Navman completes $40m deal
10 December 2004
Navman completes $40m deal for German road toll project
Navman Completes Multi Million Dollar Contract For German Road Toll Programme
Navman NZ Ltd has just completed the final shipment of Navman GPS technology, worth in excess of $NZ40m, to the German Road Toll Programme.
Navman Vice President - OEM Group, Mark Bowman, says this is just the beginning of Navman's participation in the automotive and road tolling markets. Navman is actively engaged in several road toll opportunities worldwide.
The German Road Toll Programme begins on January 1, 2005, electronically collecting road tax from heavy trucks using Germany's autobahns. Navman's GPS modules provide the core GPS functionality of that system, billed as one of the most intelligent toll levying systems in the world combining GPS and GSM based communication. GPS eliminates the need for a network of transmission/receiver units along the road that beacon or gantry based systems require.
Bowman says Navman's dead reckoning GPS technology was a significant criteria in winning the deal. Dead reckoning provides uninterrupted location information when access to GPS is restricted by road tunnels.
"This is an excellent example of building new markets on Navman's core GPS technology," says Bowman. "Not only does it bring in significant revenues for Navman and New Zealand, but also demonstrates that New Zealand companies can deliver high volume, high quality electronics to the global market."