Gizmondo to apply for NASDAQ listing

Just days after releasing a financial report that showed huge losses for Gizmondo creator Tiger Telematics, the company has announced plans to get its filings up to date and apply for listing on NASDAQ.

If approved, Tiger said in a statement, the listing will allow the company "to engage a much larger investor base as it permits retail solicitation orders and research by analysts. Tiger's common stock will then be considered a marginable security for loans."

Tiger co-founder and chairman Carl Freer said: "We are gearing up our inventory as a result of an unexpected surge in sales. We also need product in the USA for our upcoming launch in time for the Christmas season."

"Recent updates from our manufacturers allow us to expect to have Gizmondos available to meet the increasing demand."

Freer said that the company's investment bank was backing the move and that a registration statement for securities was a possibility in the near future.

He also confirmed that Gizmondo plans to have 89 titles on the market by the end of 2005, adding: "We envision an upcoming period of growth, having evolved from a development company to a solid entertainment and communication company."