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GIZMONDO IN FINANCIAL TROUBLES

imageSting, Jamiroquai, Busta Rhymes and just about every TV celebrity were at the lavish event at the Park Lane Hotel to herald Gizmondo’s arrival in London on 19 March 2005. In the meantime, Tiger Telematics, parent company of Gizmondo, has posted losses of $210 million last year, while Gizmondo has finally released its financial report, facing an operating loss of $210 million over the first half of 2005.
Now, interesting is that the company blamed these figures on “Development costs for the Gizmondo and non-cash expenses”, adding that a consultant was paid more than $ 170.000 for “marketing and public relations services, an introduction to the performer Sting, and time spent in connection with the Agaju gaming concept currently in development.”
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