Garmin Adopts Rule 10b5-1 Plan in Conjunction with Share Repurchase Program
Garmin Ltd. (NASDAQ: GRMN) announced today that it has adopted a Rule
10b5-1 plan covering five million shares of the 10 million shares
repurchase authorization that was approved by the company’s board of
directors on June 6, 2008.
A plan under Rule 10b5-1 allows a company to repurchase its shares at
times when it otherwise might be prevented from doing so under insider
trading laws or because of self-imposed trading blackout periods. A
broker selected by Garmin will have the authority under the terms and
limitations specified in the plan to repurchase shares on the company’s
behalf in accordance with the terms of the plan. The company may
terminate the plan at any time.
Purchases of the remaining five million shares under the 10 million
shares repurchase authorization may be made from time to time at the
discretion of management as market and business conditions warrant.
About Garmin Ltd.
The global leader in satellite navigation, Garmin Ltd. and its
subsidiaries have designed, manufactured, marketed and sold navigation,
communication and information devices and applications since 1989 – most
of which are enabled by GPS technology. Garmin’s products serve
automotive, mobile, wireless, outdoor recreation, marine, aviation, 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 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 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 29, 2007 filed by
Garmin with the Securities and Exchange Commission (Commission file
number 0-31983). A copy of Garmin’s Form 10-K can be downloaded at 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.