SUNNYVALE, Calif., Sept. 3, 2014 (GLOBE NEWSWIRE) -- Telenav, Inc. (Nasdaq:TNAV), the leader in personalized navigation, announced today that its board of directors has authorized a fifth stock repurchase plan, allowing the company to repurchase up to $10 million, inclusive of broker fees, of its common stock, 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 increased, extended, suspended or discontinued without prior notice.
About Telenav, Inc.
Telenav is a leading provider of location-based platform services. These services consist of our map and navigation platform and our advertising delivery platform. Our map and navigation platform allows Telenav to deliver enhanced location-based services to developers, auto manufacturers and end users through various distribution channels, including wireless carriers. We use our map and navigation platform as the basis for delivering enhanced mobile applications such as our industry leading mobile navigation. Our advertising delivery platform delivers highly targeted advertising services leveraging our location expertise.
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Copyright 2014 Telenav, Inc. All Rights Reserved.
"Telenav", the Telenav logos and "telenav.com" are registered and unregistered trademarks and/or service marks of Telenav, Inc. Unless otherwise noted, all other trademarks, service marks, and logos used in this press release are the trademarks, service marks or logos of their respective owners.
CONTACT: Media Contact:
Mary Beth LowellTelenav, Inc.
Cynthia HiponiaThe Blueshirt Group for Telenav, Inc.
Source: Telenav, Inc.