SCHAFFHAUSEN, Switzerland -- (Business Wire)
Garmin Ltd. (NASDAQ: GRMN) announced today that it has adopted a Rule
10b5-1 plan (the “Plan”) in connection with the $300 million share
repurchase authorization that was approved by the company’s board of
directors on February 15, 2013.
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. Because the repurchases
under the Plan are subject to certain pricing parameters, there is no
guarantee as to the exact number of shares that will be repurchased
under the Plan, or that there will be any repurchases pursuant to the
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, fitness, marine,
aviation, and OEM applications. A member of the S&P 500 Index, Garmin
Ltd. is incorporated in Schaffhausen, Switzerland, 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.
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, 2012 filed by
Garmin with the Securities and Exchange Commission (Commission file
number 0-31983). 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.
Ted Gartner, 913-397-8200
Source: Garmin Ltd.
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