NAVTEQ Name to Replace Picture Map International
NAVTEQ acquired PMI in July 2005 as part of its aggressive expansion into the Asia-Pacific region, and offered the first digital map of South Korea to its global customer base in December of that same year. Combining the assets of these two digital mapping leaders supported NAVTEQ's strategy of integrating quality local knowledge with its globally recognized technical expertise and customer service to offer a premier Korea navigable map solution.
"PMI was NAVTEQ's first acquisition of an entire mapping company, so we took the time to carefully understand the people, the culture and the market." stated Rich Shuman, Senior Vice President Asia Pacific. "Now that we have had the opportunity for both companies to integrate their people and respective expertise, and shown that we can successfully maintain a strong domestic business while growing the base of global customers using Korean data, we decided it was the right time to change the name of the company to NAVTEQ. We are proud of the success we have achieved across the entire Asia-Pacific region, and this transition is one of many steps we will take to further solidify ourselves in the region."
The South Korea database currently features 100% coverage of the navigable road network including more than 150,000 kilometers of road way, almost 500,000 unique field collected Points of Interest, alert features such as speed traps and school zones and visual features such as topography, 3D landmarks and intersections and aerial imagery. By the end of 2007, planned feature additions include private roads, detailed lane information, speed limits and highway junction views.
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 3,000 employees located in 168 offices and in 30 countries.
NAVTEQ is a trademark in the U.S. and other countries. (C) 2007 NAVTEQ. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. Such statements may include, but are not limited to, expectations regarding product developments and releases. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2007, as filed with the Securities and Exchange Commission.
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Web site: http://www.navteq.com/