Sorry twisted, but that is not correct, it may help for you to read the entire thread.
Well FlightPAthOBN, in may not be correct but it's consistent with Wikipedia:
Three satellites might seem enough to solve for position since space has three dimensions and a position near the Earth's surface can be assumed. However, even a very small clock error multiplied by the very large speed of light[37] — the speed at which satellite signals propagate — results in a large positional error. Therefore receivers use four or more satellites to solve for both the receiver's location and time.