CAYMAN ISLANDS, Jun 2, 2003 /PRNewswire-FirstCall via COMTEX/ --
Garmin Ltd. (Nasdaq: GRMN) announced today that its U.S. subsidiary, Garmin
International Inc., has purchased all $20 million of its outstanding
industrial revenue bonds issued in 2000 (City of Olathe, Kansas, Taxable
Industrial Revenue Bonds, Garmin International Inc. Project, Series 2000).
This action retires all of the long-term debt of Garmin Ltd. and its
subsidiaries.
"The bond purchase is intended to re-deploy a portion of our cash and cash
equivalents to increase overall profitability," said Kevin Rauckman, CFO and
Treasurer of Garmin Ltd.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and
markets navigation, communications and information devices -- most of which
are enabled by GPS technology. Garmin is a leader in the general aviation and
consumer markets and its products serve aviation, marine, general recreation,
automotive, wireless and OEM applications. Garmin Ltd. is incorporated in the
Cayman Islands, and its principal subsidiaries are located in the United
States, Taiwan and United Kingdom. For more information, visit the Investor
Relations site of Garmin Ltd. at www.garmin.com or contact the Investor
Relations department at 913-397-8200.
AI
