Telenav Press Release:
TeleNav Announces Stock Repurchase Plan
Sunnyvale, Calif. – November 15, 2010 – TeleNav, Inc. (Nasdaq:TNAV), one of the largest global wireless location-based services providers with more than 17 million subscribers, today announced that its board of directors has authorized the company to repurchase up to $20 million, inclusive of broker fees, of its common stock under a share repurchase program, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions under this program will depend on market conditions and other considerations. All of the repurchases will be funded by TeleNav's available working capital and the duration of the repurchase program is 12 months, although it may be extended, suspended or discontinued without prior notice.
TeleNav, Inc. is a leading provider of consumer location-based services (LBS), enterprise LBS and automotive LBS with more than 20 million paying subscribers as of December 31, 2010. TeleNav's solutions provide consumers, wireless service providers, enterprises and automakers with location-specific, real-time, personalized services such as GPS navigation, local search, mobile advertising, mobile commerce, location tracking and workflow automation. TeleNav's technology is available across more than 600 types of mobile phones, all major mobile phone operating systems and a broad range of wireless network protocols. TeleNav's service providers and partners include AT&T, Bell Mobility, Boost Mobile, China Mobile, Cincinnati Bell, Ford Motor Company, NII Holdings, QNX Software Systems, Rogers, Sprint Nextel, Telcel, T-Mobile UK, T-Mobile USA, U.S. Cellular, Verizon Wireless and Vivo Brazil.
For more information on TeleNav, please visit www.telenav.com. Follow TeleNav on Twitter at www.twitter.com/telenav or on Facebook at www.facebook.com/telenav
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