Tiger Telematics (TGTL) Announces Three New Distribution Agreements For Certain Areas Of Asia And Australia.
London, 12 January, 2005: Gizmondo Europe Ltd, subsidiary of Jacksonville, FL based Tiger Telematics Inc (other OTC: TGTL), 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 U.S. 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 U.K. 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.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
For further information please contact:
Global Media:
James Beaven
Indigo Pearl
For and on behalf of Tiger Telematics, Inc. and Gizmondo Europe Ltd.
+44 208 964 4545
Mike Carrender, CEO
Tiger Telematics, Inc.
+1 904-279-9240
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