SURREY, British Columbia, March 06, 2020 (GLOBE NEWSWIRE) -- On March 2, 2020, DSG Global, Inc. (DSGI, the “Company”) received a written request from the OTC Markets Group Inc. (OTC-QB) alerting the Company to certain promotional activity and, in accordance with the OTC-QB’s Policy on Stock Promotion, requesting that the Company issue a press release commenting on the promotional activity.
The promotional activity consisted of at least two newsletters (the “Subject Materials”) and appear to have been the work product of individuals or entities which appear from the face of the materials to possibly be from two offshore email addresses highlighting the subject lines, “DSGT Immense liquidity so order stocks to make a yield” and “Penny Stock (otc: DSGT) is Flying Up Today” to, among other things, encourage readers to invest in the Company’s common stock.
Upon being informed of these unauthorized promotional activities, the Company’s management conducted an inquiry into the matter that included its officers, directors, controlling shareholders (those owning 10% or more or the Company’s securities) and third-party investor/public relations service providers (together, the “Affiliates and Service Providers”). Based on the results of that inquiry, the Company is able confirm the following:
Neither the Company nor its Affiliates and Service Providers were involved in any manner with the creation, distribution, or payment of the Subject Materials. The Company had no role in the creation of the Subject Materials and therefore cannot stand behind any statement that is set forth in such materials. No compensation of any nature was paid, directly or indirectly, to any such third party to create, publish or distribute the Subject Materials. Further, none of the Company’s officers or directors sold any shares within the past 90 days.
The Subject Materials do not express the opinions of the Company’s management nor are they authorized or endorsed by the Company. The Company cautions all readers of such materials that the statements contained in the Subject Materials may have been materially false or misleading.
The Company has from time to time over the past 12 months worked with the following third parties to perform some activity related to investor, public relations and related services:
- Chesapeake Group
- Crescendo Communications LLC
- Iconic IR
Over the past 12 months the Company has engaged in several financings that included variable-priced conversion mechanisms that allowed conversion of debt into stock based on a discount to then-current market prices:
- Convertible promissory note dated January 22, 2019 in the amount of $137,500, convertible into the Company’s common stock at a conversion price equal to 55% of the lowest trading price during the previous 15 trading days prior to the conversion date, including the conversion date. The note remains outstanding in full;
- Convertible promissory note dated April 26, 2019 in the amount of $413,590 convertible into the Company’s common stock after 180 days from issuance date at a conversion price equal to the lesser of (i) the lowest trading price during the previous fifteen trading days prior to the date of the promissory note; or (ii) 55% of the lowest trading price during the previous 15 days prior to the latest complete trading day prior to the conversion date. The note remains outstanding in full;
- Convertible promissory note dated May 7, 2019 in the amount of $62,605 convertible into the Company’s common stock at a conversion price equal to 55% of the lowest trading price during the previous 15 trading days prior to the conversion date, including the conversion date. The note remains outstanding in full;
- Convertible promissory note dated June 28, 2019 in the amount of $62,605 convertible into the Company’s common stock at a conversion price equal to 55% of the lowest trading price during the previous 15 trading days prior to the conversion date, including the conversion date. The note remains outstanding in full;
- Convertible promissory note dated July 30, 2019 in the amount of $220,000 convertible into the Company’s common shares at a conversion price equal to the lesser of (i) 60% of the lowest trading price during the previous 20 trading days prior to the issuance date, or (ii) the lowest trading price for the common stock during the 20 day period ending one trading day prior to conversion of the note. The note remains outstanding in full;
- Convertible promissory note dated September 30, 2019 in the amount of $62,605 convertible into the Company’s common stock at a conversion price equal to 55% of the lowest trading price during the previous 15 trading days prior to the conversion date, including the conversion date. The note remains outstanding in full;
- Convertible promissory note dated September 30, 2019 in the amount of $62,605 convertible into the Company’s common stock at a conversion price equal to 55% of the lowest trading price during the previous 15 trading days prior to the conversion date, including the conversion date. The note remains outstanding in full;
- Convertible promissory note dated September 4, 2019 in the amount of $55,000 convertible into the Company’s common stock convertible during the first 180 calendar days from the issuance date at a price of $0.50 per share and for the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the common stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the common stock during the twenty day period ending last complete trading day before conversion. The note remains outstanding in full;
- Convertible promissory note dated September 19, 2019 in the amount of $55,000 convertible into the Company’s common stock convertible during the first 180 calendar days from the issuance date at a price of $0.50 per share and for the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the common stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the common stock during the twenty day period ending last complete trading day before conversion. The note remains outstanding in full; and
- Convertible promissory note dated September 30, 2019 in the amount of $82,500 convertible into the Company’s common stock convertible during the first 180 calendar days from the issuance date at a price of $0.50 per share and for the subsequent period until repayment the conversion price shall equal the lesser of (i) 60% multiplied by the lowest traded price of the common stock during the previous twenty trading days before the issuance date of the note, or (ii) the lowest traded price for the common stock during the twenty day period ending last complete trading day before conversion. The note remains outstanding in full.
Additional information on the various private offering and underlying instruments can be found in the Company’s public filings with the SEC.
About VANTAGE TAG SYSTEMS INC (VTS)
Vantage Tag Systems 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, 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 its technology installed in vehicles 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, RAPTOR, a single rider golf cart and Agricultural applications. Additional information is available at http://vantage-tag.com/
Safe Harbor for Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
info@chesapeakegp.com