GPS Industries, Inc. (GPSI) (OTCBB:GPSN), the leading
innovator of Wi-Fi enabled GPS systems for golf courses and
residential communities, today announced that it has signed a
Memorandum Of Understanding with an affiliate of a large investment
group located in the United Arab Emirates for a US$10M private
placement for the Company's preferred stock. Completion of the private
placement is subject to confirmatory due diligence and final
documentation. Management believes that the investment from the Dubai
group will lead to additional investments from other investors. The
securities being offered will not be registered under the Securities
Act of 1933, as amended and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements.
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:GPSN) is the leading innovator of
Wi-Fi enabled GPS systems for golf facilities and residential
communities. The company's patented INFOREMER(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 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(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.
