PONTIAC ? GPSi has closed $1 million in subordinated senior debt from Hennessey Capital of Huntington Woods to meet increased demand for its Guidepoint telematics service in Mexico and North America.
GPSi said its business in Mexico has more than tripled since February 2005, when it launched the new digital telematics system, which was developed in partnership with Cingular Wireless. Guidepoint?s North American business has increased more than 50 percent since it began shipping the digital units to distributors and installers in the United States three months ago. Guidepoint is sold through a network of nearly 500 new car dealerships in key metropolitan markets throughout the U.S.
?We are pleased to provide GPSi with additional capital to maximize the current opportunities in the marketplace,?? said Hennessey Capital President Michael Semanco. ?Guidepoint?s recent introduction of the industry?s first all-digital telematics system is another important development to help the Company deliver a premium experience for drivers.?
