Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2010

 

 

TELENAV, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34720   77-0521800

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

1130 Kifer Road

Sunnyvale, California 94086

(Address of principal executive offices) (Zip code)

(408) 245-3800

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2010, TeleNav, Inc. (the “Company”) is issuing a press release and holding a conference call regarding its financial results for the quarter ended September 30, 2010. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The Company is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release and financial tables.

 

Item 8.01 Other Events.

In a press release dated October 26, 2010, TeleNav, Inc. announced that pursuant to FINRA rules, the term of the lock up agreements between its pre-IPO stockholders and the IPO underwriters has been automatically extended until November 15, 2010. A copy of the press release is furnished as Exhibit 99.2 of this Form 8-K.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit

Number

  

Description

99.1    Press release of TeleNav, Inc. dated October 28, 2010
99.2    Press release of TeleNav, Inc. dated October 26, 2010


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  TELENAV, INC.
Date: October 28, 2010   By:  

/S/    DOUGLAS MILLER        

  Name:   Douglas Miller
  Title:   Chief Financial Officer


 

EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1

   Press release of TeleNav, Inc. dated October 28, 2010

99.2

   Press release of TeleNav, Inc. dated October 26, 2010
Press Release of TeleNav, Inc. dated October 28, 2010

 

Exhibit 99.1

LOGO

TeleNav Reports First Quarter Fiscal 2011 Financial Results

- Quarterly revenue increased 42 percent year over year to $51.1 million

- Net income increased 52 percent year over year to $12.4 million

- Average monthly paid subscribers for the first quarter reached 17.7 million, up from 16.1 million in the prior quarter

Sunnyvale, Calif. – October 28, 2010 –TeleNav, Inc. (NASDAQ:TNAV), a leading provider of location-based services, or LBS, including voice guided navigation and local search on mobile phones, autos and enterprise LBS, today announced its financial results for the first quarter of fiscal 2011 ended September 30, 2010.

Financial Highlights

 

   

Revenue for the first quarter of fiscal 2011 grew 42 percent over the prior year to $51.1 million.

 

   

Net income for the first quarter of fiscal 2011 grew 52 percent over the prior year to $12.4 million.

 

   

Cash generated from operations for the first quarter of fiscal 2011 was $20.2 million.

 

   

Average monthly revenue per end user (ARPU) for the first quarter of fiscal 2011 decreased 14 percent over the first quarter of fiscal 2010 to $0.94.

 

   

Average monthly paying end users for the first quarter of fiscal 2011 increased 65 percent year over year to 17.7 million.

“We continued to achieve record number of average monthly paying end users, which grew over 1.6 million quarterly to 17.7 million in the September quarter,” said HP Jin, president, CEO and co-founder of TeleNav. “We are also leveraging our core business to grow revenue from premium navigation, automotive, enterprise LBS, and mobile advertising and commerce opportunities, which comprised more than five percent of our total revenue in the September quarter.”

Revenue for the first quarter of fiscal 2011 was $51.1 million, compared to revenue of $49.5 million for the fourth quarter of fiscal 2010 and $36.0 million for the first quarter of fiscal 2010.Revenue for the first quarter of fiscal 2011 reflects the one month impact from the amended Sprint agreement.


 

Net income for the first quarter of fiscal 2011 was $12.4 million, or $0.27 per diluted share, compared to net income of $10.6 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2010 and $8.1 million, or $0.15 per diluted share, for the first quarter of fiscal 2010.

Non-GAAP net income for the first quarter of fiscal 2011 was $13.0 million, or $0.29 per diluted share, compared to non-GAAP net income of $13.0 million, or $0.31 per diluted share, for the fourth quarter of fiscal 2010 and $8.3 million, or $0.22 per diluted share, for the first quarter of fiscal 2010. Non-GAAP net income excludes stock-based compensation expense net of the related tax effect. The shares used in the calculation of TeleNav’s non-GAAP net income per share assume the conversion of all outstanding preferred stock into shares of common stock using the as-if converted method as of the beginning of each period presented or the date of issuance, if later.

“Our cash, cash equivalents and short-term investment balances increased during the quarter by $18.2 million, ending the quarter with a total of $131.1 million,” said Douglas Miller, chief financial officer of TeleNav. “In addition, our accounts receivable rose to $57.3 million as of September 30, 2010, of which we collected $46.5 million to date in the month of October, further increasing our cash balances.”

Recent Business Highlights

 

   

In September 2010, TeleNav amended and extended its Master Application and Services Agreement with Sprint,its largest customer, and also amended its License Agreement with Tele Atlas, a supplier of map and points of interest content used in TeleNav’s services.

 

   

In September 2010, TeleNav launched an updated navigation-based mobile advertising platform, that allows advertisers to reach millions of on-the-go users by delivering a relevant and targeted ad to users based on the location and context of their search query, and by providing advertisers with action-based metrics such as “Drive-to Rate,” a metric that captures the number of users who viewed an ad and chose to drive to the advertiser’s business location.

 

   

In August 2010, TeleNav announced the availability of its in-dash, connected automotive navigation product with the recent rollout of the 2011 Ford Edge, and the 2011 Lincoln MKX, called MyFord Touch and MyLincoln Touch respectively.

 

   

In August 2010, TeleNav announced the availability of its OnMyWay mobile application for the iPhone and Android devices. Initially launched in March 2010 for BlackBerry devices, OnMyWay automatically alerts a pre-determined person or group of people of a driver’s trip status and estimated time of arrival (ETA).


 

Business Outlook

TeleNav offers the following guidance for the quarter ending December 31, 2010:

 

   

Total revenue is expected to be approximately $45.0 to $47.0 million and reflects a full three month impact from our recently renegotiated agreement with Sprint;

 

   

Gross margins are expected to be approximately 79 to 80 percent;

 

   

Non-GAAP operating expenses are expected to be approximately $21.0 to $23.0 million, and exclude approximately $900,000 in stock-based compensation;

 

   

GAAP net income is expected to be approximately $6.5 to $7.5 million;

 

   

GAAP diluted net income per share is expected to be approximately $0.14 to $0.16;

 

   

Non-GAAP net income is expected to be approximately $7.0 to $8.0 million;

 

   

Non-GAAP diluted net income per share is expected to be approximately $0.15 to $0.17;

 

   

Effective tax rate is expected to be 41 percent;

 

   

Weighted-average diluted shares outstanding are expected to be 45 to 46 million.

TeleNav offers the following guidance for the fiscal year ending June 30, 2011:

 

   

Total revenue is expected to be approximately $187.0 to $192.0 million;

 

   

Gross margins are expected to be 78 to 80 percent;

 

   

Non-GAAP operating expenses are expected to be approximately $90.0 to $94.0 million, and exclude approximately $4.0 million in stock-based compensation;

 

   

GAAP net income is expected to be approximately $29.0 to $33.0 million;

 

   

GAAP diluted net income per share is expected to be approximately $0.64 to $0.72;

 

   

Non-GAAP net income is expected to be approximately $32.0 to $36.0 million;

 

   

Non-GAAP diluted net income per share is expected to be approximately $0.70 to $0.78;

 

   

Effective tax rate is expected to be 41 percent;

 

   

Weighted-average diluted shares outstanding are expected to be 45 to 46 million.

The above information concerning the forecast for the quarter ending December 31, 2010 and the fiscal year ending June 30, 2011 represents the company’s outlook only as of the date hereof, and TeleNav undertakes no obligation to update or revise any financial forecast or other forward looking statements, as a result of new developments or otherwise.

Conference Call

The company will host an investor conference call and live webcast today at 2:00 p.m. PDT (5:00 p.m. EDT) to discuss its first quarter fiscal 2011 results and outlook for the second quarter of fiscal 2011. To access the conference call, dial 888-724-9493 or 913-312-1456. The webcast will


 

be accessible on TeleNav’s investor relations website at http://investor.telenav.com/. A replay of the conference call will be available approximately two hours after its completion and will be available through Tuesday, November 2, 5:00 p.m. PDT. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 2154783.

Use of Non-GAAP Financial Measures

TeleNav prepares its financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and earnings per share information for the first quarter of fiscal 2011 and the first and fourth quarter of fiscal 2010 included in this press release are different from those otherwise presented under GAAP. The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants accounted for under GAAP. Stock-based compensation expense has been and will continue to be a significant recurring expense for TeleNav. While we include the dilutive impact of such equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Our non-GAAP tax rate differs from the GAAP tax rate due to the elimination of the tax rate effect of the GAAP stock compensation expenses that are being eliminated to arrive at the non-GAAP expenses.

The shares used to compute non-GAAP basic and diluted net income per share include the assumed conversion of all outstanding shares of convertible preferred stock into shares of common stock using the as-if converted method as of the beginning of each period presented or the date of issuance, if later. In May 2010, in conjunction with the closing of our initial public offering, all of our outstanding preferred stock was converted into shares of our common stock.

TeleNav has provided these measures in addition to GAAP financial results because management believes these non-GAAP measures help provide a consistent basis for comparison between quarters and fiscal year growth rates that are not influenced by certain non-cash charges and therefore are helpful in understanding TeleNav’s underlying operating results. These non-GAAP measures are some of the primary measures TeleNav’s management uses for planning and forecasting. These measures are not in accordance with, or an alternative to, GAAP and these non-GAAP measures may not be comparable to information provided by other companies. Reconciliations of the GAAP to non-GAAP results are presented at the end of this press release.


 

Forward Looking Statements

This press release contains forward-looking statements that are based on TeleNav’s management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning TeleNav’s anticipated or assumed future financial results, shares outstanding and anticipated business activities. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, fluctuations in TeleNav’s quarterly and annual operating results; TeleNav’s dependence on Sprint and AT&T for a substantial majority of its revenue; changes in the contractual relationships with Sprint, AT&T and other wireless carriers to whom TeleNav provides services, competition from other market participants who may provide comparable services to subscribers without charge; TeleNav’s inexperience in the automotive navigation market; TeleNav’s inexperience in the mobile advertising market; TeleNav’s ability to estimate and sustain or increase its revenue and profitability; TeleNav’s ability to attract, migrate and retain new wireless carriers and auto manufacturers; TeleNav’s ability to issue new releases of its products and services and expand its product portfolio; changes to current accounting policies which may have a significant, adverse impact upon TeleNav’s financial results; the introduction of new products by competitors or the entry of new competitors into the markets for TeleNav’s services and products; the impact of current or future intellectual property litigation and claims for indemnification and litigation related to U.S securities laws and economic and political conditions in the US and abroad. We discuss these risks in greater detail in “Risk factors” and elsewhere in our Form S-1 and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at the SEC’s website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date made. You should review our SEC filings carefully and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

TeleNav, Inc. is a leading provider of consumer location-based services (LBS), enterprise LBS and automotive LBS. 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 500 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, 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.

###

Copyright 2010 TeleNav, Inc. All Rights Reserved.

“TeleNav,” the TeleNav logo, “telenav.com” and “OnMyWay” 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.

TNAV-F

Media Contacts:

Todd Witkemper

TeleNav, Inc.

408-990-1216

toddw@telenav.com

Investor Relations:

Cynthia Hiponia

The Blueshirt Group (for TeleNav)

408.990.1265

IR@telenav.com


TeleNav, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

 

     9/30/2010      6/30/2010*  
     (Unaudited)         

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 50,085       $ 112,862   

Short-term investments

     81,002         —     

Accounts receivable, net of allowances of $308 and $246, respectively

     57,266         37,322   

Deferred tax assets

     4,013         3,247   

Prepaid expenses and other current assets

     3,023         3,020   
                 

Total current assets

     195,389         156,451   

Property and equipment, net

     10,230         9,637   

Deferred tax assets, non-current

     —           1,874   

Deposits and other assets

     7,520         5,758   
                 

Total assets

   $ 213,139       $ 173,720   
                 

Liabilities and stockholders’ equity

     

Current liabilities:

     

Accounts payable

   $ 1,748       $ 2,507   

Accrued compensation

     4,099         5,583   

Accrued royalties

     3,602         2,988   

Other accrued expenses

     2,842         2,721   

Deferred revenue

     27,892         6,746   

Income taxes payable

     5,868         1,028   
                 

Total current liabilities

     46,051         21,573   

Deferred revenue, non-current

     1,647         172   

Other liabilities

     3,267         2,938   

Stockholders’ equity:

     

Preferred stock, $0.001 par value: 50,000 shares authorized; no shares issued or outstanding

     —           —     

Common stock, $0.001 par value: 600,000 shares authorized; 42,156 and 42,140 shares issued and outstanding at September 30, 2010 and June 30, 2010, respectively

     42         42   

Additional paid-in capital

     110,583         109,687   

Accumulated other comprehensive income

     282         399   

Retained earnings

     51,267         38,909   
                 

Total stockholders’ equity

     162,174         149,037   
                 

Total liabilities and stockholders’ equity

   $ 213,139       $ 173,720   
                 

 

* Derived from audited consolidated financial statements as of June 30, 2010


 

TeleNav, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended  
     9/30/2010      9/30/2009  
     (Unaudited)      (Unaudited)  

Revenue

   $ 51,100       $ 36,048   

Cost of revenue

     8,852         7,067   
                 

Gross profit

     42,248         28,981   

Operating expenses:

     

Research and development

     13,027         7,912   

Sales and marketing

     4,726         3,914   

General and administrative

     3,746         2,559   
                 

Total operating expenses

     21,499         14,385   
                 

Income from operations

     20,749         14,596   

Interest income

     97         32   

Other income (expense), net

     100         (554
                 

Income before provision for income taxes

     20,946         14,074   

Provision for income taxes

     8,588         5,953   
                 

Net income

   $ 12,358       $ 8,121   
                 

Net income applicable to common stockholders

   $ 12,358       $ 4,373   
                 

Net income per share applicable to common stockholders:

     

Basic

   $ 0.29       $ 0.38   

Diluted

   $ 0.27       $ 0.15   

Weighted average shares used in computing net income applicable to common stockholders:

     

Basic

     42,151         11,556   

Diluted

     44,939         28,420   


 

TeleNav, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

     Three Months Ended  
     9/30/2010     9/30/2009  
     (Unaudited)     (Unaudited)  

Operating activities

    

Net income

   $ 12,358      $ 8,121   

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

    

Depreciation, amortization, and accretion

     1,938        1,038   

Stock-based compensation expense

     852        315   

Loss on disposal of property and equipment

     —          3   

Write-off of capitalized software

     691        —     

Revaluation of preferred stock warrants

     —          547   

Excess tax benefit from stock-based compensation

     —          —     

Changes in operating assets and liabilities:

    

Accounts receivable

     (19,944     175   

Deferred income taxes

     332        513   

Prepaid expenses and other current assets

     (1,030     1,109   

Other assets

     (838     (1,353

Accounts payable

     (1,152     (264

Accrued compensation

     (1,484     (486

Accrued royalties

     614        (30

Accrued expenses and other liabilities

     449        2,304   

Income taxes payable

     4,840        2,684   

Deferred revenue

     22,622        469   
                

Net cash provided by operating activities

     20,248        15,145   
                

Investing activities

    

Purchases of property and equipment

     (1,512     (2,402

Additions to capitalized software

     (340     (973

Purchases of short-term investments

     (81,128     —     
                

Net cash used in investing activities

     (82,980     (3,375
                

Financing activities

    

Proceeds from exercise of stock options

     44        321   

Repurchase of common stock

     —          (1,228

Excess tax benefit from stock-based compensation

     —          —     
                

Net cash provided by financing activities

     44        (907
                

Effect of exchange rate changes on cash and cash equivalents

     (89     (7
                

Net (decrease) increase in cash and cash equivalents

     (62,777     10,856   

Cash and cash equivalents, at beginning of period

     112,862        33,128   
                

Cash and cash equivalents, at end of period

   $ 50,085      $ 43,984   
                

Supplemental disclosure of cash flow information

    

Income taxes paid

   $ 3,026      $ 629   


 

TeleNav, Inc.

Unaudited Reconciliation of Non-GAAP Adjustments

(in thousands except for per share amounts)

 

     Three Months Ended     Fiscal Year Ended  
     9/30/2010     6/30/2010     9/30/2009     6/30/2010     6/30/2009  

GAAP net income

   $ 12,358      $ 10,612      $ 8,121      $ 41,410      $ 29,618   

Stock-based compensation:

          

Cost of revenue

     25        4        3        18        4   

Research and development

     493        1,863        157        2,604        237   

Sales and marketing

     151        170        77        516        155   

General and administrative

     183        1,443        78        1,789        111   
                                        

Total stock-based compensation

     852        3,480        315        4,927        507   

Tax effect of adding back stock compensation

     (251     (1,111     (140     (1,132     (38
                                        

Non-GAAP net income

   $ 12,959      $ 12,981      $ 8,296      $ 45,205      $ 30,087   
                                        

Shares used in computing GAAP basic net income per share

     42,151        27,624        11,556        15,569        11,273   

Weighted average effect of the assumed conversion of convertible preferred stock on the original dates of issuance

     —          11,031        23,084        20,161        23,084   
                                        

Shares used in computing non-GAAP basic net income per share

     42,151        38,655        34,640        35,730        34,357   
                                        

Shares used in computing GAAP diluted net income per share

     44,939        37,481        28,420        30,833        27,724   

Weighted average effect of the assumed conversion of convertible preferred stock on the original dates of issuance

     —          4,424        9,101        8,014        9,101   
                                        

Shares used in computing non-GAAP diluted net income per share

     44,939        41,905        37,521        38,847        36,825   
                                        

Non-GAAP basic net income per share

   $ 0.31      $ 0.34      $ 0.24      $ 1.27      $ 0.88   

Non-GAAP diluted net income per share

   $ 0.29      $ 0.31      $ 0.22      $ 1.16      $ 0.82   
Press Release of TeleNav, Inc. dated October 26, 2010

 

Exhibit 99.2

LOGO

FOR IMMEDIATE RELEASE

TeleNav Announces Extension of Lock-Up Agreement

Sunnyvale, Calif. – October 26, 2010 – TeleNav, Inc. (NASDAQ: TNAV), a leading provider of location-based services, or LBS, including voice guided navigation on mobile phones, autos and enterprise LBS, today announced that pursuant to FINRA rules, the term of the lock up agreements between its pre-IPO stockholders and the IPO underwriters has been automatically extended until November 15, 2010. The lockup agreements restrict dispositions of company securities prior to a date which is 180 days after the effective date of the company’s initial public offering, unless prior to the expiration of the 180-day restricted period, the company announces that it will release earnings results during the 16-day period beginning on the last day of the 180-day period. TeleNav will announce earnings for the quarter ended September 30, 2010 on October 28, 2010.

About TeleNav, Inc.

TeleNav, Inc. is a leading provider of consumer location-based services (LBS), enterprise LBS and automotive LBS. 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 500 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, 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.

###

Copyright 2010 TeleNav, Inc. All Rights Reserved.

“TeleNav,” the TeleNav logo, 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.


 

TNAV-F

Media Contacts:

Todd Witkemper

TeleNav, Inc.

408-990-1216

toddw@telenav.com

Investor Relations:

Cynthia Hiponia

The Blueshirt Group (for TeleNav)

408.990.1265 IR@telenav.com