Tiger Telematics(r) reaches out of court mediation settlement with Jordan
LONDON, 5 July 2005 - Tiger Telematics Inc (other OTC, TGTL), have announced an amicable settlement of the dispute between the companies with a conclusion to the $3 million plus legal dispute over sponsorship with Jordan Grand Prix Limited. Both parties have agreed to settle out of court as a result of a mediation process for $1,500,000 in cash that was paid today by Tiger plus the completed issuance of 30,000 shares of common stock. The litigation was settled by a court approved Tomlin Order.
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 SD and MMC card accessories.
The Gizmondo device and its games are currently launching the in UK and Continental Europe, with the North American launches planned for August 2005.
For further information please contact:
Global Media:
James Beaven
Indigo Pearl
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US Media:
Bryan Lam
Kohnke Communications
(415) 777-4000
German Media:
Torsten Oppermann
Indigo Pearl DE
+49 40 25330267
French Media:
Frederic Henry
Frederic Henry Communications
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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.
'Gizmondo', 'Smart Adds', 'Tiger Telecom', 'Gizmondo Games', 'Sticky Balls', 'Ball Busters', 'Pocket Ping Pong' and the 'Gizmondo' logos and devices are trademarks of Gizmondo Europe Limited. All rights reserved. All third party trademarks and/or copyright material are the property 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