Tiger Telematics
Tiger Telematics, parent company of handheld firm Gizmondo, has released its latest SEC filing. This shows that a really big financial pressure in on the firm that launched its handheld in limited mall-kiosk outlets in the U.S. in late 2005 after it was launched in Europe.
Tiger in the filing says;
The Company's Gizmondo Europe subsidiary has experienced severe financial pressures from various vendors as its cash flow has been unable to service the requirements. This has in part been aggravated by a lack of investor funding.The company has been actively negotiating for further funds from debt and equity sources to assist the cash flow needs of Gizmondo Europe but there can be no assurances that this will be achieved. The Company may be required to seek other alternatives for the Gizmondo Europe operations.
The worst of these problems are the loans from British businessmen David Warnock and Simon Davies. They together provided Giznmondo Europe a loan totaling around USD 21.2 million in two separate short-term loans. Unfortunately they are yet to receive the money back, despite it being due in late 2005.
Now it has been restructured and these loans have now been combined into a USD 22.4 million loan.
For security Tiger has pledged the patents and intellectual property rights of its Smart Adds product and the stock of its wholly owned subsidiary Smart Adds Inc.
Read more on the deepening crisis of Gizmondo in Gama Sutra.
Related Stories
Gizmondo parent gets $5 million reprieve
Following the recent news Gizmondo Europe has filed for bankruptcy in Britain, an updated SEC filing from the company has revealed more information on a bridging loan and the fate of other subsidiaries. Reason for the Jan 31 filing? Well, it is...
The 'Phoenix' Gizmondo To Rise Again:Late 2008 Relaunch Likely!
How often do we see gadgets that have had their place in the sun rise like the phoenix and witness a revival of fortunes? Trace your memory back to the summer of 2005, when a hand-held gaming system, with an outlandish name, was released much to the...
Gizmondo 2.0 confirmed for end of this year!
Remember the first Gizmondo? 'Not all that great', must be your first thought, and yeah, it's true. Those of you who have been waiting for a better version are lucky, because the Gizmondo 2.0 is spectacularly better than the original. Featuring...
Launch of the Gizmondo Handheld plus a Sat Nav bundle
Tiger Telematics will not only release the Gizmondo in the US on the 22nd of October, but they also plan to make available a Sat Nav bundle. The six entertainment-based core functions of the Gizmondo make it the most powerful and compelling GPS...
Robocop type weapon scanner to assist policemen
The image atop isn’t what we intended to begin this informative narrative with, but the secrecy maintained by the departments developing the Robocop type arms detector leaves us no choice. The detector would make things easier for the officers who..
