UpLink Acquired

UpLink Corp., the Austin-based company focused on delivering GPS management
solutions to golf carts, has announced that it is being acquired by British Columbia, Canada-based GPS Industries Inc. for US$18 million in cash, stock and debt.  Both companies produce systems used in golf
carts that provide players with detailed information using the global
positioning system.  Under the deal,
UpLink CEO Glen Pierce and president Mac McHugh will join GPS Industries
management team as executive vice-president and vice-president of operations.  The merged company will have about 150
employees, with the majority based at the company’s office in Surrey,
B.C.

Legendary golfer and global entrepreneur Greg
Norman has voiced his support of the acquisition: "As a GPS Industries
Investor/Advisor, I am very pleased with the pending acquisition. I believe
this will further enhance the ability of course operators to maximize profits
and help grow the game around the world."

It is great to see an exit for Uplink, which is almost 10 years old as it was
founded in 1998. However, the math of this acquisition lends us to believe that the return to
the investors may not have been a significant event.  This is based on the fact that in 2003, the company restructured its finances
by converting $12.3 million of debt into investor equity which brought the
total investment in UpLink through 2003 to $15.6 million.

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