SOURCE: GPS Industries, Inc.

September 27, 2005 06:30 ET

GPS Industries Closes $3 Million U.S. Debt Financing

NEW YORK, NY -- (MARKET WIRE) -- September 27, 2005 -- GPS Industries, Inc. (OTC BB: GPSN), 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 GPSI has closed a $3,000,000 US senior convertible debt financing from the NIR Group.

"This funding of $3,000,000 will be directed into acquiring inventory for the fulfillment of sales backlog, general working capital purposes, and the continuation of integration of next-generation technology for resort, sports and residential applications," said Robert Silzer, Sr., President and CEO of GPSI. "The financing of $3,000,000 contributes to our powerful strategic vision and strong dedication to increasing value for our shareholders."

The first tranche of $1,500,000 US, less fees and expenses, was received on closing, with the second tranche of $750,000 US to be received 30 days after the closing, subject to certain conditions being met by GPS Industries. The third tranche will be funded upon effectiveness of the Registration Statement.

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™ 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. For additional information on GPSI and its solutions, please visit www.gpsindustries.com.

Forward-Looking Statements

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.

- GPS Industries, Inc -

Contact Information

  • Contact:
    Bernadine Plavcic
    Director, Communications
    GPS Industries
    604.576.7442 ext 136
    Email Contact