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Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
1.408.481.8000 phone
1.408.481.7781 fax

  NEWS RELEASE

 
Trimble Raises Additional $19.2 million in Second Closing of Private Equity Placement
Brings Total Amount Raised to $45.95 Million

SUNNYVALE, Calif., Jan. 15, 2002 - Trimble (NASDAQ:TRMB), today announced that it raised an additional $19.2 million as part of a second closing of the $26.75 million private placement completed on December 21, 2001, bringing the total amount raised to $45.95 million. Terms and conditions for the second close were the same as those of the first close.
 
In connection with the second closing, Trimble issued 1,280,004 shares of its common stock at a price of $15.00 per share to certain qualified investors. Additionally, Trimble has granted these investors five-year warrants to purchase an additional 256,002 shares of common stock, subject to certain adjustments, at an exercise price of $19.475 per share. Trimble plans to use the net proceeds from this transaction to pay down a portion of its outstanding debt. Salomon Smith Barney served as financial advisor to Trimble.
 
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the absence of an effective registration statement or exemption from registration requirements. The Company expects to file a registration statement with the Securities and Exchange Commission for purposes of registering the resale of the shares of common stock issued to the investors in the private placement.
 
About Trimble
 
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies as well as wireless communications and software to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in more than 20 countries worldwide.
 
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 Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward looking statements are subject to change, and actual results may differ from those set forth in this press release due to certain risks and uncertainties, including overall economic trends affecting the end markets that we serve, changes in interest rates and financial markets, market acceptance of new product offerings and continued demand for existing products. Among other things, these results or expectations may not continue beyond the current quarter due to seasonal and economic trends and additional competitive issues that may have an adverse effect on the ongoing positioning and growth of the Company. These and other risks are detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.
 

Investor Relations:    Investor Relations of Trimble: 408-481-6914

Media Contact:    LeaAnn McNabb of Trimble: 408-481-7808

Contact:   David Pasquale of The Ruth Group: 646-536-7006



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