GPS Industries Inc. (GPSN.OB) Announces $4.9 Million Expansion of Leisurecorp Contract
Posted on Friday, June 27th, 2008 | In Current Market News, OTCBB Markets, Small & Micro Cap, Stocks to WatchGPS Industries Inc. (GPSN.OB) develops and markets GPS and Wi-Fi wireless multimedia solutions to the $38 billion worldwide golf market. The company’s solutions enable managers of golf facilities, resorts, sporting events and residential communities worldwide to generate significant new revenue streams and improve operational facilities. GPS Industries now has an installed base of over 320 active golf-course installations worldwide.
GPS Industries has been looking to expand their business beyond the golf business. On June 27,2008, the company announced a $4.9 million expansion of the contract GPS already had with Leisurecorp LLC. Leisrecorp is part of Dubai World, the huge finance and holding company based in Dubai. In 2007, Leisurecorp invested $10 million into GPS Industries, becoming the largest shareholder in the company.
The extended contract that GPS now has with Leisurecorp involves Leisurecorp’s Jumeirah Golf Estates located in Dubai. The solutions provided for Jumeirah by GPS through the company’s products include: monitoring and billing for water usage, GPS tracking of various homeowners’ assets around the community, and allowing residents access to various online activities such as making online purchases. GPS Industries is expected to complete the project in 8 to 12 months.
Through the company’s major projects team, the expansion of the Jumeirah Golf Estates contract continues to diversify GPS Industries beyond the golf industry as a provider of Wi-Fi technology solutions. GPS Industries CEO David Chessler stated, “This latest commitment from Leisurecorp shows that we’re not just a GPS golf company anymore. These products launch us well beyond the golf industry and validates that we are on the leading edge as a technology company of the future.”
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