Garmin® acquires Alphamantis™

Developer of cycling aerodynamics testing and measurement

Category:

Thursday, July 20, 2017 9:34 am CDT

Dateline:

SCHAFFHAUSEN, Switzerland

Public Company Information:

NASDAQ:
GRMN
KYG372601099
"Aerodynamics is another way for cyclists to measure and improve their performance – something our customers crave."

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN), today announced that it has acquired Alphamantis Technologies Inc., a privately held designer of aerodynamics testing and measurement technology for the cycling industry.

“Alphamantis is on the leading edge of aerodynamics analysis in the cycling world, and that makes the company a perfect fit for our robust suite of bike products,” said Cliff Pemble, Garmin’s president and CEO. “Aerodynamics is another way for cyclists to measure and improve their performance – something our customers crave.”

Alphamantis develops technology that allows typical cyclists to test and refine their drag coefficient in everyday riding conditions, without having to use expensive and time-consuming wind tunnel testing.

The majority of associates will be retained and will continue working in Montreal, Canada. Financial terms of the acquisition will not be released.

About Garmin

Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). 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.

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 31, 2016, 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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