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 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.
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