Tiger Telematics, Inc. Announces Acceptance of a New Financing Commitment

    FORT LAUDERDALE, Fla.--Aug. 29, 2002--Tiger Telematics, Inc., (OTCBB:TIGR) today announced that it has received and accepted a Lending Commitment for a new lending facility, of up to $3 million from a private bank, subject to negotiation of definitive deal terms and execution of definitive lending documents. The fully secured line of credit will be for the working capital needs of its London subsidiary, Tiger Telematics, Ltd.
    Mr. Michael Carrender, CEO of Tiger Telematics, Inc. indicated "that this lending facility will provide us with a reasonably low cost funding arrangement, that will be drawn down in instalments of $1 million each, between now and year end as needed, subject to continuing compliance with all requirements of the facility. With payments of interest only in the first part of the loan, it gives us space to grow the business and to pursue opportunities to raise additional financing."
    Mr. Geoff Mitchell, the Managing Director of Tiger Telematics Ltd. said, "these funds will be utilized to begin shipments of existing units from inventory on hand and to utilize stock on hand at one of our key strategic partners within the next few weeks. It will also be used to launch our new generation product with new enhanced features in fourth quarter of this year."

    About Tiger

    Tiger Telematics, Inc., provides telematics products and services in Europe and in North America. Tiger's mission is to bridge the gap that exists between the telecommunications, computing and automotive industries by delivering a comprehensive telematics solution to the consumer, business and fleet markets. Tiger provides mobile telematics services that add value to subscribers by helping them safely connect to the wireless world.

    Except for historical matters contained herein, the matters discussed in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks and uncertainties that may affect Tiger Telematics, Inc. and its subsidiary businesses and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Tiger Telematics, Inc.'s operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms; and those risks discussed in the Company's filings with the SEC.