Monday, December 21, 2009

GPS INDUSTRIES (OTCB: GPSNQ) Civil Case Dismissed

GPSI Announces Reorganization Under Chapter 11 Bankruptcy Code: Civil Action No. 3:07-CV-0831-K, involving GPS Industries, Inc. (GPSNQ) and Optimal I.P. Holdings, L.P. v. Altex Corporation, et al., was absolved on July 27, 2009. The plaintiffs had claimed contravention of the '093 patent, labeled "Golf Distance Measuring System and Method", which outlines a adjustment for chargeless the almost ambit of a golf affray to a golf cup application GPS technology.

Since May of 2007, L1 Technologies Inc. (the ancestor aggregation of the iGolf brand), as able-bodied as added defendants in the case, accept asserted with aplomb that their GPS accessories do not borrow on the '093 patent. "We accept continued declared our acceptance that the case lacked validity, and we are captivated that the case has been dismissed, acceptance us to focus our efforts on developing GPS solutions for our accumulated ally and customers," said Brian Verdugo, the President of L1 Technologies.

However, while the cloister bent that the plaintiffs did not accept continuing to accompany the suit, the defendants are still faced with over two years of attorney's fees and amaranthine hours of absent development time. Considering the prohibitive costs to the defendants there is achievement that the cloister will actively accede reimbursing their attorney's fees. In accession to compensating the defendants, an accolade of attorney's fees would aswell forward a bright bulletin to plaintiffs and their attorneys to abash adventuresome bribery of the administrative arrangement and crumbling of aborigine dollars.

GPS Industries Files for Chapter 11
Less than two weeks afterwards the adjournment of the case, on August 5, 2009, GPS Industries, Inc. filed a Plan for Reorganization beneath the Chapter 11 Bankruptcy Code. According to the Plan of Reorganization filed with the court: "GPSI has incurred losses back its inception" and the company's "net accident was $30,881,000 for the year concluded December 31, 2008 compared to $11,593,000 accident for 2007" (Plan of Reorganization for GPS Industries, Inc./Dated August 5, 2009). Furthermore, the Disclosure Statement for Plan of Reorganization filed with the cloister states that: "If the Debtor [GPSI] is clumsy to accommodate added costs on satisfactory terms, such would accept a materially adverse aftereffect on the Debtor's business and banking position and could could cause the business to cease some or all of its operations" (Disclosure Statement for Plan of Reorganization for GPS Industries, Inc./Dated August 5, 2009).

GPS Industries Patent '093 in Re-exam
Aside from the case accepting dismissed, L1 has articular cogent questions of authority with the '093 apparent itself. As of November 21, 2008 the United States Patent and Trademark Office (USPTO) has accepted a alteration of the '093 patent. According to an adjustment by the Trademark Trial and Appeal Board, the re-exam presents "a abundant new catechism of patentability." Statistics from the USPTO announce that in requests for re-exam by third affair companies, such as L1, 72 percent are either canceled or accept their claims decidedly changed.

Therefore, if statistics authority true, the '093 apparent will a lot of acceptable be modified, if not invalidated completely.

About L1 Technologies
L1 Technologies Inc., based in San Diego, California, has been developing avant-garde and affordable GPS solutions back 2003. L1 Technologies is comprised of the iGolf Division, accouterment cutting-edge software, accouterments and GPS agreeable for the golf industry; and the oneNavigator Division, which has developed a proprietary aeronautics platform, including: map engines, acquisition algorithms, adaptable solutions and compression technology. For added advice amuse appointment www.l1technologies.com.

About iGolf
Pioneering the chump golf GPS market, iGolf, operated by L1 Technologies Inc., has become a casting abnormally focused on accouterment avant-garde software, accouterments and GPS agreeable for the golfing sector. Under the iGolf casting name L1 Technologies has developed and brought to bazaar 5 golf GPS accessories back 2005. In 2008 L1 accustomed the Powered by iGolf Division, acceptance accumulated ally to rapidly actualize new acquirement streams by leveraging L1's bookish acreage and golf GPS expertise. As host to the world's better GPS enabled golf advance database, iGolf.com is the adventuresomeness acknowledging both iGolf and Powered by iGolf accomplice products. For added advice amuse appointment www.igolf.com.

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