EX-99.1
6
v100753_ex99-1.htm
For
Release
6:30 am PST, January 24, 2008
January
24, 2008
GPS
Industries
Acquires
UpLink's Operations and Assets
GPSI
Becomes Golf's Largest Wi-Fi Based Cart Management Solutions Company
January
24, 2008 (Vancouver, Canada) - GPS Industries, Inc. (GPSI) (OTC BB: GPSN.OB),
international developer of global positioning system (GPS) and Wi-Fi multimedia
solutions serving the golf industry, has completed the acquisition of UpLink
Corporation's operations and assets. UpLink is a leading developer of GPS and
Wi-Fi enabled applications for the North American golf industry market. With
the
acquisition, GPSI becomes the leading international, "direct-to-golfer" media
display company.
The
acquisition expands GPSI's customer network to over 300 golf courses world-wide
and comes on the heals of the company's recent announcement of agreements to
install GPSI's patented Inforemer® HDX WiFi/GPS Management System at Doral
Resort and Spa in Florida (a Marriott Resort) and La Quinta Resort and Club
and
PGA West in California (members of the Waldorf Astoria Collection).
GPSI
and
UpLink have cooperated extensively since signing an acquisition letter of intent
in June 2007. The original August 31, 2007 Asset Purchase Agreement between
the
companies was based on the transfer of 129 million shares of GPSI common stock
plus $1.2 million in cash, with GPSI assuming $1.3 million in bank debt and
certain defined liabilities. The parties have successfully restructured the
consideration to include 142 million in GPSI common stock shares, Notes payable
to certain secured UpLink shareholders totaling approximately $1.5 million
and
120,000 shares of Series "B" Preferred Stock in lieu of cash. The deal
restructuring provides GPSI with a stronger balance sheet and upside potential
for UpLink shareholders.
"Completion
of this very important transaction provides further impetus to streamlining
operations and reducing overhead expenses, which GPSI has been attending to
as
the finality of the acquisition has become more certain" said Doug Wood, CEO of
GPSI.
"More
importantly, the combination of the patent portfolios of these two entities
is
very powerful to not only the HDX technology for course display information
to
golfers, but also to the newly combined operations industry leading golf cart
management solutions, and to its proprietary position-based advertising display
capabilities" Wood added. "The synergy of the patent and technology positions of
these two entities catapults GPSI into the industry leadership
role."
The
acquisition adds UpLink's patented "IQ Link" cart control and monitoring
application to GPSI's suite of proprietary display and differential GPS
capabilities. IQ Link addresses a major need among course operators to control
access to potentially dangerous or environmentally sensitive property areas
and
GPSI plans to incorporate this technology in future releases of its patented
Inforemer HDX product.
Existing
customers of both firms will enjoy enhanced around-the-clock support as a result
of merged international service teams. "Customer service has been a hallmark of
both companies", said UpLink CEO Glenn Pierce. "In fact it's one of the shared
values that make this a truly synergistic combination. The trust and confidence
of our customers is central to the success we have both enjoyed and will be
a
key factor in continuing the gains we have both achieved".
ABOUT
GPS INDUSTRIES, INC.
GPS
Industries, Inc. (GPSI) develops and markets GPS and Wi-Fi multimedia solutions
to enable managers of golf facilities, resorts, and residential communities
to
improve operational efficiencies and generate significant new revenue streams.
The company's Inforemer® Management Solutions product line provides integrated
software applications and a high-resolution 10.4-inch cart mounted "HDX" display
panel. The HDX panels vividly illustrate each hole, providing precise distance
measurement information, strategic playing tips and targeted advertising
messages. The patented system is seamlessly connected via a high-speed Wi-Fi
network that enables the entire facility into a wireless hot spot. For
additional information, 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.
CONTACTS:
Joe
Miller
Chief
Financial Officer
604-576-7442
Joe.miller@gpsindustries.com
Ryan
Gray
Investor
Relations
310-276-6743
ryan@gpsindustries.com

EX - 99 . 1 6 v100753 _ ex99 - 1 . htm For Release 6 : 30 am PST , January 24 , 2008 January 24 , 2008 GPS Industries Acquires UpLink 's Operations and Assets GPSI Becomes Golf 's Largest Wi - Fi Based Cart Management Solutions Company January 24 , 2008 ( Vancouver , Canada ) - GPS Industries , Inc . ( GPSI ) ( OTC BB : GPSN . OB ) , international developer of global positioning system ( GPS ) and Wi - Fi multimedia solutions serving the golf industry , has completed the acquisition of UpLink Corporation 's operations and assets . UpLink is a leading developer of GPS and Wi - Fi enabled applications for the North American golf industry market . With the acquisition , GPSI becomes the leading international , " direct - to - golfer " media display company . The acquisition expands GPSI 's customer network to over 300 golf courses world - wide and comes on the heals of the company 's recent announcement of agreements to install GPSI 's patented Inforemer ® HDX WiFi / GPS Management System at Doral Resort and Spa in Florida ( a Marriott Resort ) and La Quinta Resort and Club and PGA West in California ( members of the Waldorf Astoria Collection ) . GPSI and UpLink have cooperated extensively since signing an acquisition letter of intent in June 2007 . The original August 31 , 2007 Asset Purchase Agreement between the companies was based on the transfer of 129 million shares of GPSI common stock plus $ 1.2 million in cash , with GPSI assuming $ 1.3 million in bank debt and certain defined liabilities . The parties have successfully restructured the consideration to include 142 million in GPSI common stock shares , Notes payable to certain secured UpLink shareholders totaling approximately $ 1.5 million and 120,000 shares of Series " B " Preferred Stock in lieu of cash . The deal restructuring provides GPSI with a stronger balance sheet and upside potential for UpLink shareholders . " Completion of this very important transaction provides further impetus to streamlining operations and reducing overhead expenses , which GPSI has been attending to as the finality of the acquisition has become more certain " said Doug Wood , CEO of GPSI . " More importantly , the combination of the patent portfolios of these two entities is very powerful to not only the HDX technology for course display information to golfers , but also to the newly combined operations industry leading golf cart management solutions , and to its proprietary position - based advertising display capabilities " Wood added . " The synergy of the patent and technology positions of these two entities catapults GPSI into the industry leadership role . " The acquisition adds UpLink ' s patented " IQ Link " cart control and monitoring application to GPSI 's suite of proprietary display and differential GPS capabilities . IQ Link addresses a major need among course operators to control access to potentially dangerous or environmentally sensitive property areas and GPSI plans to incorporate this technology in future releases of its patented Inforemer HDX product . Existing customers of both firms will enjoy enhanced around - the - clock support as a result of merged international service teams . " Customer service has been a hallmark of both companies " , said UpLink CEO Glenn Pierce . " In fact it ' s one of the shared values that make this a truly synergistic combination . The trust and confidence of our customers is central to the success we have both enjoyed and will be a key factor in continuing the gains we have both achieved " . ABOUT GPS INDUSTRIES , INC . GPS Industries , Inc . ( GPSI ) develops and markets GPS and Wi - Fi multimedia solutions to enable managers of golf facilities , resorts , and residential communities to improve operational efficiencies and generate significant new revenue streams . The company 's Inforemer ® Management Solutions product line provides integrated software applications and a high - resolution 10.4 - inch cart mounted " HDX " display panel . The HDX panels vividly illustrate each hole , providing precise distance measurement information , strategic playing tips and targeted advertising messages . The patented system is seamlessly connected via a high - speed Wi - Fi network that enables the entire facility into a wireless hot spot . For additional information , 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 . CONTACTS : Joe Miller Chief Financial Officer 604 - 576 - 7442 Joe.miller@gpsindustries.com Ryan Gray Investor Relations 310 - 276 - 6743 ryan@gpsindustries.com