http://www.joystiq.com/2006/01/17/gizmondo-reports-cashflow-issues/ Gizmondo reports "cashflow issues" Posted Jan 17th 2006 6:30AM by Conrad Quilty-Harper Filed under: Portable Tiger Telematics, the parent company of the firm behing the Gizmondo has reported that it has been "experiencing severe financial pressures (...) as its cash flow has been unable to service the requirements." In layman terms that means the company hasn't been selling enough Gizmondos. The firm is apparently looking for additional funding "but there can be no assurances that this will be achieved." When the two main investors in Gizmondo (David Warnock and Simon Davies, who provided loans of approximately $21.2 million) still haven't received a return to their investment, it's not surprising to see that the company is having trouble finding new investors. Hopefully these financial problems will motivate the firm to do the only thing that could make the Gizmondo a success: release some games that aren't "uniformly terrible". [Via digg]
Wow, I had no idea the Gizmondo wasn't getting good reviews. Multimedia stuff is nice, but if the games for a device like that aren't up to par, I doubt it will ever sell well anywhere. I'd be interested to hear what DaDakota has to say about all that...that is unless his European mob bosses will let him.
Yep, All of it is true, we are either going to make it, or fold up. What happened was we had 2 guys at the top who were lining their own pockets and then it was revealed that they had mafia ties and they resigned. This put a huge damper on our ability to raise cash to fund things like games and other applications. We are in the process of a large refi package but there is no guarantee... I have even been offered the role of CEO of Gizmondo, but declined unless I get to do it my way, and have the money to actually turn it around. Let me put it this way, I have 2 other companies ready to go, should Giz fold up. Online 3D poker site, and an MMO based in a fictional city where you plan supernatural beings.... However, I hope that Gizmondo makes it as the 2nd generation of the device is a "world changer". DD
You need some sort of NBA game on that device. I'd suggest something Dan Langhi- or Boki Nachbar-inspired.
Actually the ISD actually blocks gaming sites as well as pron and other stuff the students like to access, instead of doing what they are actually supposed to be doing.
Actually, just about every place I read/watch bashes the Gizmondo quite a bit, similar to the Phantom, NGage, and other not-quite-so-successful platforms. In fact, the only place where I saw some positive feedback was from Che (1UP editor...or something like that) during some of the 1UP shows. If only more people watched that show...
Did one of them smoke pot at all...? I think I voted "FIRE HIS ASS", but NooOooOooooo... you didn't listen...
i know alot if not all of u guys are just being nice because dada is a long time poster here. truth is no one here bought one or will plan to buy one in the future. for $300-$400? i rather buy me a xbox360...which i wouldnt cuz im waiting for ps3.
Good to have a plan sounds like some good Alternatives This unfortunately sounds like GizMo is RIPE for a corporate Raider to plunder get next Gen Tech at Last Gen Tech Prices Rocket River
Someone will buy them out and use whatever 'innovative' things they have come up with and integrate it into their own platforms (Sony or Microsoft or Nintendo may be?) Doesn't sound like they will make it...
I doubt Nintendo since they seem to be focusing only on gaming hardware and not hardware that does anything else. Sony might, although I'm not sure how interested they would be since it might be too late to incorporate the tech into the PSP, and the PSP2 is still probably a few years away. Even then, they might rather use some of the Sony Ericsson tech or someone else's GPS tech rather than trying to buy them out just to use the tech in a new handheld. MS might be the most likely of the 3, but IIRC they didn't seem to want to go after the handheld market yet. Didn't DaDakota say something about Samsung earlier? Not sure if that was Gizmondo-related or not, but if a bigger company were to come in and try to incorporate the Gizmondo tech into a new handheld, I would think it would be someone like Samsung or another big name in electronics. As DaDakota seemed to say several times, the Gizmondo did things other than gaming, so the tech in it might appeal to more than just the big 3 in the VG world. Of course, I'm not necessarily saying that they will get bought out. Just going through some possible options if that did happen.
The only way we make it is if this refi package happens (supposedly it is done, but I never believe it until I see the money). What will happen though is the directors of the company will all go to jail for investor fraud, and I will be tied up testifying in trial after trial about their misconduct. However, the device, in it's current state, is a GREAT sat nav device, that also plays, games, movies (ripped or bought), MP3s (ripped or bought), and email, GPS..etc..etc..etc.. If we get the money we will be launching a HomeBrew application that gives users the ability to share applications among other Homebrew people as well as support emulation. Poker is a big part of what we are trying to accomplish, we have to fill the same need as IPod, where they supply the device but don't care where you got the music. The Next Generation is a hand held Video conferencing via Wi-fi Internet telephone via wi-fi Streaming TV via Wi Fi Streaming radio via Wi-fi Cell phone Sat Nav MP3 Games PDA Email You would have a FREE communications device, all you need is a wi-fi connection and away you go....no more cell phones baby ! Of course, for all of this to happen, we need the refinance, and new leadership. DD
I think an electronics giant that wants to crack into the cell phone/portable gaming market would fit. This is something Panasonic would do. They did partner up for the 3DO. I hope the homebrew app with full access comes out. It'd open up a new niche and possibly make it a high demand collectors item.
