CREDIT AGREEMENT
THIS CREDIT AGREEMENT (the "Agreement") is made and entered into as of
December 3, 2004, by and between GPS Industries, Inc., a Nevada corporation
("Borrower"), and Great White Shark Enterprises, Inc. and/or its assignee ("the
Lender"), with reference to the following:
WITNESSETH:
WHEREAS, the Lender desires to make a Term Loan to Borrower, and
Borrower desires to borrow from the Lender the amount of such Term Loan, subject
to and in accordance with the terms and conditions set forth herein, and in the
Note and the Security Agreement; and
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the delivery,
receipt, and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
1. Certain Defined Terms. As used in this Agreement, the following terms shall
have the following meanings:
"Business Day" means a day (a) other than Saturday or Sunday, and (b)
on which commercial banks are open for business in New York, New York, and Los
Angeles, California.
"Closing Date" means the date each of the conditions precedent set
forth in Section 5 hereof is fully satisfied.
"Collateral" means subject to Section 10, a first recorded priority
security interest in (a) all of the shares of the capital stock of Optimal Golf
Solutions, Inc. ("Optimal") acquired by the Borrower pursuant to the Stock
Purchase Agreement dated as of November 19, 2004 between the Borrower and the
former shareholders of Optimal (the "Shareholders') and (b) all rights of
Borrower to the "Pinranger" patents listed on Schedule A (the "Pinranger
Patents") acquired by the Borrower pursuant to an Agreement dated July 2, 2004
between the Borrower and Pinranger (Australia) Pty. Ltd. And PagiSat, LLC..
"Common Stock" means the Common Stock of the Borrower.
"Event of Default" has the meaning set forth in Section 8.
"Interest Rate" has the meaning set forth in Section 2(b).
"License Payments" has the meaning set forth in Section 2(c).
"Lien" means any mortgage, deed of trust, pledge, security interest,
assignment, deposit arrangement, charge or encumbrance, lien (statutory or
other), or other preferential arrangement (including any conditional sale or
other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing or any agreement to give any
security interest).
"Material Adverse Effect" shall have the meaning assigned to such term
in Section 3(a).
"Maturity Date" means November 15, 2011.
"Merchandising Agreement" has the meaning set forth in Section 11(j).
"Note" has the meaning set forth in Section 2(e).
"Optimal Patents" means the patents listed on Schedule B and all
amendments, modifications or extensions to these patents thereof.
"Pinranger Patents" means the patents listed on Schedule A and all
amendments, modifications or extensions to these patents thereof.
"Person" means an individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or any other
juridical entity.
"Secured Obligations" has the meaning assigned to such term in the
Security Agreement.
"Security Agreement" means that Security Agreement by and between
Borrower and Lender, for the benefit of the Lender, in the form of Exhibit B
attached hereto.
"Shares" has the meaning set forth in Section 6(e).
"Subsidiaries" means, with respect to any specified Person, any other
Person (1) whose board of directors or similar governing body, or a majority
thereof, may presently by directly or indirectly elected or appointed by such
specified Person, (2) whose management decisions and corporate actions are
directly or indirectly subject to the present control of such specified Person,
or (3) whose voting securities are more than 50% owned, directly or indirectly,
by such specified Person.
"Term Loan" has the meaning set forth in Section 2(a).
"Warrant" has the meaning set forth in Section 6(d).
"Warrant Shares" means the shares of Borrower's Common Stock issuable
pursuant to the exercise of the Warrant.
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2. Amount and Terms of the Term Loan.
(a) Term Loan Advance. Subject to the terms and conditions of
this Agreement, the Lender hereby agrees to make a loan to Borrower (the "Term
Loan") in the amount of Three Million Dollars (US$3,000,000), which amount may
be repaid at any time prior to the Maturity Date without premium or penalty, but
may not be reborrowed once repaid. Loan payments shall be first applied against
accrued interest and then to the principal balance. The Term Loan shall be made
as follows: (a) $1,000,000 on November 21, 2004 receipt of which is hereby
acknowledged; and (b) $2,000,000 on December 3, 2004 less any outstanding amount
owed to Lender as of December 31, 2004
(b) Interest Rate and Interest Payments. Borrower shall pay
simple interest on the unpaid principal amount of the Term Loan from the date of
the applicable advance, at a rate equal to ten percent (10%) per annum (the
"Interest Rate"). Interest on the outstanding principal amount of the Term Loan
shall accrue and be paid monthly in cash or shares of Common Stock at Lender
option. Should Lender choose to receive shares, the interest rate will be
adjusted to 15% for the period selected and the shares priced at a 15% discount
to market, using the average of the daily close for the three trading days prior
to the end of the monthly period for which interest is due. Interest shall be
calculated on the basis of a monthly opening and closing balance divided by two
in order to arrive at the amount of interest to be charged for each month, with
interest to be paid by the fifteenth (15th) day of the subsequent month. During
2004, interest will be prorata from November 19, 2004 to December 31, 2004.
Notwithstanding anything herein to the contrary, Borrower shall pay Lender a
minimum of $300,000 in total interest (the "Minimum Interest Amount")
irrespective of when the full amount of the Term Loan and interest are repaid.
(c) Participation in Royalty Stream. Commencing December 4,
2004, Lender shall receive all payments ("License Payments") under all license
agreements between Optimal as licensor and any licensee now existing or
hereinafter entered into with respect to the patents listed on Schedule B (the
"Optimal Patents"). All payments shall be made to Optimal Golf Solutions, C/O
Great White Shark Enterprises or such other account as nominated by the Lender.
The License Payments received by Lender shall be first applied against accrued
interest and then to the principal balance. Once the Term Loan is paid in full,
for a period of two years from such date, Lender will receive 20% of License
Payments and thereafter 40% of License Payments for the remaining life of the
Patents. The amounts received in connection with the enforcement of the Optimal
Patents shall also be paid to Lender in accordance with the above-mentioned
formula. All legal costs associated with securing License Payments and the
enforcement of the Optimal Patents will be borne by the Borrower. To the extent
that, during any calendar year commencing January 1, 2005, the total annual
License Payments hereunder do not result in $500,000 to Lender (the "Minimum
License Payment"), then, upon notice to Borrower, the shortfall will be paid to
Lender in equal monthly payments over the next calendar year, above and beyond
the following year's Minimum License Payment. Additionally, any payments
received from License Payments or infringement payments from the Pinranger
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Patents will be paid by the Borrower on a country-by-country basis. The
Borrower's legal expense will be reimbursed from the first proceeds on a
country-by-country basis after which any awards or licensing fees will be split
on a 50/50 basis between the Borrower and Lender, of which Lender's share will
be applied to the repayment of the Term Loan. After the Term Loan has been paid
in full, including all accrued interest, the Borrower shall have no further
obligation to the Lender regarding the Pinranger Patents, and furthermore, the
Lender will assign ownership of the Pinranger patents to the Borrower.
(d) Maturity Date. Any balance of the Term Loan and interest
outstanding (including the remaining balance of the Minimum Interest Amount), if
any, as of November 15, 2011 will be repaid by Borrower in cash immediately.
(e) Promissory Note. The Term Loan shall be evidenced by a
promissory note (the "Note") in the form of Exhibit "A" attached hereto, duly
executed and delivered to Lender by Borrower.
(f) Limitation on Interest Rate. In no contingency or event
whatsoever shall the aggregate of all amounts deemed interest hereunder and
charged or collected by the Lender or any holder of the Note exceed the highest
rate permissible under any law which a court of competent jurisdiction shall, in
a final determination, deem applicable hereto. In the event that such a court
determines that the Lender has charged or received interest hereunder or under
the Note in excess of the highest applicable rate, the rate in effect hereunder
and under the Note shall automatically be reduced to the maximum rate permitted
by applicable law and the Lender shall apply all interest paid in excess of the
maximum lawful rate to the principal balance of the amounts outstanding
hereunder and under the Note. It is the intent of the parties hereto that
Borrower not pay or contract to pay, and that the Lender not receive or contract
to receive, directly or indirectly in any manner whatsoever, interest in excess
of that which may be paid by Borrower to Agent and the Lender under applicable
law.
3. Representations and Warranties of Borrower. In order to induce the
Lender to enter into this Agreement and to make the Term Loan contemplated
hereunder, Borrower hereby represents and warrants to the Lender as follows:
(a) Legal Status. Borrower is a corporation, validly existing
in good standing under the laws of its state of its incorporation. The Borrower
has all requisite power and authority to own, lease and operate its respective
properties and assets and to carry on its business as presently conducted and as
presently proposed to be conducted. The Borrower is duly qualified and is
authorized to do business and is in good standing as a foreign corporation in
all jurisdictions in which the nature of its activities and of its properties
(both owned and leased) makes such qualification necessary, except for those
jurisdictions where the failure to be so qualified would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on
the condition (financial or otherwise), operations, businesses, assets,
liabilities, earnings or prospects of the Borrower (a "Material Adverse
Effect").
(b) Authorization and Validity. This Agreement, the Security
Agreement, the Warrant and the Note have been duly authorized, and upon their
execution and delivery in accordance with the provisions hereof and thereof will
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constitute legal, valid and binding agreements and obligations of Borrower,
enforceable in accordance with their respective terms.
(c) No Conflict. The execution, delivery, and performance by
Borrower of this Agreement, the Security Agreement, the Warrant and the Note do
not and will not conflict with the terms of the Articles of Incorporation or
bylaws of Borrower, violate any provision of any judgment, decree or order of
any court or governmental authority by which Borrower is bound, or any provision
of any law or regulation applicable to Borrower, or result in a breach of or
constitute a default under any contract, obligation, indenture, or other
instrument to which Borrower is a party or by which Borrower may be bound.
(d) No Consents. The execution, delivery, and performance by
Borrower of this Agreement, the Security Agreement, the Warrant and the Note do
not and will not require any authorization, approval, or other action by, or
notice to or filing with, any governmental authority, regulatory body, or any
other person or entity.
(e) Pinranger Patents. The Borrower is the beneficial owner of
the Pinranger Patents free and clear of any Liens.
(f) Borrower will indemnify Lender for any legal action and
loss of income as a result of any action taken by PPL against Optimal/Houston in
relation to PPL's dealings with Optimal/Houston PPL to acquire the Optimal
Patents.
4. Representations and Warranties of Lender.
Lender hereby represents and warrants to Borrower:
(a) Investment Purposes; Compliance with Securities Act.
Lender is acquiring the Note, the Warrant and the Shares for Lender's own
account, for investment only and not with a view towards, or in connection with,
the public sale or distribution thereof, except pursuant to sales registered
under or exempt from the Securities Act of 1933, as amended (the "Securities
Act").
(b) Accredited Lender Status. Lender is an "accredited Lender"
as that term is defined in Rule 501 (a) of Regulation D. Lender is a
sophisticated Lender and has such knowledge and experience in financial and
business matters that the Lender is capable of evaluating the merits and risks
of an investment made pursuant to this Agreement.
(c) Reliance on Exemptions. Lender understands the Note, the
Warrant and the Shares are being offered and sold to in reliance on specific
exemptions from the registration requirements of the applicable United States
federal and state securities laws and that Borrower is relying upon the truth
and accuracy of, and Lender's compliance with, the representations, warranties,
acknowledgments, understandings, agreements and covenants of the Lender set
forth herein in order to determine the availability of such exemptions and the
eligibility of Lender to acquire the Note, the Warrant and the Shares.
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(d) Information. Lender and the advisors of the Lender, if
any, have been furnished with all material information relating to the business,
finances and operations of Borrower and material information relating to the
offer and sale of the Warrant and the Shares that have been requested by the
Lender. Lender and Lender's advisors, if any, have been afforded the opportunity
to ask all such questions of Borrower as they have in their discretion deemed
advisable. Lender understands that Lender's investment in the Warrant and the
Shares involves a high degree of risk. Lender has sought such accounting, legal
and tax advice as it has considered necessary to an informed investment decision
with respect to the investment made pursuant to this Agreement.
(e) Transfer or Resale. Lender understands that: (i) the
Warrant and the Shares have not been registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or
transferred unless either (a) subsequently registered thereunder or (b) Lender
shall have delivered to the Company an opinion by counsel reasonably
satisfactory to the Company, in form, scope and substance reasonably
satisfactory to the Company, to the effect that the Shares and/or the Warrant,
as the case may be, to be sold, assigned or transferred may be sold, assigned or
transferred pursuant to an exemption from such registration, and (ii) except as
expressly provided herein, neither the Company nor any other person is under any
obligation to register such Shares, the Warrant Shares and/or the Warrant under
the Securities Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder.
(f) Legends. The Warrant, the Shares and the Warrant Shares
shall bear the following legend:
"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR, IF APPLICABLE, STATE SECURITIES LAWS. THIS SECURITY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO GPS
INDUSTRIES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED."
(g) Authorization; Enforcement. This Agreement has been duly
and validly authorized, executed and delivered by Lender and is a valid and
binding agreement of Lender enforceable in accordance with its terms.
5. Covenants. Borrower hereby covenants and agrees as follows:
(a) Punctual Payments. Punctually pay the interest and
principal with respect to the Term Loan as provided herein and in the Note.
(b) Existence. Do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its existence and comply with
the provisions of all documents pursuant to which it is organized and/or which
govern its continued existence; maintain all licenses, permits, governmental
approvals, rights, privileges, and franchises necessary for the conduct of its
business; and conduct its business in an orderly and regular manner and in
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accordance with all laws, rules, regulations, and orders of any governmental
authority having jurisdiction over it or its business.
(c) Books and Records. Maintain adequate books and records in
accordance with generally accepted accounting principles consistently applied,
and permit any representative of Agent or the Lender, at any reasonable time, to
inspect, audit and examine such books and records, to make copies of the same,
and to inspect its assets and properties.
(d) Indemnification. Borrower shall defend/pursue all actions
with respect to the Optimal Patent and the Pinranger Patent and pay for all
legal costs with respect thereto, and shall hold hereafter harmless from all
claims with respect thereto.
(e) Pinranger Patents. Borrower shall use its best efforts to
have record ownership of the Pinranger Patents transferred to Borrower as soon
as practicable.
(f) Optimal License. Notwithstanding anything herein or in the
Security Agreement to the contrary, Borrower shall have the right to obtain from
Optimal a fully paid license in the Optimal Patents. Furthermore, the parties
agree to discuss in good faith License Payment(s) to Lender for any business
which Borrower may contract to which were either an infringer or had previously
paid license fees on the Optimal Patent.
6. Conditions Precedent to Term Loan. The obligation of the Lender to
make the Term Loan shall be subject to the condition precedent that Lender shall
have received each of the following, each in form and substance satisfactory to
Lender:
(a) This Agreement, duly executed by all of the parties
hereto;
(b) The Note, duly executed by Borrower;
(c) The Security Agreement, duly executed by Borrower; and
(d) A Warrant to purchase 2,000,000 shares of Common Stock of
Borrower in the form of Exhibit C.
(e) 3,000,000 Class A restricted Common Shares traded on a
United States stock exchange (the "Shares") of the Common Stock of Borrower
(f) Such additional supporting documents as Agent or its
counsel, or any Lender or its counsel, may reasonably request.
7. Survival of Representations and Warranties. Borrower covenants,
warrants and represents to Agent and the Lender that all representations and
warranties of Borrower contained in this Agreement, the Security Agreement, or
the Note shall be true at the time of Borrower's execution of this Agreement,
the Security Agreement and the Note, and shall survive the execution, delivery
and acceptance thereof by Agent and the parties thereto and the closing of the
transactions described therein or related thereto.
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8. Events of Default. The occurrence of any of the following shall
constitute an "Event of Default" and shall, at the option of the Lender, require
immediate payment in full of all sums then remaining unpaid hereunder and under
the:
(a) Failure to Pay the Note. The failure of Borrower to pay
any principal, interest or other amount due under the Note when due and payable.
(b) Breach of Covenant, Representation or Warranty. The
failure of Borrower to perform or observe any covenant, condition or agreement
contained in this Agreement or the Security Agreement (other than the payment
obligations, the breach of which shall be governed by subsection (a) above)
where such failure is not cured within thirty (30) Business Days, or any
representation or warranty made or deemed made by any of them under or in
connection with this Agreement or the Security Agreement, shall prove to have
been false or misleading in any material respect when made.
(c) Insolvency. Borrower shall become insolvent; admit in
writing its inability to pay its debts as they mature; make an assignment for
the benefit of creditors; or if bankruptcy proceedings or other proceedings for
relief under any bankruptcy law or any law for the relief of debtors shall be
instituted by or against it and, if instituted against it, the same is not
dismissed within sixty (60) days of the filing thereof.
(d) Dissolution. Any order, judgment, or decree shall be
entered against Borrower decreeing its involuntary dissolution or split up and
such order shall remain undischarged and unstayed for a period in excess of
sixty (60) days; or Borrower shall otherwise dissolve or cease to exist.
9. Remedies. If an Event of Default shall occur, (a) all amounts
outstanding hereunder or under the Note, notwithstanding any term of this
Agreement, the Security Agreement, or the Note to the contrary, shall at
Lender's option and without notice to Borrower become immediately due and
payable, without presentment, demand, protest or notice of dishonor, all of
which are hereby expressly waived by Borrower, and (b) Lender shall have all
rights, powers and remedies available hereunder, under the Security Agreement,
or accorded by law, including without limitation the right to resort to any or
all security for the Secured Obligations and to exercise any or all of the
rights of a beneficiary or secured party pursuant to applicable law. All rights,
powers and remedies of Lender in connection with this Agreement, the Security
Agreement, and the Note may be exercised at any time by Lender and from time to
time after the occurrence of an Event of Default, are cumulative and not
exclusive, and shall be in addition to any other rights, powers or remedies
provided by law or equity.
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10. Security. As security for the obligations of Borrower hereunder and
under the Note, Borrower shall grant to Lender, on behalf of and for the benefit
of the Lender, a security interest in the Collateral pursuant to the Security
Agreement. Lender shall obtain a second security interest in the Optimal
Patents. If Borrower shall become in default with the first security interest in
the Optimal patents, Lender shall have the right to cure the default within
thirty (30) days. This cure of the default will enable Lender to possess the
first security interest to the extent of the cured default.
11. Miscellaneous.
(a) Failure or Indulgence Not Waiver. No failure or delay on
the part of Agent, Lender, or any holder of a Note in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof or of any other right, power or privilege.
(b) Modification. No modification, amendment or waiver of any
provision of this Agreement, the Security Agreement, or the Note, nor the
consent to any departure by Borrower therefrom, shall in any event be effective
unless the same shall have been approved by Agent and the Lender and shall be in
writing signed by Agent and the Lender and, with respect to any amendment,
Borrower. Such waiver or consent shall then be effective only in the specific
instance and for the purpose for which given. No notice to or demand on Borrower
in any case shall entitle Borrower to any other or further notice or demand in
the same, similar or other circumstances.
(c) Notices. Except as otherwise expressly provided herein,
any notice herein required or permitted to be given shall be in writing and
shall be deemed effective when personally delivered, mailed, telecopied (with a
confirming copy sent by mail) or delivered by telex to the appropriate party at
the address set forth below (or at such other address as may be designated by
either party in a written notice sent in accordance with this Section):
If to Borrower: GPS Industries, Inc.
Xxxxx 000
0000 000xx Xxxxxx
Xxxxxx, Xxxxxxx Xxxxxxxx
XXX X00 X00
Telecopier: (000) 000-0000
Attn: Chief Executive Officer
with a copy to: Loeb & Loeb LLP
00000 Xxxxx Xxxxxx Xxxxxxxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Telecopier (000) 000-0000
Attn: Xxxxx X. Xxxxxxxx, Esq.
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if to Lender: Great White Shark Enterprises, Inc.
000 Xxxxx XXX
Xxxxxxx, Xxxxxxx 00000
Telecopier: 000-000-0000
Attn: Xxxx Xxxxxxxxx
(d) Severability. In case any provision in this Agreement, the
Security Agreement, or the Note shall be invalid, illegal or unenforceable, such
provision shall be severable from the remainder of such contract and the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
(e) Applicable Law. This Agreement, the Security Agreement,
and the Note, and the rights and obligations of the parties thereto, shall be
governed by the laws of the State of California, exclusive of its conflicts of
laws and choice of laws rules that would or may cause the application of the
laws of any jurisdiction other than the State of California.
(f) Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.
(g) Section Headings. The various headings used in this
Agreement are inserted for convenience only and shall not affect the meaning or
interpretations of this Agreement or any provision hereof.
(h) Attorneys' Fees. In the event any party institutes any
action or proceeding to enforce the terms and conditions of this Agreement, the
Security Agreement, or the Note, the prevailing party shall be entitled to
reasonable attorneys' fees and costs.
(i) Integration. This Agreement, the Security Agreement and
the Note reflect the entire understanding of the parties with respect to the
transactions contemplated hereby and shall not be contradicted or qualified by
any other agreement, oral or written, whether before or after the date hereof.
(j) Xxxx Xxxxxx. Xxxx Xxxxxx shall resign from the Board of
Directors of Borrower effective December 31, 2004, and be replaced with Xxxx
Xxxxxxx, Xxxx Xxxxxxxxx or other nominee of Borrower. Xxxx Xxxxxx shall sit on
the Advisory Board. The Merchandising Agreement between Borrower and Xxxx Xxxxxx
April 2003 (the "Merchandising Agreement") pertaining to services to be rendered
by Lender to Borrower shall remain in place except that Xx. Xxxxxx will no
longer sit on the Board of Directors. On a go forward basis, it is expressly
understood that Borrower shall pay all amounts due under the Merchandising
Agreement on a timely basis.
[signature page to follow]
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IN WITNESS WHEREOF, the parties hereto do execute this Agreement as of
the date first above written.
"BORROWER"
GPS INDUSTRIES, INC., a Nevada corporation
By: (s) Xxxxxx X. Xxxxxx, Xx.
----------------------------------------
Name: Xxxxxx X. Xxxxxx, Xx.
Title: President and CEO
---------------------------------------
"THE LENDER"
GREAT WHITE SHARK ENTERPRISES, INC.
By: (s) Xxxx Xxxxxx
------------------------------------------
Name: Xxxx Xxxxxx
Title: Chief Executive Officer
--------------------------------------
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EXHIBITS
Exhibit "A" - Term Note
Exhibit "B" - Security Agreement
Exhibit "C" - Warrant Agreement
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SCHEDULE A
JURISDICTION PATENT NUMBER STATUS
------------- -------------- ------
Australia 667205 ISSUED
Japan 3349510 ISSUED
EUROPE: EP617794 ISSUED
Austria EP617794 ISSUED
Eire EP617794 ISSUED
France EP617794 ISSUED
Great Britain EP617794 ISSUED
Italy EP617794 ISSUED
Netherlands EP617794 ISSUED
Portugal EP617794 ISSUED
Swedan EP617794 ISSUED
Switzerland EP617794 ISSUED
Germany 69228703.5 ISSUED
Spain ES2132211 ISSUED
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SCHEDULE B
Patents
o U.S. Patent No. 5,364,093, issued November 15, 1994, for "Golf Distance
Measuring System and Method."
o U.S. Patent No. 5,751,244 assigned to GPSI and entitled "Method and
Apparatus for Calibration of a GPS Receiver."
o Canadian Patent Application No. 2,134,737 entitled "Method and Apparatus
for Message Display on a Golf Course."
o U.S. Patent Application No. 08/926,293 entitled Method Apparatus for
Message Display on a golf course related to advertising.
o U.S. Patent Application No. 10/341,636 entitled Golf Distance Measuring
System and Method.
o Abandoned U.S Patent Application No. 08/327,940 filed on 10-24-1994
o U.S. Patent No. 08/334,733 filed on 11-04-1994
o Abandoned U.S Patent Application No. 08/366,994 filed on 12-30-1994
o U.S. Patent No. 08/486,706 filed on 6-07-1995
o Abandoned U.S Patent Application No. 08/759,081 filed on 11-27-1996
o Pending U.S Patent Application No. 09/454.813 filed on 12-3-1999
o Abandoned U.S Patent Application No. 09/859,294 filed on 5-16-2001
o Pending U.S Patent Application No. 10/823.806 filed on 4-13-2004
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