DSG Global Inc. Provides Business Update and Reports

Tuesday, 28. May 2019 15:00

Achieves revenue of $1.3 million for 2018 versus $1.1 million for 2017

Consolidates $1,870,000 of convertible debt with single lender to streamline balance sheet

Surrey, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) --  DSG GLOBAL INC. (OTC: DSGT; ), the world's leading provider of the patented GPS Golf TAG Management System and on-course media system, today provided a business update and reported financial results for the year-ended December 31, 2018.  The Company also announced it has consolidated $1,870,000.00 of debt with a single lender to streamline the capital structure and consolidate the convertible notes. The Company has filed its Form 10-K along with a Form 8-K to follow detailing the debt consolidation with the Securities & Exchange Commission, which are available at www.sec.gov

The Company reported revenue increased to approximately $1.3 million for the year-ended December 31, 2018, versus approximately $1.1 million for 2017.  Reported revenue reflects a change in revenue recognition versus previously reported and projected results.  Gross profit increased 52.9% to approximately $1.1 million, versus approximately $712,000 for 2017. Loss from operations decreased approximately $461,000 to approximately $1.2 million versus approximately $1.6 million for the same period last year. Net loss for fiscal 2018  increased primarily due to approximately $8.6 million in other expenses inclusive of losses on extinguishment of debt of approximately $6.9 million and finance costs of approximately $2.7 million. This was partially offset by a gain on change in  derivative instruments of approximately $1.0 million and the decrease in operating expenses of approximately $461,000.

Bob Silzer, CEO of DSG Global, noted, “We generated solid year-over-year growth for 2018 and expect revenue to increase again in the first quarter of 2019 versus the same period last year.  Revenue differed from our previous guidance due to a change in our revenue recognition; however, this revenue will now be reflected in future quarters. Importantly, we are gaining traction as we head into the new year, including a number of exciting changes in our operations, new product line up, entry into new markets, and the addition of very strong senior team members to help accelerate the growth of Vantage Tag.  In particular, we continue to witness strong interest in the new INFINITY XL suite of products, as evidenced by the numerous premier courses we have been signing since the beginning of this year.  As a result, I am especially pleased to report our sales pipeline has increased substantially throughout the world. Overall, we remain extremely encouraged by the outlook for the business.”

“Given our recent progress, we have taken this opportunity to consolidate our convertible debt with a single lender, which we believe will help streamline our balance sheet and provide us much greater financial flexibility to support our growth initiatives, inventory requirements, placing our RAPTOR in courses around the world on a revenue share program, and continuing to engineer first class technology for our new product lineup.  At the same time, we increased our authorized shares to 150 million.  While we are very cognizant of dilution, we felt this increase in our authorized shares was necessary as we have been exploring potential acquisitions and other initiatives that we believe will help accelerate our growth, further establish our leading market position, increase our business development initiatives and set the stage to list on a national exchange. With our new auditor in place, our 10-K filing behind us, and our 10-Q expected to be filed shortly, we are now very well positioned moving forward to advance our highly scalable business model and begin more aggressively building awareness for the Company.”

About VANTAGE TAG SYSTEMS INC, (VTS)  (DSGT) provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Their clients use VTS's unique technology to significantly reduce operational costs, increase safety, and enhance customer satisfaction. VTS 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. VTS is now aggressively branching into several new streams of revenue, through programmatic advertising, licensing and distribution, as well as expanding into Commercial Fleet Management, and Agricultural applications. DSGT is also expanding into commercial fleet management with the RAPTOR, a single rider golf car, and the 100E fully loaded Mullen golf cars, 2 and 4 seaters. Additional information is available at http://www.vantage-tag.com.

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.

Contact:
Crescendo Communications, LLC
Tel: 212-671-1021
Email: dsgt@crescendo-ir.com

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