VANCOUVER, British Columbia—(BUSINESS WIRE)—December 21, 2006— GPS Industries, Inc. (GPSI) (OTCBB: GPSN), owner of golf-related Wi-Fi powered GPS technology patents in fifteen countries worldwide, today announced that sales revenue for 2006 will exceed those of 2005 by at least 10%. The Company's CEO has also reported several other significant developments and is issuing guidance that it will achieve a positive cash-flow position in mid-2007.
"The revenue gains our company has made this year are certainly
positive," says GPSI President and CEO, Robert Silzer, Sr. "However,
those accomplishments will pale in comparison to what we will achieve
On November 28, 2006 the Company announced it had concluded an
agreement with two major investors, which realized an injection of
more than $15-M equity. "As that sum represents only the first stage
of the agreement" Silzer says, "I think it's important to note the
total value of the deal potentially exceeds $45-M."
The recapitalization comes primarily via Greg Norman's Great White
Shark Enterprises ("GWSE") and a global investment giant, which is
owned by the Government of Dubai. Since the conclusion of the
agreement, GPS Industries has eliminated virtually all long-term debt
obligations and aggressively expanded its marketing efforts, growing
its international sales team by almost 200%.
Mr. Silzer emphasized "In addition to bringing substantial
financial resources to the table GWSE and the Dubai group have
significant strategic resources and intellectual capital that will
accelerate our growth. Having Bart Collins, President of GWSE, as a
member of our executive team is the first step towards realizing the
opportunities our new partners bring with their investment."
"Clearly we are now the most financially endowed GPS company in
the golf industry," says Silzer. "These resources will accelerate the
growth we are already enjoying, and capitalize certain key
acquisitions to cement our position as the market leader."
"We have prevailed in the UK courts, defending the integrity of
our patents in Europe, and are now preparing actions against more than
thirty other infringing businesses. This, in turn, will further reduce
the competitive forces in our golf business or generate significant
licensing revenue going forward."
2007 will also mark the introduction of an entirely new and
potentially lucrative division within the GPS Industries family of
brands. Tapping in to the vast gated community market, GPSI will
launch a dedicated wireless services division. GPSI Vice President of
Wireless Solutions, Peter Lesyk, explains: "Essentially we have
developed an array of wireless technology products and applications
that enhance the quality of living for residents within defined
"The demand for wireless solutions is growing exponentially around
the world," Lesyk continues, "and the fact is our experience with WiFi
technology has provided our engineering team with a profound
understanding of the opportunities it represents in the residential
To learn more about GPS Industries, and to review details of the
$45-M investment agreement, visit the Company's web site at
About GPS Industries (GPSI)
GPS Industries, Inc. (OTCBB:
GPSN) owns the patents for
golf-related GPS and Differential GPS (DGPS) applications in fifteen
Countries worldwide, including the United States, Australia, Great
Britain and Japan. GPSI is also the leading innovator of Wi-Fi powered
management solutions for golf facilities and residential communities.
The company's INFOREMER-HD(TM) GPS System features an integrated Wi-Fi
communications network and a comprehensive suite of software
applications and revenue generating modules. Central to the system's
functionality are the company's award-winning display units, which
deliver the most powerful on-course advertising opportunities in the
golf industry. For additional information, please visit
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.