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GPS Industries Signs Memorandum Of Understanding for US$10-Million Equity Investment With Dubai Group; Dubai-Based Firm to Acquire Major Stake in GPS Industries
Canada NewsWire "All News "
VANCOUVER, BRITISH COLUMBIA, September 14 /CNW/ - GPS Industries, Inc. (GPSI) (OTCBB:GPSN), the leading innovator of Wi-Fi enabled GPS systems for golf courses and residential communities, today announced that it has signed a Memorandum Of Understanding with an affiliate of a large investment group located in the United Arab Emirates for a US$10M private placement for the Company's preferred stock. Completion of the private placement is subject to confirmatory due diligence and final documentation. Management believes that the investment from the Dubai group will lead to additional investments from other investors. The securities being offered will not be registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN) is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER(TM) GPS Management System provides precise GPS distance information, a Wi-Fi communications network with asset tracking capabilities, augmented by a powerful suite of operations management tools and revenue generating modules. Central to the system's functionality are the full color cart-mounted and/or portable handheld display units, which have been recognized for their remarkably vivid graphics and visual impact. For additional information on GPSI and the INFOREMER(TM) GPS Management System, please visit www.gpsindustries.com.
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
IP: Logged |
Total Revenue 1,630 826 1,779 811 Cost of Revenue 1,109 489 1,591 629
Gross Profit 521 337 188 182
Operating Expenses Research Development 707 647 475 527 Selling General and Administrative 1,225 1,582 1,765 1,271 Non Recurring - - - - Others 83 84 100 67
Total Operating Expenses - - - -
Operating Income or Loss (1,493) (1,976) (2,153) (1,684)
Income from Continuing Operations Total Other Income/Expenses Net 1,877 1,296 (6,517) (207) Earnings Before Interest And Taxes 384 (680) (8,670) (1,890) Interest Expense 1,060 1,000 1,024 285 Income Before Tax (676) (1,680) (9,694) (2,176) Income Tax Expense - - - - Minority Interest - - - -
Net Income From Continuing Ops (676) (1,680) (9,694) (2,176)
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