Telenav Reiterates Guidance and Provides Business Update
September 05 2019 - 8:00PM
Telenav®, Inc. (NASDAQ:TNAV), a leading provider of connected car
and location-based services, as a response to an announcement made
by General Motors, or GM, made the following business update:
Telenav has a strong and ongoing relationship with GM, with a
contract effective through model year 2025. GM’s announcement
today does not alter the contract in any way. Telenav does
not expect GM’s announcement to affect Telenav’s internal operating
forecasts for fiscal years 2020 and 2021. Telenav notes that
its guidance issued on August 8, 2019 remains unchanged.
GM currently sells vehicles with two navigation solutions, of
which Telenav’s solutions are part of the one that was launched in
2017. Telenav has been gaining market share within GM while
increasing revenue from GM, and Telenav expects this trend to
continue up to the model year 2022. Telenav’s agreement
provides that GM can offer Telenav’s navigation solution in GM
vehicles through model year 2025; however, the contract does not
provide minimum volume or purchase requirements.
Telenav believes its differentiated product portfolio, including
connected navigation, VIVID infotainment platform, ADAS, and In-Car
Commerce and Advertising, positions Telenav well for future
opportunities with customers, including GM.
Telenav, in conjunction with its partners including Amazon and
Microsoft, believes it is in a strong position to offer compelling
infotainment solutions.
“Telenav continues to provide significant infotainment solutions
to General Motors and remains a valued partner,” said Nick
Richards, Global Purchasing and Supply Chain, Communications
Manager at GM.
“With Telenav’s model, where OEMs retain ownership of customer
data and insights, and our revenue sharing model, we believe that
Telenav is more aligned with OEMs’ long-term interests, making us a
more sustainable partner than our competitors,” said HP Jin,
Chairman and CEO of Telenav.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements relate to
anticipated financial performance, management’s plans and
objectives for future operations, business prospects, market
penetration, and other matters.
Any forward-looking statement made in this press release
speaks only as of the date on which it is made. Telenav undertakes
no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future developments or
otherwise. Forward-looking statements can be identified
by various words such as “expects,” “intends,” “will,”
“anticipates,” “believes,” “confident,” “continue,” “propose,”
“seeks,” “could,” “may,” “should,” “estimates,” “forecasts,”
“might,” “goals,” “objectives,” “targets,” “planned,” “projects,”
and similar expressions.
These forward-looking statements are based on
management’s current beliefs and assumptions and on information
currently available to management. Telenav cautions that these
statements are subject to risks and uncertainties, many of which
are outside of Telenav’s control and could cause future events or
results to be materially different from those stated or implied in
this document, or to not occur at all, including among others, risk
factors that are described in Telenav’s Annual Report on Form 10-K
for the fiscal year ended June 30, 2019, and other filings with the
U.S. Securities and Exchange Commission (“SEC”), which are
available at the SEC’s website at www.sec.gov. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements.
ABOUT TELENAV, INC.
Telenav is a leading provider of connected car and
location-based services, focused on transforming life on the go for
people - before, during, and after every drive. Leveraging our
location platform, we enable our customers to deliver custom
connected car and mobile experiences. To learn more about how
Telenav’s location platform powers personalized navigation,
mapping, big data intelligence, social driving, and location-based
advertising, visit www.telenav.com.
“Telenav” is a registered trademark of Telenav, Inc. Unless
otherwise noted, all other trademarks, service marks, and logos
used in this press release are the trademarks, service marks or
logos of their respective owners.
© 2019 Telenav, Inc. All Rights Reserved.
TNAV-FTNAV-C
Investor Relations:Bishop IRMike
Bishop415-894-9633IR@telenav.com
Media:Raphel Finelli408-667-5970raphelf@telenav.com
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