Sunnyvale, Calif., and Beijing, May 11 — Trimble (Nasdaq: TRMB) and the China Aerospace Science & Industry Academy of Information Technology (CASIC-IT) announced today that they have signed a definitive agreement to form a joint venture in China.
The agreement was signed at the Diaoyutai State Guesthouse in Beijing, China.
The joint venture, 50 percent owned by Trimble and 50 percent owned by CASIC-IT, will combine the commercial expertise, knowledge and technologies of both CASIC-IT and Trimble to develop, manufacture and distribute in China Global Navigation Satellite System (GNSS) receivers and systems, based on the Chinese Compass satellite system, for civil applications in the commercial positioning, navigation and timing markets.
The joint venture will be based in Beijing, China and is expected to begin operations after regulatory approval from the Chinese government.
On April 15, China completed its second successful launch of a Compass G2 satellite. The system is expected to provide regional availability over China in the 2010 timeframe, and provide an independent worldwide positioning system constellation of 30 satellites by 2020. The Compass system can be used in conjunction with the existing and planned satellite positioning systems, including GPS, GLONASS and Galileo.
About CASIC-IT
China Aerospace Science and Industry Academy of Information Technology (CASIC-IT) was established on July 1, 2002. The business is focused on mini-satellite, satellite application, and information technology. CASIC-IT provides mini-satellite, satellite communication, satellite navigation, information system integration, information security and ITS-related products and services to customers in the government and business sectors. CASIC-IT has undertaken many projects from Ministry of Science and Technology, National Development and Reform Commission, and National Space Administration in the satellite navigation field, including development of satellite navigation receiver chipsets and board sets.
About Trimble
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location – including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif. For more information visit Trimble’s Web site at www.trimble.com.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this press release. Factors that could cause or contribute to such differences include, but are not limited to: the ability of the joint venture to integrate the expertise of CASIC-IT and Trimble, and develop commercial products based on the Compass system; customer adoption and acceptance of the joint venture’s products; the timing surrounding government regulatory approval for the joint venture, and the launch and availability of joint venture products; the timeframe for the deployment of the Compass system and availability of regional and worldwide coverage; and the continuing impact of the current global economic crisis and recessionary conditions. More information about potential factors which could affect Trimble’s business and financial results is set forth in reports filed with the SEC, including Trimble’s quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.