SURREY, British Columbia, June 28, 2022 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) ("DSGT" or the "Company"), an emerging leader in the Electric Vehicles market including SUVs, Buses, and Golf Carts, is pleased to announce a very impressive First Half of 2022 in all Divisions.
DSG’s Golf Cart Division brings production and supply to North America. DSG is opening additional assembly line facilities in Florida and Arizona to fill the backlog of orders and keep up with the increase of future demand. The company will have the ability to assemble thousands of vehicles each quarter at these new locations. Vantage Pro’s vehicles are available for test drives and orders can be booked via the website www.vantage-tag.com.
Separately, DSG’s Shelby Golf Cart continues to see an increase in sales and demand. DSG is finalizing discussion with retail dealers in North America to start selling the onsite and allowing consumers the ability to purchase Shelby Product line through www.acgolfcarts.com. After the very successful launch of the Officially Licensed Shelby range of golf carts earlier this year DSG Global announced it has extended its agreement with Shelby to include global branding and distribution rights to the exiting new Shelby e-Bike which is scheduled to launch this year as well. The DSG Global Shelby e-Bike sticks to the successful Shelby formula of bold styling and high performance at an affordable price.
Here are some highlights from the Q1 Financials released on June 14, 2022:
Sales for Q1 2022 totaled $744,251 compared to $387,106 for Q1 2021, an increase of $357,145 or 92.2%. The increase was primarily the result of increased deliveries of the Infinity TAG System and Shelby golf carts.
Net Loss was $892,768 this 1st Quarter compared to $1,418,216 the 1st Quarter of 2021, a decrease of 62%. This was primarily the result of decreased expenses, including compensation.
The Company dramatically increased its backlog by signing a $4.2 million deal with Green Vehicles Australia and nearly $3 million in new Vantage TAG GPS Golf Course Fleet Management Orders
“We believe that we’ll see a sizeable uptrend in sales for the remainder of the year, especially during Q3 and Q4. With non-dilutive funding secured, we will be able to showcase the Infinity System, Vantage and Shelby electric golf carts and the new Shelby e-bikes. DSG continues to see growth in all aspects of its business and has collected approximately 1950 refundable deposits for the SEV, with most expected to be delivered during Q4 2022 and Q1 2023. Upon delivery, this would generate approximately $80 million in bookable revenue” said Robert Silzer, CEO of DSG Global.
About DSG Global
DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest-growing market sectors. With roots in the golf industry, in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric Vantage and Shelby golf carts under the Vantage Tag Systems (VTS) brand, the Company is moving quickly with road-ready electric vehicles for sale in the last quarter of 2022 through IMC.
About Vantage Tag Systems
Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other venues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS' unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, 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 vehicles worldwide. VTS is now branching into several new streams of revenue through programmatic advertising, licensing, and distribution, as well as expanding into commercial fleet management, Marshal single rider golf carts, Vantage Golf Cart line up and agricultural applications.
Additional information is available at www.vantage-tag.com/
Brokers and Analysts:
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This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally. Forward-looking statements or information are based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year 2021 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed 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. The forward looking statements or information contained in this news release are expressly qualified by this cautionary statement.