As consideration for GWSE
, the GPSI and GWSE
have entered a Facility Fee Agreement whereby the Company agrees to reimburse fees and the effective cost of money incurred by GWSE
in providing the guarantee.
In addition, Bart Collins, President of GWSE
and a current Director of the Company, was elected to the office of Executive Vice President GPSI and two additional Directors, Marc Potter and Robert Linn, were appointed to the Company's Board.
GWSE is a multi-national corporation owned and operated by Greg Norman with offices in Jupiter, Fla.
In my capacity as President of GWSE I will continue to insist on GPSI's continued performance for our interest as a shareholder and in my capacity as Executive Vice President I look forward to working more closely with the management team to fully develop the opportunities in GPS Industries.
Silzer, President and CEO of GPSI, commented "I believe these commitments, from both GWSE
and Leisurecorp, are persuasive evidence that our technology and our business plan are attractive to even the most demanding investors.