Bridge News- GPS Buddy

GPS Buddys oversubscribed more than 2,5 times
ACH Securities in Switzerland reports on behalf of their Bridge investors that GPS Buddy´s second issue of 1,3 million Euros was also this time heavily oversubscribed more than 2.5 times.

Due to the over subscription, the available shares of 1,3 million Euro, will be allocated in a drawing process where members that did not receive any shares in the first issue will be prioritized. In January, GPS Buddys last issue will take place with a approved prospectus at a higher valuation together with their financial advisor William Fry in Ireland. Securities dealer based in Ireland. Bridge will in December announce the dates and places for the investment Road shows in Europe with the Co- founders of GPS Buddy Holding Ltd

GPS Buddy receives additional growth capital trough loans from the co- founders.
In anticipation of this last Private placement, with William Fry Solicitors and BDO Simpson Xavier, GPS-Buddy are reporting the timely publishing of the Prospectus will come in February 2008. GPS Buddy has had two initial investment rounds in July and October 2007, based on the Information Memorandum. The both share offers was heavenly oversubscribed and limited to 2.5 million euros in order to comply with the EC Prospective Directive rules.

As a result either Bridge or its many members did not get full allotments at the current valuation of the company due to this high interest and need therefore to wait until the Irish Stock Exchange approves the company’s prospectus.

The two company founders has after consultation with William Fry Solicitors – decided to make personal shares available for ACH Securities to administrate those extra shares to certain interested members in Bridge within the EC Prospective Directive rules, to grow the GPS Buddy faster by giving out personal loans to the company from sold shares.

GPS-Buddy will therefore have capital to speed up the production of the GPS-Buddy CONNECT units at this very moment to meet surprising demand from Europe and the United States.

This will help GPS-Buddy manufacture and market especially its new product - the GPS-Buddy CONNECT - in great quantities across Europe and the United States. GPS-Buddy believes that this product will reshape the volume market of tracking & tracing solutions and will place GPS-Buddy as one of the leading providers of tracking and tracing solutions in the world.

The founders have last week, with help from William Fry, signed agreements that their loans will remain, until the company makes profit which means that the capital from Bridge investors can not be used to pay back any of the loans.

GPS Buddy winner of prestigious SEMA Award in Las Vegas.
In anticipation of the launch of the GPS-Buddy CONNECT during the 2008, International CES in Las Vegas next January, the GPS-Buddy CONNECT was introduced to the North American marketplace at the SEMA Show earlier this month. Here the audience was given a preview of what the GPS-Buddy CONNECT can mean to the fleet management and tracking & tracing industries.

The SEMA Show, which is not open to the general public, is the premier automotive specialty products trade event in the world and took place in Las Vegas. For four days, GPS-Buddy was engaged in countless discussions with distributors, resellers, potential customers, car manufacturers, and members of the media.

“Not only was the response overwhelming, the GPS-Buddy CONNECT also won a SEMA Global Media Award in the Best New Product category” says, Tjibbe Veenstra, GPS-Buddy’s CEO. “The SEMA Global Media Award winners are selected from over two thousand new products by a jury of 50 automotive journalists and editors from all over the world, and we are very excited and encouraged by the instant recognition we received. At this moment we are signing numerous distribution deals with leading Garmin distributors and retail chains”

The GPS-Buddy CONNECT is a unique, all-in-one solution that turns Garmin range of navigators into interactive fleet tracking solutions that enables two-ways communications between driver and operator.

This fully functional fleet tracking system is available for Garmin’s personal navigation devices (PNDs). These include the Garmin nüvi, Street Pilot and the motorcycle unit, the Zümo.

“Thanks to the real-time information transmitted through the GPS-Buddy CONNECT, you will always know where your vehicle is and be able to communicate with the driver 24 hours a day, 7 days a week” says, Dethmer Drenth, GPS-Buddy’s Co-founder and Director of Research and Development. “The GPS-Buddy CONNECT replaces the standard power cable of the Garmin navigator and at the same time provides customers with all tracking and messaging features, all in one. It even works when the Garmin PND is switched off! The GPS SIRFstar III receiver that comes with each GPS-Buddy CONNECT keeps providing uninterrupted vehicle activity data”.

Because of the fact that Garmin (the largest producer of GPS products in the world) has a market share of approx. 60% in the United States, GPS-Buddy has focused to launch the GPS-Buddy CONNECT in the United States earlier than anticipated.

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