CAYMAN ISLANDS, Dec. 15 /PRNewswire-FirstCall/ -- Garmin Ltd. today announced that co-founder Gary L. Burrell, who retired as Co-CEO in August 2002 and as Co-Chairman in August 2004, has established a pre-arranged trading plan to sell a portion of his shares in the company over a designated period. The plan was adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934.
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Rule 10b5-1 allows corporate officers, directors and major shareholders to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. Such programs provide for regular selling of a predetermined, fixed number of company shares in order to gradually diversify the individual's investment portfolio, minimize the market effect of share sales by spreading them out over an extended period of time and avoid concerns about initiating transactions while in possession of material non-public information.
The maximum number of Garmin shares to be sold by Mr. Burrell under this plan beginning in December, 2006 and ending in August, 2007 is 800,000 shares, which is approximately 2.6 percent of the 30,363,570 Garmin shares currently owned by Mr. Burrell and his wife. No shares have been sold under the plan to date. Any transactions under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
Mr. Burrell adopted the plan as part of his individual long-term strategy for asset diversification and charitable giving.
Through its operating subsidiaries, Garmin Ltd. designs and manufactures navigation, communication and information devices -- most of which are enabled by GPS technology. Garmin is a leader in the general aviation and consumer GPS markets and its products serve aviation, marine, outdoor 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 the United Kingdom. For more information, visit Garmin's virtual pressroom at http://www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries.
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