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Trimble Acquires Assets of The XYZs of GPS, Inc.
SUNNYVALE, Calif., Feb. 22, 2006 Trimble (NASDAQ: TRMB) today announced that it has acquired intellectual property assets from privately-held The XYZs of GPS, Inc. of Dickerson, Maryland, in an all-cash transaction. The XYZs of GPS develops real-time Global Navigation Satellite System (GNSS) reference station, integrity monitoring and dynamic positioning software for meter, decimeter and centimeter applications. Financial terms were not disclosed.
The purchase of The XYZs of GPS intellectual property is expected to extend Trimble's product portfolio of infrastructure solutions by providing software that enhances differential GNSS correction systems used in marine aides to navigation, surveying, civil engineering, hydrography, mapping and Geographic Information System (GIS), and scientific applications.
Dr. Benjamin W. Remondi, president and CEO, and staff of The XYZs of GPS will join Trimble as part of the transaction.
"Dr. Remondi has been a pioneer in the development of GNSS positioning and its applications. We are extremely pleased to welcome him and his team to Trimble. We believe that The XYZs of GPS software will greatly enhance our infrastructure solutions which are becoming increasingly critical for high precision applications," said Jrgen Kliem, general manager of Trimble's Survey Division.
"We are pleased to become a part of Trimble," said Dr. Remondi. "Our R&D efforts are in alignment with Trimble's strategic focus to provide infrastructure solutions that enable high-precision positioning and navigation for scientific, engineering, and safety-of-life applications. I am excited about the possibilities."
The assets acquired from The XYZs of GPS will be reported as part of Trimble's Engineering and Construction business segment.
About XYZs of GPS
Founded in 1994 and headquartered in Dickerson, Maryland, The XYZs of GPS develops real-time Global Navigation Satellite System (GNSS) reference station, integrity monitoring and dynamic positioning software for meter, decimeter and centimeter applications. In addition, the XYZs of GPS also develops algorithms and software applications for the real-time monitoring of bridges, dams, buildings, landslides, volcanoes, earthquakes, subsidence and oilfields. For more information visit: http://www.xyzsofgps.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 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 news release. Factors that could cause or contribute to such differences include, but are not limited to, the performance and market acceptance of the software acquired from The XYZs of GPS, and Trimbles success in marketing and licensing such software. Additional risks and uncertainties include: the risks inherent in integrating acquisitions; unanticipated expenditures, charges or assumed liabilities that may result from acquiring the assets; issues that may arise in supporting existing customers, developing the acquired software, or in integrating personnel; and changing relationships with The XYZs of GPS customers. 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.
Investor Relations Contact: Willa McManmon of Trimble: 408-481-6914
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808