (NASDAQ: GRMN)
announced today that it has signed a letter of intent for the
proposed acquisition of Electrónica Trepat S.A.
(“Electrónica Trepat”), the principal
distributor of Garmin’s consumer products in Spain. The
completion of the acquisition is subject to the negotiation
and execution of a definitive acquisition agreement, the
completion of legal and financial due diligence and customary
closing conditions.
“The
proposed acquisition of Electrónica Trepat is a further
step in our ongoing strategy to strengthen Garmin’s
presence in key European markets through vertical integration
and to enhance our ability to support our key retailers and
OEMs in these markets,” said Dr. Min Kao, chairman and
CEO of Garmin Ltd.
Fernando
Trepat, president of Electrónica Trepat said, "We are
very pleased to be able to become fully integrated within
Garmin and we look forward to continuing to expand
Garmin’s sales in Spain."
Financial
terms of the proposed transaction were not released. Following
the acquisition, Electrónica Trepat is expected to
change its name to Garmin España S.A. The company will
retain its management, sales, marketing and s
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