New Home For Garmin Parent

Garmin Ltd. has received approval from the Grand Court of the Cayman Islands of the pending change of place of incorporation of its group holding company from the Cayman Islands to Switzerland. Garmin expects that all the conditions to closing of this transaction will be met and that it will complete the transaction prior to the opening of the NASDAQ market on June 28, 2010.

The original parent company of the Garmin group was Garmin Corporation, a company incorporated in Taiwan. Under the legal framework of Taiwan at the time of Garmin’s initial public offering in 2000, it was not practical for Garmin Corporation to offer its shares in the United States.  Therefore, Garmin Ltd. was formed in the Cayman Islands in July 2000 as a holding company for Garmin Corporation in order to facilitate the listing of its shares on the NASDAQ stock market in the United States.

“Following a thorough review, we have determined that it is in the best interest of Garmin and its shareholders to change the jurisdiction of incorporation of our group parent company to Switzerland,” said Dr. Min Kao, chairman and CEO of Garmin Ltd. “Switzerland is centrally located in Europe in close proximity to our major Western and Eastern European markets.”

“Garmin’s footprint in Europe has grown considerably, through the acquisition of our distributors in ten European countries during the last four years, plus our recent establishment of an office in Poland.  The Swiss office will provide a base for expansion of certain corporate functions in Europe and a more favorable structure from which it would be possible to acquire or partner with European businesses.  We believe that the change of our jurisdiction of incorporation will enhance our global business operations and reputation consistent with our status as an international company with significant operations in Asia, North America, as well as Europe.  Switzerland also offers a well-developed corporate, legal and regulatory environment with an extensive network of tax treaties with other countries,” said Kao.

Upon completion of the transaction, the Garmin group holding company will continue to be subject to SEC reporting requirements, and its shares will be listed on the NASDAQ Global Select Market under the symbol “GRMN,” Garmin’s current trading symbol.

FMI: www.garmin.com