DSG Global Inc. (OTC: DSGT) has announced business updates and developments that have occurred in the past six months.
The company, which provides patented GPS GOLF TAG MANAGEMENT SYSTEM and on-course media system, is installing 19 courses over the coming months and has completed Phase 1 of its restructuring program.
DSG Global said it would start the installation of nine of the first nineteen new clients soon so they can receive the new 12″ INFINITY HD in France, Spance, Canada, and USA golf courses.
The company said it has also 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.
CEO Robert Silzer stated, “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.”
“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,” Silzer added.
The company is looking to hire an experienced COO that has national public markets experience to oversee it’s day-to-day operations and is also hiring an Operations Manager to supervise manufacturing and production. DSG also intends to hire several other experienced industry sales personnel throughout North America.
DSG intends to add up to 15 new distributors around the world and several new products are considered for development.
Phase 1 of the company’s restructing program that began last November has been completed. DSG (OTC: DSGT) has undertaken an overall debt and corporate restructuring program approved by the company’s Board of Directors.
Over $11.8M in liabilities so far have been converted into long-term preferred equity that will allow the company to transition its efforts to raising better capital on better terms. The debt balance that remains is $1.4M and represents mostly trade and long term shareholder debt. The company will continue to address the debt as it transitions to the funding stage of its restructuring plan.