NAVTEQ Announces Name Change for Korea Office

30 July 2007, 4:53pm

31 July2007 - NAVTEQ Name to Replace Picture Map International

NAVTEQ (NYSE: NVT), a leading global provider of digital map data for vehicle navigation and location-based solutions, has announced that Picture Map International (PMI), which has functioned as a wholly owned subsidiary of NAVTEQ since 2005, will operate under the name NAVTEQ, effective immediately.

NAVTEQ acquired PMI in July 2005 as part of its aggressive expansion into the Asia-Pacific region, and offered the first digital map of South Korea to its global customer base in December of that same year. Combining the assets of these two digital mapping leaders supported NAVTEQ’s strategy of integrating local knowledge with its globally recognised technical expertise and customer service to offer a premium Korean navigable map solution.

“PMI was NAVTEQ’s first acquisition of an entire mapping company, so we took the time to carefully understand the people, the culture and the market.” stated Rich Shuman, Senior Vice President Asia Pacific. “Now that we have had the opportunity for both companies to integrate their people and respective expertise, and shown that we can successfully maintain a strong domestic business while growing the base of global customers using Korean data, we decided it was the right time to change the name of the company to NAVTEQ. We are proud of the success we have achieved across the entire Asia-Pacific region, and this transition is one of many steps we will take to further solidify ourselves in the region.”

The South Korea database currently features 100% coverage of the navigable road network including more than 150,000 kilometres of road, almost 500,000 unique field collected Points of Interest, alert features such as speed traps and school zones and visual features such as topography, 3D landmarks and intersections and aerial imagery. By the end of 2007, planned feature additions include private roads, detailed lane information, speed limits and highway junction views.

Contact:
Sue Mather
Stanhope Communications
Tel: +44 (0)1342 833313
Email: suemather@stanhopepr.co.uk

www.navteq.com

Geo: International