LONDON, Jan. 12 /PRNewswire/ -- Gizmondo Europe Ltd, subsidiary of
Jacksonville, FL based Tiger Telematics Inc (OTC: TGTL, TGTL.PK), confirmed
today that as a result of the strong enthusiasm generated from the Gizmondo at
the CES show in Las Vegas, it has signed three separate one year Distribution
Agreements that run through June 2006. TGTL exhibited the multi-entertainment
device to enthusiastic packed crowds of attendees at the Consumer Electronics
Show (CES) in Las Vegas, Nevada, as well as being featured on the Microsoft
and Nvidia stands. The event ran from Jan. 6-9, 2005, and introduced the
feature-packed Gizmondo to the US market, ahead of the soon-to-be-announced,
late-Q1 2005 launch date.
At the show, Gizmondo signed Distribution Agreements with United Options
International, Pty, Ltd. of Hamilton Australia to distribute 600,000 Gizmondo
units at the rate of 50,000 per month for Australia and New Zealand, with
Venturecom, Inc of Chesapeake, VA to distribute 360,000 units at the rate of
30,000 per month in South Korea and Hong Kong and with Venturecom and G
Technologies Pty Ltd/Glober Traders of Manila Philippines to distribute
360,000 units at the rate of 30,000 per month in the Philippines.
The respective Distribution Agreements call for a Letter of Credit to be
provided by each entity 60 days prior to shipment of the first month's order
and for the balance of the agreements. Deliveries should commence in April of
this year subject to timely receipt of each Letter of Credit. The company
intends to announce the Letters of Credit as received and the associated
orders corresponding to the Letters of Credit for the first shipments of each
respective agreement.
Carl Freer, Managing Director, Gizmondo Europe, says: "Interest from
throughout the world in Gizmondo has been significant. We've chosen who we
believe will be the strongest distribution partners to facilitate the
forthcoming launch in those areas."
Directors Joe Mancini, John Farmer and Steven Lee of United Options
International were quoted as follows:
"Gizmondo will revolutionize the way we think, play and enjoy portable
entertainment", John Farmer, Managing Director.
"In our opinion, Coles Myers Group, Retravision, Harvey Norman, Dick
Smiths, Tech Pacific and many more Australian retailers excitedly await
Gizmondo's arrival", Joe Mancini, Director and CEO.
"Gizmondo is going to change the whole portable entertainment industry and
we are proud to partner with Gizmondo for the 2005 gaming and product launch",
Steven Lee Director.
The Gizmondo is powered by Microsoft Windows CE advanced real-time
operating system, boasting a 2.8-inch TFT colour screen with a Samsung ARM9
400Mhz processor and incorporates the GoForce 3D 4500 NVIDIA graphics
accelerator. It provides cutting-edge gaming, multimedia messaging, an MP3
music player, Mpeg4 movie playing capability, a digital camera and a GPRS
network link to allow wide-area network gaming. Additionally, it contains a
GPS chip for location-based services, is equipped with Bluetooth for use in
multi-player gaming and accepts MMC card accessories.
The Gizmondo device and its games are currently launching in the UK and
will launch in North American and Continental Europe markets late in the first
quarter 2005. The Company cannot project the number of units that it will sell
of the device.
About Tiger Telematics and Gizmondo
Gizmondo Europe Ltd. is an owned subsidiary of Tiger Telematics Inc (TGTL)
and is the maker of Gizmondo, a next-generation mobile entertainment device.
Launched in 2004, the gaming device includes built-in music, video, messaging
and picture functions and GPS.
Tiger Telematics is a designer, developer and marketer of mobile
telematics systems and services that combine global GPS functions and voice
recognition technology to locate and track vehicles and people down to street
level in countries throughout the world. The systems are designed to operate
on GPS and are currently being marketed to GSM current and potential
subscribers, primarily by the company's United Kingdom based subsidiaries.
http://www.gizmondo.com
http://www.tigertelematics.com
The names of actual companies and products mentioned herein may be the
trademarks of their respective owners.
Except for historical matters contained herein, the matters discussed in
this press release are forward-looking and are made pursuant to the safe
harbour provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that these forward-looking statements reflect numerous
assumptions and involve risks and uncertainties that may affect Tiger
Telematics, Inc. and its subsidiary businesses and prospects and cause actual
results to differ materially from these forward-looking statements. Among the
factors that could cause actual results to differ are Tiger Telematics Inc.'s
operating history; competition; low barriers to entry; reliance on strategic
relationships; rapid technological changes; inability to complete transactions
on favourable terms; the schedule and sell-through for new software release;
consumer demand for video game hardware and software; the timing of the
introduction of new generation competitive hardware systems, pricing changes
by key vendors for hardware and software and the timing of any such changes,
and the adequacy of supplies of new software product and those risks discussed
in the Company's filings with the SEC.
In light of the risks and uncertainties inherent in the forward-looking
statements, these statements should not be regarded as a representation by
Tiger Telematics, Inc. or any other person that the projected results,
objectives or plans will be achieved. Tiger Telematics, Inc. undertakes no
obligation to revise or update the forward-looking statements to reflect
events or circumstances after the date hereof .
SOURCE Tiger Telematics Inc
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Related links:
http://www.tigertelematics.com
http://www.gizmondo.com
CONTACT:
James Beaven, Indigo Pearl, for and on behalf
of Tiger Telematics, Inc. and Gizmondo Europe Ltd.
+44-208-964-4545; or Mike Carrender, CEO Tiger Telematics, Inc.,
+1-904-279-9240
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