DSG Global is days away from completing the restructure and back to generating sales
Surrey B.C., June 25, 2018 (GLOBE NEWSWIRE) -- (OTC Pink: DSGT) Today, the company is releasing the following shareholder update in order to provide information to its shareholders and to keep them informed as to the company’s path to financial recovery.
As previously disclosed, the company is involved in an overall debt and corporate restructuring approved by the company’s Board of Directors. The notes previously owed to EMA Financial, LLC, Auctus Fund, LLC, Labry’s Fund and LG Capital Funding, LLC have been transferred and converted. Today, it is my pleasure to inform our shareholders that an additional $8M in liabilities has been converted into longer term preferred equity. The debt remediation efforts are being co-managed by OTCWORKOUTS, LLC and our litigation counsel, The Basile Law Firm P.C., and we have now remediated almost $10M from our booked liabilities.
We expect to announce another $3M of liabilities transferred into longer term preferred equity as well as announce a similar settlement of the debt currently booked to Coastal Investment Partners, LLC of $200,000.00 and settlement with JSJ Capital in amount of $100,000.00 over the next two weeks. This will eliminate all Convertible Notes on the books.
There is still much work to be done, but we are more than 90% complete with our debt remediation efforts. The Company has been working hard at cleaning up the company’s books as we position the Company to attract and close longer term more traditional non-dilutive capital, allowing the company to improve shareholder value with plans to up-list to a national exchange.
We have also been in discussions with several potential acquisition targets, especially in the area of “smart” golf product technologies that we intend on integrating into our products to offer a cutting-edge interactive experience for golfers. The acquisitions we are looking at include intellectual property rights as applied to products already in development by these companies. We would not have these potential opportunities if we did not undertake this restructuring.
Along with the potential acquisitions DSG has made the move to form a strategic alliance with an Australia company that is working with DSG in the introduction of the new INFINITY XL and the 3G TAG. At first glance we are already in front of numerous courses through-out Australia and New Zealand.
The NEW LOOK INFINITY has certainly caught the eye of end users. The first Final INFINITY XL arrived on Friday ready to be deployed to the market with a further 2000 to follow. Work on the 10.2” roof mount is also in final stages of design.
We are also in the process of scheduling a meeting with a New York Stock Exchange Member investment banking firm in New York to discuss the development of a funding plan that could include acquisition, manufacturing and growth capital to meet our financial needs for the next 2-3 years although I cannot confirm at this time whether we will be able to secure said banker to assist us and no such agreement is in place at the moment.
I expect to be able to update our shareholders over the next few weeks on further progress. I cannot predict if, and/or when the company will complete its restructuring plans, but we are working hard to complete this as soon as practicable.
In the meantime, the company and its Board of Directors do appreciate your continued support.
Very truly yours,
About DSG Global Inc. DSG Global Inc. (DSGT) is one of the new breed of Software-as-a-Service (SaaS) companies that are dominating the IT industry. DSGT provides electronic tracking systems fleet management solutions and mobile digital data for players. Our clients are using DSGT’s patented technology to significantly reduce costs, increase safety and enhance customer satisfaction. DSGT has historically focused on the golf industry, where golf course operators manage their fleet of golf carts, turf equipment, and utility vehicles remotely using DSGT’s SaaS Technology. DSGT is now addressing the PACE OF PLAY problems that exist on golf courses today and introducing the NEW ELECTRIC SINGLE FAIRWAY RIDER G3 to the golf industry. The new Fairway Rider G3 will be equipped with the patented DSG TAG for tracking and the new 7” INFINITY LITE. DSGT is also aggressively branching into several revenue streams, through programmatic advertising, licensing, distribution, commercial fleet management 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; our ability to enter into contracts with golf courses for the Fairway Rider G3 or any revenue that may be generated therefrom; 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 filings with the Securities and Exchange Commission. 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.