SCOTTSDALE, AZ--(Marketwired - Dec 11, 2013) - Digital Caddies Inc. (OTC Pink: CADY) is pleased to announce that it has completed the initial round offunding on a $5M capital raise being completed by Paulson Investments -- a boutique investment bank specializing in the small and mid-cap markets. The offering is priced at $1.00 per Unit and consists of (i) 4 common shares of stock; and (ii) 2 common stock purchase warrants. Each warrant is exercisable for one common share (cash exercise only) at $0.40 per share with a 5 year term. The closing included funds that exceeded the minimum closing amount of $500,000.
"This funding will allow us to accelerate our installation schedule to meet the high demand for The Players Network throughout the country," said Mike Loustalot, President of Digital Caddies. "We are very excited to be working with a great partner like Paulson Investments."
Earlier this year, Digital Caddies launched The Player's Network -- a course navigation and content platform installed on golf carts that connects to the web through Sprint's high-speed wireless network and improves guests' experiences by providing instant and accurate yardages, real-time interaction with the clubhouse, and other features golfers demand.
The platform is also a powerful tool for golf course operators to help build guest loyalty, and potentially increase course revenue and lower operating costs. The platform is specifically designed to promote interaction between the golfer and the device throughout their round, providing an opportunity for golf course operators and advertisers to interact directly with golfers in ways that have never been possible before.
Digital Caddies has already installed The Player's Network on many courses in Arizona, California, South Carolina, Nevada and Florida and recently signed agreements Sprint, Samsung as well some leading golf management companies such as Troon Golf Management, OB Sports and National Golf Management who collectively manage over 250 golf courses.
About Digital Caddies
Digital Caddies was founded in 2003 and has established a solid reputation and customer base using a low-cost, easy-to-use, easy-to-implement GPS service. The company has transitioned to a new business model by providing golf courses a wirelessly connected tablet-based navigation and content platform that is installed on golf carts. With the Digital Caddies platform, course operators have the opportunity to increase revenue by promoting merchandise, food and beverage specials, or whatever they'd like through the system. Digital Caddies also can help golf course operators lower operating costs by helping them track golf cart inventory, manage driver behavior, and assist in forecasting agronomy issues. For more information about Digital Caddies please visit: www.digitalcaddies.net.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Digital Caddies, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Digital Caddies, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Digital Caddies, Inc.'s filings with the Securities and Exchange Commission.