More good news, but the stock has not reflected it. I do expect upward drifting soon....
Thursday September 9, 11:48 am Eastern Time
Company Press Release
SOURCE: Orbital Sciences Corporation
Orbital's Car Navigation System Now Being Installed in Hertz
Fleet For NeverLost Program
- 'Navigation Solutions' Joint Venture Delivering and Installing 50,000 Units in U.S., Canada, Europe and Australia
-
DULLES, Va., Sept. 9 /PRNewswire/ -- The joint venture formed earlier this year by Orbital Sciences Corporation (NYSE: ORB - news) and The
Hertz Corporation (NYSE: HRZ - news), called Navigation Solutions L.L.C., is now delivering and installing 50,000 state-of-the-art,
satellite-based car navigation systems that form the basis for the Hertz one-of-a-kind NeverLost© rental car service.
The deployment of the new units in the U.S. and Canada will be completed by year end. The deployment in Europe, covering major cities in
France, Germany and the United Kingdom, will be completed in early 2000. Upon completion of the European rollout, deployment will begin in
Australia. In total, Navigation Solutions will install and maintain 50,000 in-car systems in Hertz rental cars located in over 50 cities in the U.S.,
Canada, Europe and Australia. Navigation Solutions is purchasing these 50,000 navigation systems from Orbital's Magellan Corporation
subsidiary, the world's leading satellite access technology company.
The debut of Orbital's newest-generation car navigation system in the Hertz fleet is the largest fleet deployment of satellite-based car navigation
systems in automotive history. To introduce its expanded NeverLost service, Hertz has begun a major advertising campaign in both print and
broadcast media, prominently featuring Orbital's navigation system. The world's largest rental car company, Hertz operates a fleet of 550,000
vehicles at 6,100 locations in more than 140 countries around the world.
The satellite-based navigation system, which is built by Magellan under the product name 750NAV, allows Hertz to offer advanced travel
information services to its rental car customers through the Hertz NeverLost service. Customers who rent a Hertz car equipped with Orbital's
750NAV navigation system are able to easily find their way around unfamiliar cities, saving time and increasing productivity for the busy
business traveler, as well as providing a points-of-interest database for all users of the NeverLost service.
To use the NeverLost system, Hertz customers simply input a local street address or choose from a range of destinations including hotels,
airports, restaurants and other destinations contained in the system's database. The in-car navigation system then provides detailed,
easy-to-follow, turn-by-turn driving directions and voice prompts in seven languages (English, Dutch, French, German, Italian, Japanese and
Spanish).
Each 750NAV unit is also equipped with an ``Instant Locate Button,' which immediately displays the vehicle's exact location on the screen. So,
if a customer requires assistance from Hertz' Emergency Roadside Assistance service, they can easily let Hertz know exactly where they are.
In addition to supplying the in-car units for the Orbital/Hertz joint venture, Magellan is also pursuing other market segments and distribution
channels for the 750NAV system. In the original equipment manufacturer (OEM) automobile market, Magellan announced earlier this year that it
formed a joint venture with Magna International Inc. (NYSE: MGA - news), a first-tier supplier of integrated electronic systems to the global
automotive industry. This new venture, called MagnaWorks(TM), will design and integrate custom, state-of- the-art vehicle navigation and
information systems for OEMs of passenger and commercial vehicles in North America and Europe.
Magellan is also pursuing opportunities with several high-volume retail distributors and other outlets to offer its automotive products to
individual car owners as an after-market option. Because the feature-rich 750NAV is the world's first vehicle navigation system that is fully
transportable from one automobile to another in a matter of minutes, it is an ideal time-saving option for a busy mobile professional's or an
active family's automotive needs.
About Navigation Solutions
Orbital and Hertz formed the $50 million Navigation Solutions joint venture specifically to provide turn-key installation, operations and
maintenance services for Hertz' expansion of its popular NeverLost service throughout the U.S., Canada, Europe and Australia. Formed in early
1999, Navigation Solutions is based in Plano, TX and employs approximately 100 people.
About Magellan
Magellan Corporation is a leading supplier of satellite access products for worldwide positioning, navigation, timing, communication and
guidance. Currently the company employs over 400 people and is targeting 1999 revenues in excess of $150 million. Magellan is organized into
business units including Professional GPS Products for surveying and mapping, Precision GPS Products for OEM and navigation, Consumer
GPS Products for boaters, pilots and outdoor enthusiasts, Driver Information Systems, and Wireless Communications. Headquartered in Santa
Clara, CA, Magellan also has product development centers in San Dimas, CA, and Rochester Hills, MI; and a technology research and
development center in Moscow, Russia.
About Orbital
Orbital is one of the largest space technology and satellite services companies in the world, with 1999 revenues targeted to exceed $900 million.
The company, which is headquartered in Dulles, VA, employs over 5,200 people at its major facilities in the U.S., Canada and several overseas
locations. Orbital is the world's leading manufacturer of low-cost space systems and products, including satellites, launch vehicles, electronics
and sensors, satellite ground systems and software, and satellite-based navigation and communications products. Through its ORBCOMM and
ORBIMAGE affiliates and ORBNAV subsidiary, Orbital is also a pioneering operator of satellite-based networks that provide data
communications, high-resolution imagery and automotive information services to customers all around the world.
fred |
