Leisurecorp tees off with GPSI investment

Leisurecorp, part of Dubai World’s investment arm Isthimar, has snapped up a stake in GPS Industries, a company focused on the provision of Wi-Fi powered management solutions for golf facilities and residential communities.

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By  Stuart Wilson Published  January 17, 2007

Leisurecorp, part of Dubai World’s investment arm Isthimar, has snapped up a stake in GPS Industries (GPSI), a company focused on Wi-Fi powered management solutions for golf facilities and residential communities. The government of Dubai wholly owns Dubai World. Leisurecorp, alongside Greg Norman’s Great White Shark Enterprises (GWSE) golf venture, has invested US$15.7m in GPSI with an option to invest an additional US$13m during the next four months. Isthimar reckons that GPSI’s Inforemer-HD GPS systems has reinvented the application of GPS technology and revolutionised the way golf courses are managed. Applications within the Inforemer-HD system include distance measurement, tournament management, customer relations, real-time communications, food and beverage ordering and on-screen messaging. Robert C. Silzer, president and CEO at GPSI, commented: “We have already achieved substantial growth in our golf division and these funds will obviously enhance our ability to further accelerate sales. Additionally, we have strengthened our balance sheet, we have dramatically reduced our debt, and have a solid financial platform for global expansion in the future.” “In addition to bringing substantial financial resources to the table GWSE and the Dubai group bring enormous strategic opportunities to our business. Leisurecorp’s real estate portfolio represents an ideal launching pad for the wireless services division we’ve been developing for more than a year now,” he added. Bart Collins, president of GWSE, added: “At nearly 100 facilities around the world GPSI’s patented technology is already transforming the way golf courses are managed. But the Company’s wireless technology has vast potential beyond the golf industry. This recapitalisation of the business provides the means by which GPSI can realise its full potential, in both golf and wireless services.” Leisurecorp’s portfolio includes Jumeirah Golf Estates, Island Global Yachting and Nakheel’s beach and recreation clubs. GWSE is closely involved with the development and design of Jumeirah Golf Estates, which will include four courses designed by golfing superstars, including two by Norman himself. These facilities are now expected to utilise GPSI’s Wi-Fi powered management solutions. GPSI’s Inforemer-HD GPS system features an integrated Wi-Fi communications network and a comprehensive suite of software applications and revenue generating modules.

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