London, 4th November 2004 - Gizmondo Europe Ltd (Gizmondo), subsidiary of Jacksonville, Florida-based Tiger Telematics Inc (OTC: TGTL , OTC: TGTL.PK), confirmed today that a one year Distribution Agreement has been signed with United Electronics SL to distribute the Gizmondo hand-held multi-entertainer throughout Spain and Portugal for a minimum of 30,000 units.
The Barcelona Spain based electronics distributor with over 30 years experience in the sector, has made known its confidence in the new multi-entertainer device by placing a 15,000 unit order valued at over 4 million Euros for Spanish territories supported by an Irrevocable Letter of Credit. Deliveries will commence in this quarter in December, continuing into 2005 at an expected rate of approximately 2,500 per month, to meet escalating consumer demand.
Carl Freer, Managing Director, Gizmondo Europe, says: "Interest from Spain and Portugal in Gizmondo has been significant. We've chosen who we believe will be the strongest distribution partner to facilitate the forthcoming launch."
Haresh Nanwani, Managing Director, United Electronics SL, added: "The Gizmondo is the most exciting, feature-rich product we've seen so far, and we are extremely delighted to be distributing it in Spain and Portugal. We see the enormous sales potential of this unique device, and there's already incredible anticipation brewing within retail and wholesaler circles." He continued, "This is an exceptional opportunity and we look forward to working very closely with the Gizmondo Europe team over the coming months on what promises to be technology calendar event."
The Gizmondo is powered by a Microsoft Windows CE.net platform, boasts 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 due for launch in the UK in the fourth quarter 2004 and in North American markets from the first quarter 2005.
About Tiger Telematics and Gizmondo Europe
Gizmondo Europe Ltd. is an owned subsidiary of Tiger Telematics Inc (TGTL) and is the maker of Gizmondo, a next-generation mobile entertainment device. Set to launch 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.
About United Electronics
United Electronics S.L. was founded in 1967 and established in 1993.Their main activity consists in import, export and distribution of consumer electronics, IT, software and telecommunication products.
For further information please contact:
For and on behalf of Tiger Telematics, Inc. and Gizmondo Europe Ltd.
+44 208 964 4545
Michael Carrender, CEO
Tiger Telematics, Inc.
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; and those risks discussed in the Company's filings with the SEC.