iPhone Nano, new Androids, Palm problems: same old issues open 2009
Published: 2 January, 2009
Continued ...
Although the Nuvifone has been on the horizon for over a year, this is the first time Garmin has hinted at a broader attack on the worldwide phone market. Blogs and leaked reports suggest it will be made by Asus, the netbook specialist, and will be launched in Europe around April or May 2009. When Garmin joined the Open Handset Alliance - Android's industry supporters' club - recently, there was much speculation that Nuvifone 2 would run the operating system, but apparently, the handset will not be a variation on the Nuvifone, but an entirely new design.
Finally, RIM ended 2008 on a high with the successful launches of Storm and Bold, but life was far more uncertain for Palm, whose hopes of recovery now rest on the launch of its long awaited new operating system, Nova, this month. While it copes with the difficulty of the hiatus period before its new platform turns into products - plus the squeeze on margins for its most successful current product, the Centro - Palm did manage to secure a $100m equity investment from existing investor Elevation Partners, grabbing a lifeline of perhaps six months as it faces mounting losses and weak sales of its high end models. Elevation, a private equity firm, got Series C preferred stock in the deal, which it can convert into common stock at a price of $3.25 per share. The company also will get warrants to acquire 7m shares of Palm common stock at the same price.
Elevation, run and funded in part by Bono from U2 fame, already held a 25% stake in Palm and this now rises to 41% plus the potential option to take full control of the company in future. Since Elevation's involvement the company has hired an ex-Apple iPhone man as chairman, and opened its own Application Store - but has also lost 80% of its value on the stock market, triggering the need for cash and the low price.
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