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Velodyne Lidar Commends NHTSA Plan to Update NCAP

Velodyne Encourages Government and Industry Collaboration to Advance Vehicle Safety

SAN JOSE, Calif.–(BUSINESS WIRE)–Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today commended the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) plan to update to its New Car Assessment Program (NCAP). The NHTSA proposal would add four advanced driver assistance system (ADAS) capabilities to the NCAP, keeping pace with evolving safety technologies and providing much-needed information to consumers.

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NCAP is the U.S. Government’s premier consumer information program for evaluating vehicle safety performance. The NHTSA proposal to add ADAS technologies to the NCAP includes pedestrian automatic emergency braking, lane keeping support, blind spot warning and blind spot intervention. The proposal asks for comments on how best to develop a NHTSA rating system for ADAS technologies. It also requests comments on potential approaches for conveying this information on the Monroney label, which is displayed on all new automobiles and provides important vehicle information to consumers.

“NHTSA’s proposal has the potential to save lives. Adding ADAS to NCAP is an excellent step forward in advancing safety features in cars and educating consumers on what those features can and cannot do,” said Mircea Gradu, PhD, Senior Vice President of Product and Quality, Velodyne Lidar. “Velodyne has long been engaged with NHTSA and other auto safety leaders on how to standardize ADAS features and establish a rating system that measures ADAS levels of performance. We are eager to work with the agency and all stakeholders on completing this important initiative.”

Velodyne has for years been dedicated to testing lidar sensors and developing safety metrics for ADAS systems. NHTSA’s new plans allow Velodyne to share the company’s findings, weighing in on the capabilities of lidar-centric ADAS systems which have superior performance after sundown, an advantage over current radar+camera-based ADAS solutions. Lidar is self-illuminating; its array of laser beams can accurately perceive the environment in darkness as well as in daylight. Lidar has long been a key sensor for autonomous driving and now Velodyne is applying lidar technology for ADAS vehicle safety, planning to offer software and lidar system solutions in increasing increments of safety and protection.

Five-Diamond ADAS Rating System

Velodyne has a long-standing commitment to fostering understanding of the safety and mobility benefits of advanced driving capabilities to consumer, business, government, public safety and community audiences. These efforts include developing a framework for a five-diamond rating system, aimed at establishing standardized performance assessments of ADAS features. The system is designed to encourage transparency in the marketplace and promote the maximum positive effect of ADAS technologies.

The five-level rating system utilizes diamonds to mark significant milestone achievements in vehicle system performance. The foundational ADAS technologies included in the five-diamond rating system are adaptive cruise control, lane keep assistance, automatic emergency braking, automatic emergency steering and blind spot monitoring.

Velodyne has presented the proposed system to encourage refinement and quantification of the performance descriptors to organizations that include NHTSA, SAE International, Insurance Institute for Highway Safety (IIHS), National Transportation Safety Board (NTSB) and International Alliance for Mobility Testing and Standardization (IAMTS). Velodyne developed a white paper on the rating system, called “An ADAS Feature Rating System: Proposing a New Industry Standard.”

Velodyne envisions the ADAS assessment system results can be incorporated into the Monroney label. Velodyne has developed a proposed ADAS rating label for government and industry review. It is similar to the current NHTSA-developed crash-worthiness label and can be used to educate consumers on vehicle ADAS capabilities before they make car purchases.

Improving ADAS to Reduce Nighttime Dangers to Pedestrians

Velodyne has also called for increased testing of ADAS performance in dark nighttime scenarios. This expansion would address a gap in current testing protocols, which primarily look at daytime conditions and largely overlook the risks to pedestrians from ADAS features that perform poorly in dark nighttime conditions.

Over 6,000 pedestrians are killed every year in traffic-related crashes in the United States with the vast majority of fatalities occurring in dark conditions, per NHTSA reports. Current ADAS, with pedestrian automatic emergency braking (PAEB) that utilizes camera and radar technology, frequently fail to protect pedestrians in dark conditions according to independent testing by NHTSA and the American Automobile Association (AAA).

To reflect real-life conditions, Velodyne proposes expanding PAEB testing protocols to include tests conducted in dark nighttime conditions. This change would protect the public and provide consumers useful information on the capabilities and limitations of different pedestrian detection systems.

This proposal is addressed in a Velodyne white paper, “Improving Pedestrian Automatic Emergency Braking (PAEB) in Dark, Nighttime Conditions.” The white paper also includes the results of nighttime PAEB tests conducted by Velodyne. The tests evaluated a highly-rated PAEB system using camera and radar-based technology and Velodyne’s PAEB system that uses Velodyne’s Velarray H800 sensor and Vella™ software. In these nighttime conditions, the camera and radar-based PAEB system failed in all five scenarios while the lidar-based system avoided a crash in every situation tested.

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

Forward Looking Statements

This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “can,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; uncertainties related to Velodyne’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; Velodyne’s ability to identify and integrate acquisitions; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005992/en/

Investor Relations

Andrew Hamer

Chief Financial Officer

[email protected]

Media

Landis Communications Inc.

Sean Dowdall

(415) 286-7121

[email protected]

KEYWORDS: California United States South America Canada North America Asia Pacific Europe

INDUSTRY KEYWORDS: Alternative Vehicles/Fuels Other Technology Public Policy/Government Software Networks Hardware Electronic Design Automation Health Data Management Consumer Electronics Mobile/Wireless Technology Construction & Property Law Enforcement/Emergency Services Photography Other Automotive Audio/Video Tires & Rubber Recreational Vehicles General Health Off-Road Trucks & SUVs Motorcycles Fleet Management Aftermarket General Automotive Automotive Engineering Urban Planning Automotive Manufacturing Manufacturing Other Policy Issues

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Photo

Images show vehicle with lidar-based PAEB stopping before adult target @ 50% overlap (above) and vehicle with camera and radar-based PAEB crashing into adult target (below). (Photo: Velodyne Lidar, Inc.)

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In nighttime pedestrian automatic emergency braking (PAEB) testing conducted by Velodyne Lidar, Velodyne’s PAEB system that uses the Velarray sensor and Vella™ software avoided a crash in every situation tested. (Photo: Velodyne Lidar, Inc.)

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Velodyne Lidar’s Puck™, Alpha Prime™ and Velarray H800 sensors (shown here) are designed for safe navigation and collision avoidance in ADAS and autonomous mobility applications. (Photo: Velodyne Lidar, Inc.)

Logo

FRMO Corp. Announces Second Quarter Results and Conference Call

WHITE PLAINS, N.Y.–(BUSINESS WIRE)–
FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for the 2021 second quarter, ended November 30, 2020 (May fiscal year).

Financial Highlights

FRMO’s book value as of November 30, 2020 was $180.1 million ($4.09 per share on a fully diluted basis), including $51.6 million of non-controlling interests. This compares with book value at the prior fiscal year ended May 31, 2020 of $161.9 million ($3.68 per share), including $46.9 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $111.9 million as of November 30, 2020, and $104.8 million as of May 31, 2020. Total liabilities were $15.0 million as of November 30, 2020, and $11.8 million as of May 31, 2020, comprised primarily of securities sold, not yet purchased and deferred taxes.

FRMO’s net income (loss) attributable to the Company for the three months ended November 30, 2020 was $11,671,366, or $0.27 per share, compared to $(481,719), or $(0.01) per share for the three months ended November 30, 2019.

FRMO’s net income (loss) attributable to the Company for the six months ended November 30, 2020 was $11,853,607, or $0.27 per share, compared to $(700,580), or $(0.02) per share for the six months ended November 30, 2019.

FRMO’s net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities net of taxes for the three months ended November 30, 2020 was $7,795,670 ($0.18 per diluted share) compared to $(190,203) ($0.00 per diluted share) for the three months ended November 30, 2019.

For the six months ended November 30, 2020, the figure was $10,025,116 (0.23 per diluted share) compared to $(236,087) ((0.01) per share) in 2019.

Net income (loss) attributable to the Company excluding the effect of unrealized gains (losses) from equity securities net of taxes is a measure not based on GAAP and is defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” at the end of this release.

Valuation of securities and cryptocurrencies are subject to change after November 30, 2020. The market value of several securities and cryptocurrencies might have changed substantially since that date. We look forward to finding new ways to expand our cryptocurrency mining operations.

As of November 30, 2020 and May 31, 2020, the Company held a 21.15% and 19.23% equity interest in Horizon Kinetics Hard Assets LLC (“HKHA”), a company formed by Horizon Kinetics LLC and certain officers, principal stockholders and directors of FRMO Corp. (“the Company”). Due to the common control and ownership between HKHA and the Company’s principal stockholders and directors, HKHA has been consolidated within the Company’s financial statements. The noncontrolling interest of 78.85% and 80.77% in HKHA has been eliminated from results of operations for the periods ended November 30, 2020 and May 31, 2020.

Further details are available in the Company’s Condensed Consolidated Financial Statements for the quarter ended November 30, 2020. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings. These documents are also available on the FRMO website at www.frmocorp.com.

Conference Call

Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host a conference call on Thursday, January 21, 2021 at 4:15 p.m. ET. Only questions submitted to [email protected] before 1:00 p.m. on the day of the call will be considered. The call can be accessed by dialing 800-367-2403- (domestic toll free), or +1 334-777-6978 (international toll) and entering the following conference ID: 6361035. A replay will be available from 7:15 p.m. on the day of the teleconference until February 20, 2021. To listen to the archived call, dial 888-203-1112 (domestic toll free) or +1 719-457-0820 (international toll), and enter conference ID number 6361035.

Condensed Consolidated Balance Sheets
(in thousands)
		November 30,			May 31,
		2020			2020
		(Unaudited)
Assets
Current Assets:
Cash and cash equivalents		$	36,800		$	38,443
Equity securities, at fair value			73,496			63,836
Other current assets			1,607			2,536
Total Current Assets			111,903			104,815
Investment in limited partnerships and other
equity investments, at fair value			54,829			40,898
Investments in securities exchanges			5,061			5,061
Other assets			1,824			1,807
Investment in Horizon Kinetics LLC			11,285			10,876
Participation in Horizon Kinetics LLC revenue stream			10,200			10,200
Total Assets		$	195,102		$	173,657
Liabilities and Stockholders’ Equity
Current Liabilities:
Securities sold, not yet purchased		$	4,715		$	4,136
Other current liabilities			308			185
Total Current Liabilities			5,023			4,321
Deferred Tax Liability			9,259			6,701
Mortgage payable			744			751
Total Liabilities			15,026			11,773
Stockholders’ Equity:
Stockholders’ Equity Attributable to the Company			128,436			114,993
Noncontrolling interests			51,640			46,891
Total Stockholders’ Equity			180,076			161,884
Total Liabilities and Stockholders’ Equity		$	195,102		$	173,657

Condensed Consolidated Statements of Operations
(amounts in thousands, except share data)
		Three Months Ended								Six Months Ended
		November 30,				November 30,				November 30,				November 30,
			2020				2019				2020				2019
		(Unaudited)								(Unaudited)
Revenue:
Consultancy and advisory fees		$	522			$	515			$	960			$	1,047
Equity (losses) earnings from partnerships
and limited liability companies			(147	)			(223	)			505				1,093
Unrealized gains (losses) from investments recorded at fair value			10,436				(832	)			13,340				(2,212	)
Other			(342	)			1,382				(1,706	)			1,773
Total revenue before unrealized gains (losses) from equity securities			10,469				842				13,099				1,701
Unrealized gains (losses) from equity securities recorded at fair value			11,536				1,405				5,678				(3,442	)
Total Revenue			22,005				2,247				18,777				(1,741	)
Total Expenses			310				351				724				700
Income (Loss) from Operations			21,695				1,896				18,053				(2,441	)
Provision for Income Taxes			3,462				830				4,092				2,063
Net Income (Loss)			18,233				1,066				13,961				(4,504	)
Less net income (loss) attributable to noncontrolling interests			6,562				1,548				2,107				(3,803	)
Net Income (Loss) Attributable to FRMO Corporation		$	11,671			$	(482	)		$	11,854			$	(701	)
Diluted Net Income (Loss) per Common Share		$	0.27			$	(0.01	)		$	0.27			$	(0.02	)
Weighted Average Common Shares Outstanding
Basic			44,022,451				44,031,462				44,027,644				44,007,267
Diluted			44,022,451				44,031,462				44,031,319				44,007,267

About FRMO Corp.

FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.

FRMO had 44,012,781 shares of common stock outstanding as of November 30, 2020.

For more information, visit our website at www.frmocorp.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.

Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings.

Information Regarding Non-GAAP Measures

Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities is net income (loss) attributable to the Company exclusive of unrealized gains or losses from equity securities, net of tax. Net income (loss) attributable to the Company is the GAAP measure most closely comparable to net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities.

Management uses net income attributable to the Company excluding the effect of unrealized gain (loss) from equity securities, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including unrealized gains (losses) from equity securities, which may vary significantly between periods. Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities are provided as supplemental information, and are not a substitute for net income (loss) attributable to the Company and do not reflect the Company’s overall profitability.

The following table reconciles the net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities to net income (loss) attributable to the Company for the periods indicated:

		Three Months Ended							Three Months Ended								Six Months Ended							Six Months Ended
		November 30, 2020							November 30, 2019								November 30, 2020							November 30, 2019
		(Unaudited)							(Unaudited)								(Unaudited)							(Unaudited)
		Amount				Diluted earnings per common share			Amount				Diluted earnings per common share				Amount				Diluted earnings per common share			Amount				Diluted earnings per common share
(000’s except per common share amounts and percentages)
Net Income (Loss) Attributable to the Company Excluding the Effect of Unrealized Gain (Loss) from Equity Securities and Diluted Earnings per Common Share Reconciliation:
Net income (loss) attributable to the Company		$	11,671			$	0.27		$	(482	)		$	(0.01	)		$	11,854			$	0.27		$	(701	)		$	(0.02	)
Unrealized gain (loss) from equity securities			11,536							1,405								5,678							(3,442	)
Unrealized gain (loss) from equity securities attributable to noncontrolling interests			6,558							1,546								2,648							(3,802	)
Unrealized gain (loss) from equity securities attributable to the Company			4,978							(141	)							3,030							360
Tax benefit on unrealized gain (loss) from equity securities attributable to the company			(1,102	)						(150	)							(1,201	)						(825	)
Unrealized (loss) from equity securities attributable to the Company, net of taxes			3,876			$	0.09			(291	)		$	(0.01	)			1,829			$	0.04			(465	)		$	(0.01	)
Net income (loss) attributable to the Company excluding the effect of unrealized gain (loss) from equity securities		$	7,795			$	0.18		$	(191	)		$	0.00			$	10,025			$	0.23		$	(236	)		$	(0.01	)
Weighted average diluted shares outstanding			44,022,451							44,031,462								44,031,319							44,007,267

 ^{(Earnings per share components may not sum to totals due to rounding)}

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005991/en/

Thérèse Byars

Corporate Secretary

Email: [email protected]

Telephone: 646-495-7337

www.frmocorp.com

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Technology Software Finance Consulting Banking

MEDIA:

Posted on January 14, 2021 4:01 pm

DSGT completes Corporate Milestones and Begins Accepting Orders for the Skywell ET5 SUV and Rumble Motors Rover Electric Bike – Updated

SURREY, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) — DSG Global, Inc. (OTCQB: DSGT) (“DSGT” or the “Company”) and its subsidiary Imperium Motor Company (“Imperium”) are pleased to give a corporate update and announce significant milestones.

Today the company will begin accepting pre-orders for the highly anticipated Skywell ET5 SUV, an electric vehicle exclusively marketed in North America by Imperium. The vehicle will initially be available in two levels, the LV2 High Level Package with an estimated 323 miles per charge and the LV0 Deluxe Level package with an estimated 251 miles per charge, using the NEDC (New European Driving Cycle) standard. Base MSRP pricing has been determined to be USD$39,940 for the ET5 LV2 and USD$29,990 for the LV0 model, both equipped especially for the US and North American markets. These prices are before the Federal Tax Credit program available for electric vehicles of USD$7,500 and any State or local incentives that may also be available in some markets. “These vehicles are very well equipped, have great range and are extremely well designed for the North American and world markets.” said Rick Curtis, President of Imperium Motor Company. He further stated, “Once the vehicle has achieved NHTSA certification and FMVSS compliance it will become available to the market.” 

To pre-order and for more information, please visit https://www.imperiummotorcompany.com/reserve-your-et5/. Within a few weeks, those on the pre-order list will be required to make a deposit of USD $100, which is fully-refundable and limited to the first 100,000 orders to hold their position. 

Rumble Motors’ Rover electric bikes have been praised by users from all over the world and are currently being featured on HBO’s hit show “Westworld”. We are readying for the launch and delivery of these vehicles.

DSGT recently raised $1.5 million as orders continue to accelerate for electric vehicles and the Company pushes to bring its SUV, truck, buses, automobiles, and E-Bikes to market. Under the terms of the agreement, signed on December 23, 2020, GHS purchased 1,500 Series F Preferred shares, capable of being exchanged into 1,500,000 common shares in six months. GHS was also issued underlying warrants which could bring the potential value of the funding up to $3.0 Million. The company has the option to buy back any outstanding shares of the Series F Preferred for six months from the date of issuance. 

“This is an especially important milestone for DSG Global. Not only was the deal finalized at a significant premium to market at the time of closing, but the company also now can fulfill its goals of hosting a virtual “Grand Opening” at the Experience Center later this year for dealers and the public, and begin processing orders and delivering vehicles,” stated Bob Silzer, President and CEO of DSG Global, Inc. “The funding will also permit the company to increase inventory of many of its 20+ electric vehicle models. It will also allow the company to prepare for the launch of the SUV and other EVs. The investor-friendly terms will allow the company to grow rapidly during 2021 and hit its revenue and earnings targets. With many of our vehicles already being sold and many more coming to market in the next few months, we believe we are significantly ahead of most other EV companies at a time when the overall growth in the number of electric vehicles on the road is increasing by over 50% annually.”

The company understands the need to improve all facets of its consumer facing information as it quickly establishes itself as a leader in the North American EV marketplace. There will be a gradual rollout over the next few weeks of an improved and enhanced website and social media presence. This will be a work in progress that likely will not be fully completed for approximately thirty days, but visitors should immediately begin to see a more robust and effective presentation of Imperium’s products and operations. 

The product roster is expanding and will include additional buses, high speed, and low speed EV’s as well as an improved scooter and bike lineup. 

With its partner, the company has applied for and awaits confirmation of a World Manufacturers Identifier (“WMI”), allowing the Company the ability to assemble and sell its electric vehicle products. Skywell can provide both CBU (or completely built units) and SKD (or semi-knockdown) models to be assembled in North America. Imperium can also perform “final assembly” locally. The company remains in negotiations with interested parties and expects municipal sales to rapidly escalate during the spring months. Final confirmation is anticipated shortly, and the company will communicate with shareholders once received. 

“Each day we are making progress towards becoming a leader in the EV marketplace. We continue to receive additional vehicles and will have a full inventory of most of our current vehicles as we proceed through the year. We look forward to sharing our showroom, additional EV models and videos over the remainder of the month. We remain on track to meet or exceed our sales goals and expect to be delivering thousands of vehicles,” stated Rick Curtis. 

About Imperium Motor Company 

Imperium Motor Company is an EV sales and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include high speed, mid-speed, and low speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters. For additional information about Imperium Motors’ product lines, please visit www.imperiummotorcompany.com. 

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. Its 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 vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing, and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available at http://vantage-tag.com/ 

Safe Harbor for Forward-Looking Statements 

Forward-looking statements in this press release include statements relating to, among other things, the Company’s ability to open its new customer facility and its ability to close and deliver on various purchase orders from customers, 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; our ability to deliver in a timely fashion and to our customers’ satisfaction the products purchased; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in existing and 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 Annual Report on Form 10-K for the fiscal year 2018 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. 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. 

Contacts:

	Chesapeake Group
	+1-410-825-3930
	[email protected]