|Norman Backing Enhances Company's Worldwide Marketing of Next-Generation GPS-Based Products for Golf and Sports Industry|
GPS Industries Inc. (OTCBB:GPSN)(FWB:252179), a leading innovator of Wi-Fi wireless and GPS-enabled multimedia communications and management solutions for golf facilities, resorts, sporting events and residential communities, today announced that Greg Norman's Great White Shark Enterprises has committed to financing of $3 million in GPS Industries (GPSI) The announcement was made by Robert Silzer, Sr., President and CEO of GPSI.
The financing, to be channeled into ongoing product development and patent procurement programs, reaffirms Mr. Norman's ongoing commitment to GPSI's strategic vision and next-generation products.
GPSI's family of Inforemer(TM) products is a proprietary combination of global positioning system (GPS) technology and wireless Wi-Fi communications that has transformed GPS from a distance-measuring tool to a key business solution and revenue generator for golf courses, resorts and communities worldwide. Inforemer employs a complete Wi-Fi network infrastructure and cart-mounted or handheld mobile display units to provide a range of backend facilities management communication tools, revenue-generating advertising, as well as innovative multimedia and communication services for customers, such as golf shot distance measurement and course information.
Mr. Norman, CEO of Great White Shark Enterprises, has been actively involved with GPSI for the past two years. An international sports icon, he is one of the most recognized and respected names in professional sports, with 86 career victories and two British Open Championships, and holder of the world's number one golf ranking for 331 weeks.
As a businessman, Mr. Norman has numerous interests in the design and development of golf courses and residential communities. Mr. Norman has also taken a leadership position in the development and integration of next-generation technology for resort, sports and residential applications.
"GPSI has an unparalleled combination of high-value Wi-Fi and GPS technologies that place its potential well beyond golf and into residential communities," said Mr. Norman. "The possibilities for leveraging these technologies and their applications beyond golf continue to expand."
Great White Shark Enterprise's financing follows GPSI's recent acquisition of the North American rights to pivotal global positioning patents for next-generation Differential GPS (DGPS) golf technology. The patents provide new revenue streams in the world's most lucrative and growing golf marketplace. GPSI also owns the DGPS patents for golf and other industries in 13 other countries, including 11 European nations, Australia and Japan.
Mr. Norman cited GPSI's powerful strategic vision and its ability to execute highly value-added acquisitions as central elements in his decision to invest further in the Company. Said Norman, "GPS Industries understands how best to deploy its technology in an innovative fashion to help grow the game of golf."
Mr. Silzer, GPSI CEO, said the Great White Shark financing confers substantial additional credibility on GPSI and its technology solutions. "Greg is highly regarded not only as a golfer, but for his business acumen. Greg has built a reputation for identifying winning business opportunities and adding value to them in numerous ways."
Added Mr. Silzer, "Greg has a singular understanding of both the game and the business of golf. His ongoing commitment to GPS Industries illustrates his recognition that this company is executing the right plan in the most strategic fashion. Our wireless capabilities and flexible product configuration, along with proprietary assets that include an array of patents providing broadly applicable and highly favorable licensing opportunities set GPSI apart from the field."
"Through its design and development activities Great White Shark Enterprises provides powerful value-added business synergies for GPSI," said Mr. Silzer. "Greg has already been instrumental in promoting our products by introducing them to his pace-setting golf course and residential developments around the world. I am confident his involvement will continue to help us build business momentum worldwide as well as increase value for our shareholders."
About Great White Shark Enterprises, Inc.
Great White Shark Enterprises is a multi-faceted corporation with offices in the United States and Australia. The enterprise comprises several companies and divisions focused on golf and related lifestyle and ventures, including the Greg Norman Collection (clothing and sportswear), Greg Norman Golf Course Design, Greg Norman Turf Company, Medallist Developments (Real Estate), Greg Norman Estates (wine), Greg Norman Interactive, Greg Norman Production Company, as well as other merchandising and licensing.
About GPS Industries, Inc.
GPS Industries, Inc. (GPSI) develops and markets GPS and Wi-Fi wireless multimedia solutions to enable managers of golf facilities, resorts, sporting events, and residential communities worldwide to generate significant new revenue streams and improve operational efficiencies. The company's unique and patented Inforemer(TM) product line provides a complete GPS golf business solution, combining a powerful backend management information system and revenue generating modules with mobile color handheld or cart-mounted Differential GPS units, seamlessly connected via a wireless, high-speed Wi-Fi network. GPSI's Board of Directors includes legendary golfer and businessman Greg Norman. For additional information on GPSI and its solutions, please visit www.gpsindustries.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: The Company's ability to raise finance; global and market conditions within the golf industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.