CSI Wireless Inc. (TSX:HEM) officially changed its name to “Hemisphere GPS Inc.” at its annual general meeting in Calgary on May 9. Company shareholders voted to accept the name change in support of the company’s renewed focus on the strengths of its GPS business. In conjunction with the name change the corporate web site and email domain name has been changed to www.hemispheregps.com. Hemisphere’s CUSIP number is 423 633 106.
In addition the company’s stock is now trading under the new ticker symbol “HEM” on the Toronto Stock Exchange.
The name change communicates the reemergence of a pure-play GPS company following the discontinuance of the company’s wireless businesses in 2006. Hemisphere GPS serves the growing demand for accuracy and machine control applications and owns various product brands including Crescent GPS and Outback Guidance. Record GPS sales were reported for the first quarter of 2007.
“The decision to focus exclusively on GPS was made based on the strengths of our GPS technology and products and our market share leadership and sound industry reputation in our key markets of Ground Agriculture Air and Marine” stated Steve Koles president and CEO of the company. “We are already leveraging these strengths as the long term forecasts for these industries are very positive. We are preparing for the anticipated demand.”