Shah Capital Partners Completes Acquisition of Thales Navigation; Now Magellan

SAN DIMAS, Calif.—(BUSINESS WIRE)—Aug. 31, 2006— An investment group led by Shah Capital Partners (SCP) today announced they have completed the acquisition of Thales Navigation, a division of Thales. The new company will be known as Magellan, and is a leader in the consumer, survey, GIS and OEM GPS navigation and positioning markets.

Recognized as an industry innovator, Magellan is the creator of the award-winning Magellan(R) RoadMate(TM) series portable car navigation systems, the Magellan eXplorist(TM) outdoor handheld navigation devices, the Hertz NeverLost(R) car navigation system and ProMark(TM), the best-selling single frequency GPS survey product line on the market. The Magellan brand is recognized worldwide and the company has experienced 200 percent consumer revenue growth over the past three years as GPS technology has proliferated across a range of consumer and commercial applications.

Co-investors who participated with SCP in the transaction included Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica, and Eli Broad.

The purchase price was $170 million, plus considerations. Further terms of the deal were not disclosed.

About Shah Capital Partners

Shah Capital Partners (SCP) is a technology private equity firm, which brings unique strategic and financial expertise to build long-term equity value in partnership with experienced management teams. SCP develops its portfolio companies through their extensive knowledge in specific industry sectors, understanding of successful growth strategies, and operational know-how. SCP's experienced senior managers are from leading technology companies and financial institutions who appreciate the challenges of a modern technology business.

About Magellan

Magellan is a global innovator of navigation and positioning solutions. The company markets its GPS products in vehicle navigation and outdoor markets, and its professional GPS and GNSS solutions in the survey, GIS/Mapping, and OEM markets that include consumer electronics, automotive navigation and high-precision applications.

Magellan is headquartered in San Dimas, Calif., with European headquarters in Carquefou, France. For more information, visit

(C) 2006 Magellan Navigation, Inc. All rights reserved. Magellan and ProMark are trademarks of Magellan Navigation, Inc. Hertz NeverLost(R) is a registered trademark of Hertz System, Inc.

Amanda Higgins, 408-691-6942

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