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AutoNavi's Free Mobile Map App User Base Grows to Over 25 Million Users, Increasing Over 230% Year-Over-Year(September 29, 2011)
BEIJING, Sept. 29, 2011 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced that the user base of its free mobile map application had reached over 25 million users as of September 25, 2011, up from 17 million at the end of the second quarter of 2011, and approximately 7.4 million a year ago. On average, the weekly active user base of the Company's mobile map application is comprised of approximately 66% Android users, compared to 3.5% one year ago.
The latest version of the enhanced mobile map application, "AMAP," features new dynamic content. In addition to previously available features that provide access to hotel reservations, coupons, event ticketing and retail promotions, the latest version also includes real-time information on restaurant discounts and car dealership promotions. These new services are provided by AutoNavi's new business partners, China Merchants Bank, a leading retail bank in China, and BitAuto, a leading automotive Internet company in China, respectively. The newly enhanced "AMAP" application is now also available on the iPhone and can be downloaded from the iPhone app store free of charge.
AutoNavi's chief executive officer, Mr. Congwu Cheng, commented, "The rapid expansion of our free mobile map application's user base is a key operating metric that demonstrates the growth momentum of our location-based media and e-commerce platform. As we move forward with our LBS strategy, it is encouraging that more end users and businesses have come to recognize and appreciate the value of our platform. We will continue to build upon this momentum and identify opportunities to capitalize on our growing user base."
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.1 million kilometers of roadway and over 17 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, mobile location-based solutions and Internet location-based solutions, public sector and enterprise applications.
The AutoNavi Holdings Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8262
Forward Looking Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the quotations from management in this press release, as well as AutoNavi's strategic and operational plans, contain forward-looking statements. AutoNavi may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about AutoNavi's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: AutoNavi's ability to adequately maintain and update its digital map database and minimize errors in its solutions; its current reliance on the automotive navigation market and a small number of customers for a substantial portion of its revenues; the project-based nature of its public sector and enterprise applications business; its limited operating history in the mobile/Internet location-based solutions markets; compliance with a complex set of laws, rules and regulations governing its surveying and mapping and other businesses in China; competition in the navigation and location-based solutions businesses in China; and its ability to manage its growth effectively and efficiently. Further information regarding these and other risks is included in AutoNavi's annual report on Form 20-F as well as in its other filings with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and AutoNavi undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries please contact:
AutoNavi Holdings Limited
Ogilvy Financial, Beijing
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
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