OT: Reverse Split for Tiger Telematics Inc
Tiger Announces Successful 1 for 25 Reverse Split with New Symbol TGTL
JACKSONVILLE, July 30 /CNW/ - Tiger Telematics has taken a crucial step concerning its common stock (TIGR). Effective as of the opening of NASDAQ today, the reverse split takes place and has a new stock symbol (TGTL).
The company announces that it has successfully completed the reverse split approved by shareholders on July 9, 2004 shareholder meeting and it is trading as of July 30, 2004 under the new symbol TGTL.
At the July 9, 2004 special meeting, the company's shareholders approved a proposal to amend the Company's Certificate of Incorporation to authorize a reverse split of the company's stock of not less than 1 for 10 and not more than 1 for 50.
After studying the market conditions to determine the timing and rate of the reverse split the company decided that now is the right time to do so.
The timing is optimal concerning the soon to be launched, much-
anticipated, multi-entertainer, the Gizmondo.
The Gizmondo is powered by a Microsoft Windows CE.net platform and boasts a 2.8-inch TFT color screen with an ARM9 400Mhz processor and incorporates a 64-bit graphics accelerator.
It provides cutting-edge gaming, multimedia messaging, an MP3 music player, MPEG-4 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 MMC card accessories.
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. Set to launch in 2004, the gaming device includes built-in music, video, messaging and picture functions and GPS.
www.gizmondo.com
www.tigertelematics.com
Tiger 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.
