The Company has exclusive rights to market Jonway Group’s electric vehicles for resale in the United States, Canada, Mexico and the Caribbean
Surrey, British Columbia, Oct. 02, 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 announced that it has entered into an exclusive cooperation agreement with Zhejiang Jonway Group Co., Ltd. (“Jonway Group”), a leading manufacturer of electric vehicles in China. Under the agreement, Jonway Group has agreed to purchase the Company’s Tag systems for installation on its vehicles in China and other territories.
Bob Silzer, CEO of DSG Global, commented, “This agreement is a transformational event for the Company as Jonway Group is one of the leading global manufacturers of electric vehicles. Incorporating our Tag systems into many of their vehicles provides and unprecedented opportunity for our Company. They have committed to significant minimum purchase orders, which will contribute near-term revenue and cash flow. Moreover, we look forward to private labeling their vehicles and combining our full range of Tag Systems, including the Tag Infinity for use on golf courses. This provides us immediate entry into the high-margin, low-speed vehicle market, where we can immediately leverage our broad relationships and distribution within the golf industry.”
According to Allied Market Research, the golf cart industry is expected to grow to $2.6 billion by 2023, and the broader low speed vehicle market is expected to reach $11.5 billion by 2023 according to a report by Market Research Future. Mr. Silzer continued, “Based on feedback from our customers, there is significant pent-up demand for a product offering that combines electric vehicles and fleet management. We look forward to aggressively penetrating these multi-billion-dollar markets with a unique and fully integrated offering.”
“In addition to the golf market, there are several other major markets, including transportation, logistics, fleet management to name a few, where we can combine our offering to provide enterprises with a one stop solution by combining first-in-class vehicle tracking with high quality and low-cost electric vehicles. The fact that Jonway Group selected DSG as its exclusive partner is a true testament to our capabilities.”
ABOUT JONWAY GROUP
Jonway is a leading producer of automotive, motorcycle and OEM parts in China. Jonway Automobile has ISO 9000 manufacturing facilities, certified for EV manufacturing, and engineering, sales and customer services facilities in China. Jonway has production capacity of up to 50,000 vehicles per year, over 1 million square feet of factory space, and over 65 acres of land with an established sales distribution network in China. Jonway is well known for their quality manufacturing and is an OEM manufacturer for various well-known companies. For many years they have built high speed vehicles, low speed vehicles, off road vehicles and motorcycles for the Chinese and international markets. Jonway has the ability supply CKD, SKD and CBU vehicles or motorcycles. They also provide millions of parts for various manufactures around the world.
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 their technology installed in over 15,000 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, and Agricultural applications. DSGT is also expanding into commercial fleet management with the RAPTOR, a single rider golf cart. 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.
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