NEW YORK, July 11, 2005 (PRIMEZONE) -- GPS Industries Inc. (OTCBB: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 received $2m financing, arranged through Norton Lane Advisors Limited. The announcement was made by Robert Silzer, Sr., President and CEO of GPSI.
"The financing will be channeled into ongoing product development and purchase of inventory, therefore continuing with our ongoing commitment to GPSI's strategic vision and position in the development and integration of next-generation technology for resort, sports and residential applications," comments Robert Silzer Sr., President and CEO of GPSI.
Silzer further states, "Norton Lane Advisors will be assisting GPSI with on going strategies to roll out the Inforemer(TM) world wide, and also assist in all financings required to further fund the growth of the company."
This funding follows Great White Shark Enterprise's financing whereby 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 worlds 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.
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 owns the GPS golf patents for all major golf markets worldwide, including North America, Australia, Japan and 11 European nations. Legendary professional golfer, Greg Norman, is a member of GPSI's board. 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.