KEELE, England, December 23, 2011 /PRNewswire/ --
CBR (Computer Business Review) yesterday ran a misleading; factually incorrect story claiming Telit Communications has acquired Navman Wireless in a deal worth $3 million.
Today Navman Wireless CEO T.J. Chung issued the following statement:
"We have noted an article published by CBR (Computer Business Review) on 21st December 2011. The article, about Navman Wireless and Telit Communications, contains statements that are untrue and factually incorrect.
"The factually correct version of events is that Navman Wireless has sold its GPS Module business unit to Telit Communications PLC. CBR have since withdrawn their misleading article.
"The GPS Module business unit has been operating under Navman Wireless as an independent business unit since July 2007.
"The addition of our Jupiter GPS module products will enhance Telit's existing product portfolio in the growing M2M communications field. Going forward, our OEM business unit will benefit from the global sales and marketing resources of Telit.
"The GPS Module business unit has certainly contributed to the success of Navman Wireless over the last few years. However, this transaction allows us to further focus our time and resources on our core fleet tracking business as we march towards 200,000 vehicle connections and beyond.
"Our overall strategy remains unchanged - we are a global solutions provider of asset and fleet management systems. We will remain focused on expanding our growing global footprint in the fleet tracking and asset management business, increasing our installed base, and supporting the best technology platform in the industry."
THE PR FIRM LIMITED
SOURCE Navman Wireless