Cobra Electronics Partners With Horizon Navigation
By Staff Writer | January 10, 2003
Cobra Electronics Corp. [Nasdaq: COBR] has inked a product development and licensing agreement with Horizon Navigation to develop Cobra-branded after-market mobile navigation products targeted to begin shipping in early 2004.
Horizon (Laguna Niguel, Calif.) has developed navigation systems for European and U.S. auto manufacturers, in addition to creating the first dynamic route guidance system combining Global Positioning System technology with real-time traffic data, the company said. In addition to the product development and licensing agreement, Cobra (Chicago) and Horizon signed a financing agreement under which Cobra will provide secured debt financing to Horizon and receive warrants to purchase shares of Horizon.