Company installing 19 courses over coming months and completes Phase 1 of its Restructuring Program
Surrey, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) -- DSG Global Inc. (DSGT), the world's leading provider of the patented GPS GOLF TAG MANAGEMENT SYSTEM and on-course media system, announces business updates and developments made over the past six months.
DSG Global will shortly begin installation on nine of the first nineteen new clients to receive the new 12” INFINITY HD in Canada, France, Spain, Singapore and USA golf courses. The company has signed agreements to install the DSG Tag® INFINITY HD systems on the nine fleets of golf carts and is awaiting delivery of inventory to cover installations on the next ten courses made up of the INFINITY HD and TAG TEXT.
“The interest throughout the industry for our product and its functionality is very strong. All golf courses that use golf carts or maintenance vehicles benefit from our TAG SYSTEM and now with the INFINITY HD and 3G TAG coming to market, golf courses who participate in our program are able to increase revenue and combat Pace of Play. This puts us on pace to reach our projected sales goal,” commented DSG Global President and CEO, Robert Silzer.
DSG is aggressively pursuing the hiring of an experienced COO with national public markets experience to oversee the day-to-day operations of the company as our product and distribution expansion program continues through 2018 and 2019. The company is also hiring an Operations Manager to specifically supervise manufacturing and production as well as hiring several more experienced industry sales personnel throughout North America. Our new sales and market plan includes adding up to 15 new Distributors worldwide and several new products considered for development.
The bulk of the first phase of the restructuring program started back in November 2017 is now completed and as previously disclosed, the company has undertaken an overall debt and corporate restructuring program approved by the company’s Board of Directors. To date, more than $11.8M in liabilities have been converted into long-term preferred equity that will allow the company to transition its efforts to raising better capital on better terms. There still remains a debt balance of approximately $1.4M representing mostly trade and long term shareholder debt that will continue to be addressed as the company transitions now to the funding stage of its plan. The convertible notes, with exception of two note holders, have all been retired and removed from the balance sheet. The company will have a detailed overview available along with a conference call in the upcoming days with further details as phase one ended July 31, 2018.
“We believe that the steps we have taken, and the options available to the company going forward, have greatly increased the chance of success for the company in the near future. The second phase of our program focuses on longer term investments to meet the company’s financial and funding needs over the next 24 months. To that end, the company is also announcing that meetings have been confirmed with investment bankers in New York starting the week of August 13th to discuss raising long-term capital, although the company cannot guarantee that it will be able to engage with any investment banking firm at this time. On behalf of the company and its shareholders, I would like to thank OTCWORKOUTS, LLC for developing the restructuring plan with our Board, and tedious debt remediation efforts that moved more than $11.8M into longer term Preferred equity,” concluded Silzer.
About DSG Global Inc.
DSG Global Inc. (DSGT) provides patented electronic tracking systems and fleet management solutions to golf courses that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Their clients use DSGT's unique technology to significantly reduce operational costs, increase safety, and enhance customer satisfaction. DSGT has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over 15,000 vehicles on more than 250 courses worldwide. DSGT is now aggressively branching into several new streams of revenue, through programmatic advertising, licensing and distribution. DSGT is also expanding into Commercial Fleet Management, RAPTOR SINGLE RIDER GOLF CAR, 100E FULLY LOADED MULLEN GOLF CARS, 2- and 4-seaters and Agricultural applications.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements in this press release include statements relating to the Company's corporate finance and other strategic initiatives, and the Company's expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in these new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2015. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.