Tiger Telematics Inc., whose subsidiary and main business enterprise is Gizmondo Europe (the maker of the handheld Gizmondo game console) has put one lawsuit to rest and started another.
In 2004, Jordan Grand Prix Limited sued Tiger Telematics for breaching a sponsorship agreement relating to advertising Tiger's Gametrac device on Formula 1 racing cars. According to documents recently filed with the US SEC, Tiger settled that dispute out of court for a cash payment and an issue of shares in its restricted common stock.
Tiger has also begun another lawsuit by suing software developer Integra SP for the return of a $1.47 million loan. Tiger commenced the acquisition of Integra, but the transaction has not yet closed because (according to Tiger), Integra has failed to meet various closing conditions.
The SEC documents also reveal that Tiger has sold approximately 1.8 million shares, and that it will use the approximately $17.5 million in purchase revenues to buy 'critical game content"? for its Gizmondo handheld.