Tiger Telematics has taken a crucial step concerning its common stock (TIGR). Effective as of the opening of NASDAQ today, the reverse split takes place and has a new stock symbol (TGTL).
The company announces that it has successfully completed the reverse split approved by shareholders on July 9, 2004 shareholder meeting and it is trading as of July 30, 2004 under the new symbol TGTL.
At the July 9, 2004 special meeting, the company's shareholders approved a proposal to amend the Company's Certificate of Incorporation to authorize a reverse split of the company's stock of not less than 1 for 10 and not more than 1 for 50.
After studying the market conditions to determine the timing and rate of the reverse split the company decided that now is the right time to do so.
The timing is optimal concerning the soon to be launched, much-anticipated, multi-entertainer, the Gizmondo.
The Gizmondo is powered by a Microsoft Windows CE.net platform and boasts a 2.8-inch TFT color screen with an ARM9 400Mhz processor and incorporates a 64-bit graphics accelerator. It provides cutting-edge gaming, multimedia messaging, an MP3 music player, MPEG-4 movie playing capability, a digital camera and a GPRS network link to allow wide-area network gaming. Additionally, it contains a GPS chip for location-based services, is equipped with Bluetooth for use in multi-player gaming and accepts MMC card accessories.