|
COPYRIGHT 2006 Asia Pulse Pty Ltd
(Full text of a statement. Contact details below.)
GPSI Management Converts $3.7-M of Debt Obligations to Equity
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov.
28, 2006--GPS Industries, Inc (GPSI) (OTCBB:GPSN), the leading innovator of Wi-Fi enabled GPS systems for golf facilities and residential communities, has signed a definitive investment agreement with Great White Shark Enterprises (GWSE) and Leisurecorp LLC (Leisurecorp).
Leisurecorp is part of the Istithmar group.
Istithmar is an alternative investment house based in the United Arab Emirates (UAE), it is 100 percent owned by Dubai World, which is in turn wholly owned by the Government of Dubai.
Under the terms of the agreement, GWSE and Leisurecorp will invest $15.7 Million in aggregate in GPSI through the purchase of 1,574,089 newly issued Series B convertible preferred shares and related warrants.
Robert C.
Silzer, President and CEO of GPSI, commented "I believe these commitments, from both GWSE and Leisurecorp, are persuasive evidence that our technology and our business plan are attractive to even the most demanding investors.
Greg Norman has been a valued strategic investor in GPSI for several years and has reaffirmed...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
