Wi-Fi And Wireless Innovator GPS Industries Closes $3m Debt Financing
NEW YORK, NY -/September 28, 2005 - Wi-Fi Technology News/- 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, 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(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.
For additional information on GPSI and its solutions, please visit
http://www.gpsindustries.com.
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