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Digital Caddies, Inc. Receives Funding of $2.7M
Investment to Be Used to Fund Growth and Development of the Players Network
|By Marketwired .
|April 2, 2014 09:10 AM EDT
SCOTTSDALE, AZ -- (Marketwired) -- 04/02/14 -- Digital Caddies Inc. (OTC Pink: CADY) (PINKSHEETS: CADY) is pleased to announce that it has received a total of $2.7M of funding on the previously announced equity capital raise being completed by Paulson Investments -- a boutique investment bank specializing in the small and mid-cap markets.
The offering was priced at $.80 per Unit and consists of (i) 4 common shares of stock; and (ii) 2 common stock purchase warrants. Each warrant is exercisable for one common share at $0.40 per share with a 5 year term. Funds raised are being used to continue the growth and development of The Players Network and other general working capital.
Digital Caddies launched The Player's Network in late 2013 -- a tablet based course navigation and content platform installed on golf carts. To date the system has been installed on approximately 5000 golf carts on over 60 golf courses across the country. On March 4th, 2014 the company announced that the network was generating advertising impression inventory at a run rate of over 100 million per month which far exceeds management's initial expectations. This better than expected performance, immediately resulted in the announcements of agreements with many premium 3rd party advertising networks who are working with Digital Caddies to fill the ad space with premium ad units and drive meaningful revenue through The Players Network.
By installing multi-functional, Internet-connected, high-resolution tablets in golf carts on golf courses across North America, Digital Caddies is building a proprietary, nationwide, interactive network -- The Player's Network. The network most notably offers national and local advertisers the ability to not only reach, but also to intimately engage with one of the most attractive and sought after demographic segments -- the golfer.
Once a golf course is equipped with The Player's Network, golfers are treated to a host of useful and engaging applications and services including GPS-based course navigation, touch screen interaction and on-course messaging. The platform can also provide the ability for golfers to notify the beverage cart of their location to receive more prompt service, keep score, set up real-time leader boards, access news, weather, sports, and other online content.
The Player's Network tablets easily install on golf carts and wirelessly connect to the Web through Sprint's nationwide 3G network, providing the golf course a broad portfolio of real-time course management tools via GPS-based cart tracking and communications. These tools enable course operators to improve the golfers' experience and manage pace of play, increase merchandise and concession sales via real-time on-tablet promotions, and access additional revenue streams.
About Digital Caddies
Digital Caddies was founded in 2003 and established a solid reputation and customer base using a low-cost, easy-to-use and-implement GPS service for golf courses. The company has transitioned to a new business model by providing golf courses with a tablet-based navigation and content platform that is wirelessly connected to the Internet and installed on golf carts. With the Digital Caddies platform, The Players Network, course operators have the opportunity to increase revenue by promoting merchandise, food and beverage specials, or whatever they'd like through the system. Digital Caddies also can help golf course operators lower operating costs by helping them track golf cart inventory, manage driver behavior, and assist in forecasting agronomy issues.
For more information about Digital Caddies please visit: www.digitalcaddies.net.
About Paulson Capital Corp.
With offices in New York, San Francisco and Portland, Paulson Investment Company is a leading national boutique investment bank focused on the small to mid-cap markets focusing on emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester "Chet" Paulson in 1970 it has managed or underwritten 170 securities offerings and has generated more than $1.2 billion for client companies.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Digital Caddies, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Digital Caddies, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Digital Caddies, Inc.'s filings with the Securities and Exchange Commission.
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