GUIDEPOINT™ GETS GROWTH FUNDING
Multi-million dollar investment will help telematics firm accelerate growth
PONTIAC, Michigan - October 16, 2006 - GPSi, LLC today announced it has completed a round of financing that will help further accelerate its growth as a leading provider of stolen vehicle recovery, driver safety and fleet management services.
The Pontiac, Mich.-based vehicle telematics firm, which operates GuidePoint Systems (GPS), said it raised the multi-million dollar investment from a group of Midwestern investors, including Plymouth Venture Partners, an Ann Arbor, Mich.-based investment fund. Terms were not disclosed. GPSi said the financing, combined with a new senior credit facility with Detroit-based Comerica Bank, would help it meet increased demand nationwide for Guidepoint hardware and services.
"We are very pleased to complete this round of financing," said Rand Mueller, president and CEO of GPSi. "We are experiencing strong growth in all of the channels where we compete. Our core business with new-car dealers continues to deliver strong, double-digit sales growth, despite uneven car sales nationwide. Likewise, we are steadily increasing our penetration in the 12-volt retail channel, which has finally begun to discover the profit potential in the GPS category, and among dealers of pre-owned vehicles."
GPSi said sales of its Guidepoint hardware and services increased more than 50 percent through the first nine months of 2006. The Company has increased the number of car dealerships that sell Guidepoint to more than 700 in key metropolitan markets throughout the U.S.
Ian R. Bund, chairman of Plymouth Venture Partners, said: "We are pleased to provide GPSi with growth capital and other strategic resources to help it maximize current opportunities in the marketplace. The Company's technology, services and channel development strategy have helped establish Guidepoint as a leader in this emerging market.ā€¯
About Plymouth Venture Partners
Formed by Ian Bund, PVP fills a unique investment gap in Midwest by funding early/growth stage companies. Since 2003, PVP has made 16 investments in a variety of companies and realized positive exits from five opportunities. PVP has attracted the some of the best business leaders of Michigan to participate as investor members, helping nurture companies and leading to strong exits and gains. Website: www.plymouthventurepartners.com.
About GPSi
GPSi develops and markets telematics solutions for the automotive aftermarket. Based in Pontiac, Michigan, GPSi draws on more than three decades of experience supplying mobile electronics to the automotive aftermarket, as well as 15 years experience in vehicle tracking. The Company's Guidepoint™ telematics service, which is available through leading auto dealers in the United States and Mexico, lets drivers access a range of safety, security and convenience options including 24/7 vehicle tracking, emergency dispatch, roadside assistance, discounted hotel and dining and more. Visit www.guidepointsystems.com or call 1-877-GPS-FIND for more information.
CONTACT: Brian Edwards
VP Corp. Development
1-877-GPS-FIND ext. 3102
(brian@guidepointsystems.com)
At Guidepoint Systems we strive to provide the total driving solution, from upgrading your service plan to purchasing special services. We hope your GPS visit is simple and fun.
It’s a digital world – and your car is no exception. That’s why Guidepoint and Cingular® have introduced the industry’s first all-digital system for stolen vehicle recovery, driver safety / convenience and fleet management. With the new digital Guidepoint, you’ll get faster, more reliable service throughout the U.S., Canada and Mexico.
"Frost & Sullivan is pleased to recognize Guidepoint's ability to grow consistently, year after year, with the 2007 Best Bang for the Buck of the Year Award in stolen vehicle tracking systems,” said Frost & Sullivan’s Sathyanarayana K, research analyst. “We attribute this success to the company's service orientation, the positive relationships that it has built with dealers and distributors, and the unique hardware/software package that it offers to end-users."
