DSG Global Inc. Finalizing a Complete Company and Stock Restructuring
SURREY, BC, June 08, 2018 (GLOBE NEWSWIRE) -- DSG Global Inc. (OTC Pink: DSGT) announced 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.
The company is launching its new product, INFINITY LX week of June 11th and then moving forward to complete the new 10.2” INFINITY RM development. Since we announced the launch of this product, we have already secured $2,000,000 in orders. . It was critical for DSG to develop the best product and give the customer exactly what they have been waiting for. We also had announced that DSG engineered and designed our new patented 3G-4G/LTE TAG and further engaged in the manufacturing and are now pleased to announce that the first units have arrived and being deployed throughout North America.
We have also entered into an arrangement with one of the world’s largest electronics company that is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Our new INFINITY product line up will be shipping from there warehouse in Phoenix AZ in order to properly and adequately place on our product into the stream of commerce. This new process will eliminate delivery delays, enhance install procedures and provide a meaningful warranty to the industry. DSG is also in final negotiations in a partnership into the Australia market place with numerous orders booked for installation with the new INFINITY LX.
“The company’s Board of Directors has requested that I provide our shareholder base with another update as to the company restructuring plan we had initiated a few months ago. My last correspondence informed you that the company Board of Directors approved a restructuring plan that authorized the settlement and remediation of company debt,” said Bob Silzer, CEO of DSG Global, Inc.
Part of our strategy included the hiring of a law firm that specializes in toxic debt litigation/remediation to defend the company against lawsuits filed against it by convertible note holders in New York and Massachusetts. Our New York attorneys, The Basile Law Firm P.C., were able to assist us in the settlement, conversion or consolidation of convertible notes and liabilities owed to EMA Financial LLC ($45,000), Labrys Fund LP ($504,643), Auctus Fund LLC ($105,000) and LG Capital Funding LLC ($113,176). The company is also finalizing a settlement with Coastal Investment Partners, LLC and JSJ Investments Inc and is expected to be concluded by the end of the month.
In connection with the company debt remediation and restructuring plan, we have been working for several months with OTCWORKOUTS, LLC. The company is converting the major shareholders non-controlling preferred shares of $5.3m into variation of new share designations. Also the company is projecting $2.3m in note holders and $2.0m in accrued interest to be converted to common shares therefore substantially improving the company’s balance sheet and providing room to secure longer term, more traditional funding.
“Ultimately, our balance sheet will be much improved, the majority of our debt removed and the company will be in a much stronger cash position. It will allow the company to concentrate on growing the business and installations of new products. I expect to be able to update our shareholders over the next few weeks on further progress being made in eliminating debt. I cannot predict if, and/or when the company will complete its restructuring plans, but we are working hard to complete this by month end or sooner,” continued Silzer.
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.
Contact: For information, please contact: Investor Relations Chesapeake Group 410.825.3930
