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[QUOTE]Originally posted by J_U_ICE: [QB] GSPN .082 GPS Industries Buys Out All Financial Obligations to NIR Group, LLC Monday, November 20 2006 6:30 AM, EST VANCOUVER, British Columbia --(BUSINESS WIRE)-- 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 prepaid in full the outstanding convertible debentures issued to entities managed by New York based N.I.R. Group, LLC . As a result all conversion rights held by the Group have been terminated and all of the collateral held by N.I.R. has been returned. "We entered our relationship with NIR in late 2005, which was a year of dramatic growth for our company," said GPS Industries President & CEO Robert C. Silzer. "We very much appreciate NIR's financial support, which was critical to our transition to generating higher sales volumes. However, the prepayment of the debentures removes an uncertainty with respect to our capital structure." Silzer added: "With a portion of the funds derived from a new $15.7 -M investment we have been able to reorganize our financial structure, dramatically attack our debt obligations, and fully capitalize our growth potential. This strategic move will certainly enhance shareholder value as we move forward." All details of the investment agreement and the prepayment of the NIR debentures were disclosed Friday, November 17, 2006 via the Company's Form 8-K, which can be accessed via the Company's web site, [URL=http://www.gpsindustries.com.]www.gpsindustries.com.[/URL] 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-HD(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-HD(TM) GPS Management System, please visit [URL=http://www.gpsindustries.com]www.gpsindustries.com[/URL] 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 . Source: GPS Industries, Inc. [/QB][/QUOTE]
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