Digital Caddies, Inc. (OTC Pink: CADY) (PINKSHEETS: CADY), a leader in the on-course delivery of technology services and content to golfers, is pleased to announce that Western Technology Investment ("WTI") has agreed to invest up to $3 million in debt to fund the growth of Digital Caddies.
WTI, who has invested over $3 billion since its inception, specializes in providing growth capital to fund general business operations for early and late stage technology companies. With an exceptionally stable capital base, WTI is highly responsive, risk tolerant and creative in addressing their customer's unique capital requirements.
According to Mike Loustalot, president and director of Digital Caddies, "WTI and their approach to financing will allow our company to accelerate growth with minimal dilution. With a successful investment track record in some of the world's leading technology networks including Google, Facebook, Juniper and Brocade, WTI is a welcome and important new addition to our funding equation."
"We are impressed with the management team at Digital Caddies, their traction among the world's leading golf companies, and the significant opportunity to bring modern day technology to golfers everywhere," said David Wanek, partner at Western Technology Investment.
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 golf car tracking and communications. These tools enable course operators to improve the golfer experience, manage pace of play and increase merchandise and concession sales via real-time promotions. Golf courses 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.
About Western Technology Investment
Founded in 1980, WTI has provided over $3 billion of debt and equity capital to technology and life science companies ranging from early-stage private companies to publicly traded companies. Our investments range from $250,000 to $30 million and are structured as fully usable, unrestricted growth capital. www.westerntech.com
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.
SOURCE: Digital Caddies