NAVTEQ Offers Map of South Korea
New Map Available Through NAVTEQ’s Acquisition of Picture Map International (PMI)
Chicago, IL – December 27, 2005– NAVTEQ (NYSE: NVT), a leading global provider of digital maps for vehicle navigation and location-based solutions, is offering a map with navigable coverage throughout South Korea through its wholly owned subsidiary, PMI. This offering is another notable achievement in NAVTEQ’s initiative to grow its map portfolio and to support its customers’ efforts to service the rapidly growing Asian market.
The South Korea map covers 100% of the population (approximately 48 million people) of South Korea, and is a fully navigable roadway map enabling door-to-door route calculations and turn-by-turn route guidance throughout the country. Detailed road network information, such as one-way streets and turn restrictions, is linked to the map, which provides NAVTEQ customers with additional information to create the most efficient routes for their solutions. The map also includes more than 400,000 Points of Interest in more than 290 categories and subcategories, cartographic features (such as parks, waterways and woodlands) and more than 7 million listings from the Korea Telecom business directory.
In July 2005, NAVTEQ acquired Picture Map International (PMI) to establish its presence in and to offer a digital map of South Korea. NAVTEQ continues to focus on expanding its global map coverage, and offering coverage in South Korea is an important part of this initiative. South Korea boasts a rapidly growing automotive sector and one of the most advanced wireless markets in the world. Consumer adoption of location-based services exceeds that for Europe and North America, creating high demand for quality digital map data to serve as a foundation for these services.
“South Korea is a thriving and influential economy, and our customer base is agressively advancing their product and business development efforts to service this market,” commented John MacLeod, Executive Vice President – Global Marketing & Strategy for NAVTEQ. “We understand how important an accurate map is to helping our customers maintain their brand equity and build brand recognition as they emerge in new markets, which is why we worked to offer a map of South Korea that meets NAVTEQ’s quality standards.”
Currently, the South Korea map is available in a variety of application Physical Storage Formats (PSF) as well as open interchange formats, such as ArcInfo Shape File format. Names and other text strings in the NAVTEQ map of South Korea are represented using a Unicode (multi-byte) character set.
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 1,800 employees located in 127 offices in 21 countries.
NAVTEQ is a trademark in the U.S. and other countries. © 2005 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. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 26, 2005,as filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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