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Gizmondo

Gizmondo Exec Takes Plea Deal; Will Serve 3 Years

Authored by Mark Hefflinger on November 8, 2006 - 1:34pm.
Los Angeles - Following last week's mistrial of a former executive at defunct handheld game maker Gizmondo, defendant Stefan Eriksson has accepted a plea agreement from prosecutors that includes three years in prison and a $5,000 fine.
tags: Games | Law | Law Enforcement | Gizmondo | Stefan Eriksson |

Gizmondo Exec to be Retried on Car Theft Charges After Mistrial

Authored by Mark Hefflinger on November 6, 2006 - 7:39pm.
Los Angeles - A former executive at defunct handheld game maker Gizmondo, who crashed a rare Ferrari while driving 162 mph on Malibu's Pacific Coast Highway, will be retried on charges of fraud and grand theft after a jury failed to reach a decision Friday, the Associated Press reported.
tags: Games | Law | CE | Autos | Law Enforcement | PMP | Gizmondo |

Former Gizmondo Exec Who Crashed Rare Ferrari Appears in Court

Authored by Mark Hefflinger on October 19, 2006 - 3:31pm.
Los Angeles - The Swedish former executive of defunct handheld video game maker Gizmondo, who destroyed a $1 million Ferrari in a high speed crash on Malibu's Pacific Coast Highway, appeared in court on Thursday to face charges of car theft, embezzlement and driving under the influence, Reuters reported.
tags: Games | Law | CE | Sweden | Law Enforcement | Gizmondo |

Former Gizmondo Exec Crashes Rare $1 Million Ferrari in Malibu

Authored by Mark Hefflinger on February 23, 2006 - 3:11am.
Malibu, Calif. - A former executive at Gizmondo, a maker of handheld video game devices whose European unit recently declared bankruptcy, crashed a $1 million Ferrari Enzo on Tuesday while drag racing at 120 mph on the Pacific Coast Highway in Malibu, Calif. Stefan Eriksson destroyed the classic car -- of which only 400 were made -- as it sheared in half after hitting a power pole, while Eriksson escaped with only a minor cut on his lip. Police said Eriksson, whose blood alcohol level measured .09, claimed that the car was actually being driven by a German man named Dietrich, who he said fled the scene on foot after the accident. Authorities were unable to locate this person after a local search. The Los Angeles Times reported that Eriksson had at one point received a $100,000 car allowance from Gizmondo, and once raced in France's Le Mans road race in a Ferrari with Gizmondo branding. Eriksson resigned from the company shortly before a Swedish newspaper published a story claiming that he had been convicted of counterfeiting in Sweden.
tags: Ferrari | Malibu | Gizmondo | Crashe | Rare |

Maker of Gizmondo Handheld Game Device Goes Into Liquidation

Authored by Mark Hefflinger on February 8, 2006 - 4:37am.
London - Gizmondo Europe, a unit of Florida-based Tiger Telematics and maker of the Gizmondo handheld game device, has been ordered into liquidation by the U.K. High Court, which recently refused the company's application for bankruptcy protections. Gizmondo Europe employees will be laid off, and sales of its assets are expected to bring $72 million, according to an SEC filing. Since launching in Europe six months ago, the company has reported sales of only about 5,000 consoles, and has not provided sales figures for the U.S. market, where the device went on sale in October at kiosks in 10 shopping malls. Tiger Telematics CEO Michael Carrender told The New York Times that the company is attempting to raise $30 million in emergency financing from a Swiss equity group to continue its U.S. operations, but the company said in the SEC filing that it is also exploring strategic alternatives that include a sale of the company. "Gizmondo did not fill a need," Wedbush Morgan Securities research analyst Michael Pachter told The Times.
tags: Games | Deal | Gizmondo | Liquidation |

Gizmondo Parent Looks to Raise $75 Million, Puts Up Rights to Ad Tech

Authored by Mark Hefflinger on January 18, 2006 - 4:23am.
Jacksonville, Fla. - Tiger Telematics, the parent company of the firm that created the Gizmondo multi-functional handheld video game console, said in a recent SEC filing that it has put up the rights to its Smart Adds unit in lieu of repayment of several loans. The Smart Adds technology enables advertisers to deliver ads directly to Gizmondo users. Under the agreement with its creditors, whom are owed $21.2 million, the company must raise $75 million by March 31; if it fails, rights to the Smart Adds technology and all of its shares will be turned over, and the company must repay the loans in full. Tiger said it has lined up $50 million from hedge fund groups in Geneva and London, and hopes the remaining $25 million can be secured from extensions of existing credit lines.
tags: VC | Ad Tech | Gizmondo |

Gizmondo Reports "Only Minor Sales" During U.K. Launch

Authored by Mark Hefflinger on November 15, 2005 - 6:13am.
Jacksonville, Fla. - Tiger Telematics, the parent company of Gizmondo, maker of the multi-functional handheld game device of the same name, revealed in a recent SEC filing that the game console recorded "only minor sales" in its first three months on sale in the U.K. GamesIndustry.biz reasoned that the company's stated $1.5 million in U.K. sales could amount to no more than 5,000 units sold. The device received a larger launch in the U.S. in October, however, and a sales spike claimed by Tiger is not included in the financial data.
tags: Reports | U.K | Gizmondo | Only Minor Sales |

Resignations at Gizmondo Follow Revelations of Swedish Mafia Ties

Authored by Mark Hefflinger on October 27, 2005 - 4:31am.
London - Gizmondo Europe, the unit of Florida-based Tiger Telematics that developed the Gizmondo multi-functional handheld game system, on Thursday confirmed management changes and an internal review after it was revealed that a company executive and several staff members had Swedish mafia connections. The Swedish daily newspaper Aftonbladet reported that Gizmondo Europe executive Stefan Eriksson was convicted in the 90's of fraud and counterfeiting charges tied to Sweden's Uppsala Mafia. Eriksson and two other Gizmondo staff, including the company's head of security, resigned last week after their ties to Sweden's mafia were publicized. Also resigning was Gizmondo Europe managing director Carl Freer, who was not alleged to have mafia connections. The company announced that it has named Michael Carrender CEO, CFO and chairman of Gizmondo Europe; Carrender asserts that he was not aware of the former employees' ties to the mafia. The company released the Gizmondo in the U.K. in March, and last week began selling the device in the U.S. Gizmondo parent company Tiger Telematics soon plans to begin trading shares on the Nasdaq.
tags: Resignations | Gizmondo | Revelations | Swedish Mafia | Ties |

Tiger Telematics Confirms Oct. 22 U.S. Launch for Gizmondo

Authored by Mark Hefflinger on October 6, 2005 - 9:25am.
Jacksonville, Fla. - Tiger Telematics, the developer of the Gizmondo multi-functional handheld video game system, announced on Thursday that it will release the Gizmondo in the U.S. on Oct. 22. "Contrary to rumors in the marketplace we are not delaying the scheduled USA launch, we are committed to the October 22, 2005 release date, and the product will be available in all 50 states well in advance of the Christmas retail season," said Tiger Telematics chairman and co-founder Carl Freer. The device has been on sale in the U.K. since March, and Tiger on Thursday said that it has added Play.com and Maplin to its network of U.K. retail partners. While the first-generation Gizmondo features a 2.8-inch screen, the company has already announced plans for a widescreen version that will bring its screen size more in line with the rival Sony PSP.
tags: U.S | Gizmondo | Tiger Telematics |

U.S. Gizmondo Launch Delayed Until October

Authored by Mark Hefflinger on August 4, 2005 - 5:19am.
London -- Gizmondo Europe has delayed the U.S. release of its Gizmondo multi-functional handheld video game device, previously slated to go on sale next week, until October, GamesIndustry.biz reported on Thursday. The company cited a hardware shortage and delayed shipments of several key game titles to U.S. retailers, in addition to the desire to add marketing staff to a recently opened U.S. office in Los Angeles. "The new release date is now October for the North American Gizmondo launch," a Gizmondo Europe representative told GamesIndustry.biz. "More details will be released next week. There will be a launch event, but at present it's not been decided where or when."
tags: U.S | Gizmondo | Delayed |

Gizmondo Parent Tiger Telematics Retains Financial Advisor

Authored by Mark Hefflinger on May 13, 2005 - 9:04am.
Jacksonville, Fla. -- Tiger Telematics, the parent company of Gizmondo Europe -- which recently released its Gizmondo multi-functional handheld video game console -- announced on Friday that it has retained Morgan Stanly as its financial advisor, to assess strategic and financing opportunities for the company. Florida-based Tiger did not say whether it was considering a sale of the company. The Gizmondo device is already on sale in the U.K., and is scheduled for release in North America and Continental Europe yet this spring.
tags: Gizmondo | Tiger Telematics | Financial Advisor |

Gizmondo Maker Tiger Telematics Acquires U.K. Game Developer Warthog

Authored by Mark Hefflinger on November 3, 2004 - 9:14am.
London -- Tiger Telematics, maker of the Gizmondo multifunctional handheld gaming console, announced on Wednesday that it has acquired U.K.-based video game developer Warthog in a bid to expand its game development resources. Florida-based Tiger provided $1.1 million in cash and about 498,000 shares to acquire Warthog, which has developed games including "Harry Potter" for Electronic Arts. In addition to Warthog's portfolio of 12 game titles, which will be developed for the Gizmondo, Tiger also acquired the company's proprietary game engine porting tool, Tusk -- which it says will speed conversion of third-party games for the Gizmondo. The Gizmondo was released this week in the U.K. and is scheduled to ship in the U.S. in the first quarter of 2005.
tags: Games | U.K | Gizmondo | Tiger Telematics | Warthog |

Gizmondo Multifunctional Handheld Game Console Launches in U.K.

Authored by Mark Hefflinger on November 1, 2004 - 9:30am.
London -- Florida-based electronic game manufacturer Tiger Telematics announced that it has shipped its Gizmondo multifunctional handheld game console in the U.K. The company said 12 game titles are initially available for the device, which features an Nvidia graphics chip, 2.8-inch color screen, and added features including multimedia messaging, an MP3 player, MPEG-4 video playback, GPS, a digital camera and a GPRS network link to allow wide-area network gaming. The Gizmondo is slated for release in the U.S. in the first quarter of 2005.
tags: Games | U.K | Gizmondo | Multifunctional |