Garmin® completes acquisition of Iiyonet, Inc.

Provides direct access to the growing Japanese market

Category:

Friday, September 30, 2016 6:00 am CDT

Dateline:

SCHAFFHAUSEN, Switzerland

Public Company Information:

NASDAQ:
GRMN
KYG372601099
"The acquisition of Iiyonet will further bolster our sales and distribution efforts in a key Asian market"

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of Iiyonet, Inc., a key distributor of Garmin’s consumer products in Japan. The company is now a subsidiary of Garmin Japan, Ltd.

“The acquisition of Iiyonet will further bolster our sales and distribution efforts in a key Asian market,” said Cliff Pemble, president and CEO of Garmin. “This acquisition will enhance our ability to support our key retailers and OEMs in Japan.”

The company will retain substantially all of its management, sales, marketing and supporting staff and will continue operations at its current headquarters and warehouse facilities located in Saitama, Japan, near Tokyo.

Terms of the acquisition were not disclosed.

For over 25 years, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.

About Garmin

Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2015, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:

Garmin International, Inc.
Ted Gartner, 913-397-8200
media.relations@garmin.com

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