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GPS Industries Announces $15.7-M Investment from Greg Norman's Great White Shark Enterprises and Dubai based Leisurecorp LLC and buyback of all debt
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GPS Industries Announces $15.7-M Investment from Greg Norman's Great White Shark Enterprises and Dubai based Leisurecorp LLC 11:38a ET November 28, 2006 (Business Wire) GPS Industries, Inc (GPSI) (OTCBB:GPSN), the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities, has signed a definitive investment agreement with Great White Shark Enterprises (GWSE) and Leisurecorp LLC (Leisurecorp). Leisurecorp is part of the Istithmar group. Istithmar is an alternative investment house based in the United Arab Emirates (UAE), it is 100 percent owned by Dubai World, which is in turn wholly owned by the Government of Dubai.
Under the terms of the agreement, GWSE and Leisurecorp will invest $15.7 Million in aggregate in GPSI through the purchase of 1,574,089 newly issued Series B convertible preferred shares and related warrants.
Robert C. Silzer, President and CEO of GPSI, commented "I believe these commitments, from both GWSE and Leisurecorp, are persuasive evidence that our technology and our business plan are attractive to even the most demanding investors. Greg Norman has been a valued strategic investor in GPSI for several years and has reaffirmed his support of the Company through this additional investment. Management's conversion of debt to equity also signals the highest confidence in the opportunities that lie ahead for GPSI."
The Series B preferred shares are restricted from trading and will be convertible into common shares once the Company's shareholders have approved an increase in GPSI's authorized number of common shares. In connection with their investment, GWSE and Leisurecorp also receive the right to invest an additional $13.0 Million in GPSI within 120 days of their original investment. In a related transaction, certain Officers and Directors of the Company agreed to convert $3.7 Million of outstanding short term obligations in exchange for common and preferred stock of the Company. In addition, Bart Collins, President of GWSE and a current Director of the Company, was elected to the office of Executive Vice President at GPSI.
Approximately $2.8 Million of proceeds from the transaction have been used to redeem at a discount outstanding convertible debentures that were issued to entities affiliated with N.I.R. Group, LLC, thus extinguishing all financial obligations under such debentures. The remaining proceeds will be used to fund working capital and ongoing Research and Development, virtually eliminate Company debt, and support the Company's growth initiatives. TM Capital Corp. served as financial advisor to GPSI in connection with this transaction.
Commenting on the investment by Great White Shark Enterprises, Bart Collins said, "Part of our business at GWSE is the design and development of golf courses around the world, so we are keenly interested in products which enhance the game and foster profitability for the industry. At nearly 100 facilities around the world GPSI's patented technology is already transforming the way golf courses are managed. But the Company's technology also has vast potential beyond the golf industry."
Collins continues, "I believe the Company's unique array of wireless products will dramatically impact the amenities offered in high-value residential developments and resort communities. This recapitalization of the business provides the platform for GPSI to realize that potential."
Silzer concludes: "This is a landmark agreement for GPSI and our shareholders. The Company is now well capitalized to develop all of the opportunities of our technology and the strategic vision of our management team."
Full details of the investment agreement were disclosed (Friday, November 17, 2006) via the Company's Form 8-K, which can be viewed online at www.gpsindustries.com.
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN) owns the patents for golf-related GPS and Differential GPS (DGPS) applications in fifteen Countries worldwide, including the United States, Australia, Great Britain and Japan. Based on their patented technology, GPSI has become the leading innovator of Wi-Fi powered management solutions for golf facilities and residential communities. The company's INFOREMER-HD(TM) GPS System features an integrated Wi-Fi communications network and a comprehensive suite of software applications and revenue generating modules. Central to the system's functionality are the company's award-winning display units, which deliver the most powerful on-course advertising opportunities in the golf industry. For additional information, please visit: www.gpsindustries.com.
About Great White Shark Enterprises
Great White Shark Enterprises is a multi-national corporation headed by Greg Norman with offices in Jupiter, Fla., and Sydney, Australia. The company's interests are primarily focused around golf and the golf lifestyle. For more information, please visit: www.shark.com.
About Istithmar:
Istithmar is an alternative investment house based in the United Arab Emirates. It is 100% owned by Dubai World, which is in turn wholly owned by the Government of Dubai. Istithmar was established in 2003 with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.
Istithmar, which means investment in Arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. Istithmar's 'I' investment philosophy is based around three core principles -- Ideas, Inquiry & Integrity -- sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Europe to Asia to the Middle East.
Istithmar's investment portfolio comprises over 50 successful companies with premium assets within financial services, consumer, industrial and real estate sectors, in addition to investing in public equities and joint venture projects. The company's equity investment exceeds US$ 2.6 billion across markets ranging from North America to the Far East. For more information on Istithmar, please visit: www.istithmar.ae.
About Leisurecorp LLC
Leisurecorp LLC, a subsidiary of Istithmar, LLC focuses on the development of Istithmar's current leisure assets inside Dubai and internationally, as well as identifying new high-yielding investment options. Under the leadership of David Spencer -- former Director of Marketing and Brand Management for Nakheel -- Leisurecorp's initial portfolio includes Jumeirah Golf Estates, Island Global Yachting and Nakheel's beach and recreation clubs. The consolidation of Istithmar's and Nakheel's leisure related assets under Leisurecorp LLC is in line with the holding company's aim to shape Dubai into the world's leading leisure and lifestyle destination.
About TM Capital Corp.
TM Capital Corp. is a merchant banking and financial advisory firm based in New York and Atlanta. Since inception in 1989, TM Capital has completed over 130 mergers, acquisitions and financings for clients totaling over $7.0 billion in value.
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.
GPS Industries, Inc. Steve Barrett, 604-576-7442 Director, Marketing & Communications steven*gpsindustries.com or Ryan Gray, 310-276-6743 Investor Relations ryan*gpsindustries.com
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Related Quotes Sym. Price Chg. GPSN Trade News 0.098 0 President of Greg Norman's Great White Shark Enterprises takes on additional role as Executive VP for GPS Industries
Nov 29, 2006 06:30:37 (ET)
VANCOUVER, British Columbia, Nov 29, 2006 (BUSINESS WIRE) -- GPS Industries, Inc. (GPSI) (GPSN, Trade ), the leading innovator of Wi-Fi powered GPS systems for golf facilities and residential communities, is pleased to announce that Bart Collins, President of Great White Shark Enterprises (GWSE), has taken on the additional duties of Executive Vice President within the Company. GWSE is a multi-national corporation owned and operated by Greg Norman with offices in Jupiter, Fla., and Sydney, Australia.
"I am extremely proud to welcome Mr Collins to our Management Team," says GPSI President & CEO, Robert C. Silzer, Sr. "His international business experience and profound knowledge of the golf industry will greatly enhance our ability to capitalize on the extraordinary potential of our technology products."
Having worked in some capacity with Norman since 1987, Collins began working with Great White Shark Enterprises in 1995. As President of GWSE, Mr. Collins manages a diverse group of businesses that have been built around Greg Norman's remarkable athletic achievements. These businesses include Greg Norman Production Company (event management); Greg Norman Golf Course Design; Medallist Developments, (real estate development); Greg Norman Collection (apparel); Greg Norman Estates (wine); and Greg Norman Interactive ( www.shark.com ); together with Norman's various licensing and merchandising activities. Prior to joining GWSE, Collins spent 12 years with the sports conglomerate International Management Group (IMG).
"We first entered into an agreement with GPS Industries in 2003," said Collins, "and I have seen the Company continually expand its product offering and refine its technology. Throughout that period I've also become convinced of the enormous potential for the business. In my capacity as President of GWSE I will continue to insist on GPSI's continued performance for our interest as a shareholder and in my capacity as Executive Vice President I look forward to working more closely with the management team to fully develop the opportunities in GPS Industries."
Forward-Looking Statements
Posts: 395 | From: south dakota | Registered: Nov 2006
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GPS Industries Eliminates $6.45M in Long-Term Debt
Nov 30, 2006 06:30:23 (ET)
VANCOUVER, British Columbia, Nov 30, 2006 (BUSINESS WIRE) -- GPS Industries, Inc. (GPSI) (GPSN, Trade ), the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities, today announced that it will virtually eliminate all the Company's long-term debt obligations as part of a major investment deal.
"We recently concluded an agreement which brings $15.7M of equity into GPS Industries so the Company is now well capitalized to fully develop the vast potential of our technology," said President and CEO Robert C. Silzer. "Greg Norman and several Directors -- myself included -- wanted to do all we could to further strengthen the Company's financial position. Obviously we are all convinced there's tremendous potential in the business."
Indeed, GPSN recently reported their Q3 sales performance exceeded that of the previous year by more than 160%, with Silzer commenting at the time "Based on our sales momentum and the activity in our pipeline I fully expect that growth trend to continue. The superiority of our technology is unquestioned and we have only just begun to amplify our marketing activities."
About GPS Industries (GPSI)
GPS Industries, Inc. (GPSN, Trade ) 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 choice of 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 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.
SOURCE: GPS Industries, Inc.
GPS Industries, Inc. Director, Marketing & Communications Steve Barrett, 604-576-7442 steven*gpsindustries.com or Investor Relations Ryan Gray, 310-276-6743 ryan*gpsindustries.com
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Posts: 395 | From: south dakota | Registered: Nov 2006
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spread looks great just need the volume with the PR reports and it is off!!!!!!!!!!!!
Posts: 395 | From: south dakota | Registered: Nov 2006
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GPS Industries and Willingham to Unveil Analysts Report Business Wire - December 04, 2006 4:06 PM ET
Related Quotes Symbol Last Chg GPSN Trade 0.07 0.00 Real time quote.
Robert C. Silzer, Sr., Chairman and Chief Executive Officer of GPS Industries (OTCBB:GPSN) and Market News First premier analyst Michael Willingham have announced the latest analyst report for GPS Industries. It is available on the Market News First website, www.***.com.
Highlights from the report include:
-- GPS Industries, Inc. has developed and patented the world's first Wi-Fi enabled GPS golf management system, Inforemer.
-- Inforemer is currently installed at more than 100 golf courses and has penetration into 10 countries worldwide.
-- GPSN owns 21 combinations of exclusive patents covering GPS, DGPS, and WAAS in 16 countries throughout the world including North America, Europe, Japan, and Australia.
-- In addition to its North American sales team and distributors, GPSN has an international distributor network in place providing coverage to the major international golf markets of Australia, New Zealand Asia, Europe, and South Africa.
-- High profile names involved in GPSN include Greg Norman, Mike Levy (former President of CBS Sportsline), Jeff Lurie (owner of the Philadelphia Eagles), along with a VP from Nike Golf and a USGA rules representative.
-- A portion of the recently announced $15.7 million investment into GPSN has been utilized to reorganize the financial structure, dramatically attack debt obligations, and fully capitalize the growth potential. The investment came from Great White Shark Enterprises and Leisurecorp, LLC.
GPS Industries, Inc. is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER 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 GPS Management System, please visit www.gpsindustries.com.
Market News First analyst Michael A. Willingham has covered many microcap companies and has hosted his detailed reports on www.***.com.
About ***.com
Market News First is an online, market news provider that brings investors current news on the market. Market News First is the only online, live radio web site that brings real market news to investors and features live interaction with companies from the Bulletin Board to NYSE.
Through daily, live interviews, we bring you up to date on all the established companies and inform the investors of the newest opportunities within the market. Market News First offers one-on-one interviews with the presidents and CFOs of companies to deliver answers to the questions that investors may ask and provides them insight into the companies' present condition and future plans.
SOURCE: Market News First
GPS Industries, Inc. Director, Marketing & Communications Steve Barrett, 604-576-7442 steven*gpsindustries.com or Investor Relations Ryan Gray, 310-276-6743 ryan*gpsindustries.com < Return to Previous
Posts: 395 | From: south dakota | Registered: Nov 2006
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Market News First Unveils New Analyst Report On GPS Industries 'Live' On-The-Air
Dec 5, 2006 09:30:29 (ET)
DALLAS, Dec 05, 2006 (BUSINESS WIRE) -- Robert C. Silzer, Sr., President and Chief Executive Officer of GPS Industries (GPSN, Trade ), will be featured live on Market News First ( www.***.com ) for an exclusive interview with Market News First premier analyst Michael Willingham. The interview, scheduled for Wednesday, Dec. 6, 2006, at 11:00 a.m (CDT), will also feature the Company's Director of Marketing, Steven Barrett, and discussion will center on Willingham's recent analysis of GPS Industries., Inc.
GPSN is the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities. The company's patented INFOREMER-HD(TM) Management System provides precise distance information to golfers, a powerful suite of management software and revenue generating tools for golf course operators, and is built around a Wi-Fi communications network. Central to the system's functionality are the full color cart-mounted and fully portable display units, which are widely praised for their remarkably vivid graphics and visual impact.
Join Robert C. Silzer, Sr. to learn more about the goals of the company, as well as its position in the stock market.
About ***.com
Market News First is an online, market news provider that brings investors current news on the market. Market News First is the only online, live radio web site that brings real market news to investors and features live interaction with companies from the Bulletin Board to NYSE.
Through daily, live interviews, we bring you up to date on all the established companies and inform the investors of the newest opportunities within the market. Market News First offers one-on-one interviews with the Presidents and CFOs of companies to deliver answers to the questions that investors may ask and provides them insight into the companies' present condition and future plans.
SOURCE: ***.com
GPS Industries, Inc. Director, Marketing & Communications Steve Barrett, 604-576-7442 steven*gpsindustries.com or Investor Relations Ryan Gray, 310-276-6743 ryan*gpsindustries.com
Posts: 395 | From: south dakota | Registered: Nov 2006
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Jack Nicklaus Signature Course Chooses Inforemer-HD(TM) Management System From GPS Industries, Inc.
Dec 6, 2006 06:30:13 (ET)
VANCOUVER, British Columbia, Dec 06, 2006 (BUSINESS WIRE) -- GPS Industries, Inc. (GPSI) (GPSN, Trade ), the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities, today announced that Old Corkscrew Golf Club, a Jack Nicklaus Signature design in Bonita Springs, Florida, has signed a contract to install eighty (80) of the Company's 10.4 inch Inforemer-HD(TM) Mobile Display Units (MDUs). The deal is yet another six figure sale for the rapidly growing company.
"We have been aggressively pursuing sales and the results have obviously been very positive," says GPS President and CEO, Robert C. Silzer. "Our Q3 performance this year was up dramatically over 2005 and based on the visibility in our pipeline I expect that trend will continue at least through the first quarter in '07."
Silzer continues, "It's always a privilege to do business with a Jack Nicklaus golf course and Old Corkscrew Golf Club in particular is exceptional because it is the only stand alone Nicklaus Signature design in southwest Florida. The club's Management is committed to delivering an exceptional golf experience and we're proud to help them deliver on that promise."
Mark Iwinski, Manager of Golf Operations at Old Corkscrew says, "We really like the versatility of the Inforemer-HD product. We researched the various systems that are available and GPS Industries product is so far advanced with its graphics and features verses the competition."
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.
About GPS Industries (GPSI)
GPS Industries, Inc. (GPSN, Trade ) owns the patents for golf-related GPS and Differential GPS (DGPS) applications in fifteen Countries worldwide, including the United States, Australia, Great Britain and Japan. Based on their patented technology, GPSI has become the leading innovator of Wi-Fi powered management solutions for golf facilities and residential communities. The company's INFOREMER-HD(TM) GPS System features an integrated Wi-Fi communications network and a comprehensive suite of software applications and revenue generating modules. Central to the system's functionality are the company's award-winning display units, which deliver the most powerful on-course advertising opportunities in the golf industry. For additional information, please visit: www.gpsindustries.com .
SOURCE: GPS Industries, Inc.
GPS Industries, Inc. Director, Marketing & Communications Steve Barrett, 604-576-7442 steven*gpsindustries.com or Investor Relations Ryan Gray, 310-276-6743 ryan*gpsindustries.com
Posts: 395 | From: south dakota | Registered: Nov 2006
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Prestigious 54-Hole Toronto Club Selects INFOREMER-HD(TM) System from GPS Industries Business Wire - December 07, 2006 6:30 AM ET
Related Quotes Symbol Last Chg GPSN Trade 0.07 -0.008 Real time quote.
GPS Industries, Inc. (GPSI) (OTCBB:GPSN), the leading innovator of Wi-Fi-enabled GPS systems for golf facilities and residential communities, is pleased to announce that Hidden Lakes Golf Club has chosen the INFOREMER-HD(TM) Management System for their award-winning golf club over all other available options.
"We carefully reviewed the range of options, and the Inforemer system was obviously superior" said Terry Parker, Owner of Hidden Lake. "Ultimately we made the investment to enhance our customers' experience at our facility. The quality of the graphic display is remarkable, and the way it's mounted on the steering column is the ideal viewing position for golfers."
Hidden Lake has contracted to install GPSI's award-winning 10.4-inch Mobile Display Units on their fleet of 120 golf carts. These large, LCD panels provide golfers with a vivid depiction of each hole, precise distance measurements to hazards and targets, helpful playing tips, automated scoring, even food and beverage ordering capabilities. The club also anticipates that significant new revenues will be generated from the sale of on-screen advertising.
GPSI President and CEO Bob Silzer says, "Hidden Lake is regarded as one of the finest golf courses in the region. An exceptional golf experience is what they promise, and, like so many other facilities around the world, they have recognized that our patented Inforemer-HD system helps deliver on that promise."
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.
Posts: 395 | From: south dakota | Registered: Nov 2006
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Cant understand how the volume is like this with these PR's but see people buy into that crap I see posted here everyday. LOL!!!!!! Very funny!
Posts: 395 | From: south dakota | Registered: Nov 2006
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