SCOTTSDALE, AZ--(Marketwired - Apr 21, 2014) - Digital Caddies Inc., (OTC Pink: CADY) (PINKSHEETS: CADY) a leader in on-course delivery of technology services and content to golfers, is pleased to announce the final closing of the previously announced equity funding with Paulson Investment Company Inc., a boutique investment bank specializing in small- to mid-cap technology investments, for a total of approximately $4.1M USD.
Funding for Digital Caddies was secured by Paulson Investment Company, Inc., an investment bank specializing in small- and mid-cap markets. Mike Loustalot, president of Digital Caddies, says, "The team at Paulson Investments has been a fantastic partner in our quest to bring The Players Network to courses, golfers and advertisers." He adds, "This funding is another significant milestone in the history of our company."
Digital Caddies has installed their system on approximately 5,000 golf cars across the U.S. In March 2014, the company announced the network was generating advertising impression inventory at a run rate of over 100 million per month, which outpaced management's initial expectations. This better than expected performance immediately resulted in agreements with numerous mobile advertising networks who are now working with Digital Caddies to fill the ad inventory with relevant, premium ad units targeted to The Players Network audience.
Once a golf course is equipped with the touchscreen tablets, golfers enjoy a variety of useful applications and services including GPS-based course navigation, aerial green views, accurate yardages to landmarks and on-course messaging. Digital Caddies' tablets install easily on golf cars and connect wirelessly 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 car tracking and communications. These tools enable course operators to improve the golfers' experience, manage pace of play and increase merchandise and concession sales via real-time promotions. Golf courses will benefit from reduced operating costs by better tracking golf car inventory, managing driver behavior and forecasting agronomy issues.
About Digital Caddies
Digital Caddies was founded in 2003 and established a solid reputation and loyal customer base by providing a low-cost, user-friendly GPS service to golf courses. The company has now transitioned to a new business model, which provides courses and golfers with a tablet-based navigation system and advertisers with a content platform that is wirelessly connected to the Internet and installed on golf cars. For more information about Digital Caddies, please visit www.digitalcaddies.net.
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.