Liteborne Motor Corporation Continues its Path to Product Delivery in Q4/2023
DSG Global, Inc. (OTCQB: DSGT) announced progress with LITEBORNE™ Motor Company (LMC), focused on affordable electric vehicles (EVs) for North America. LMC holds exclusive distribution rights for Skywell Automotive Group's EV lineup, aiming for homologation of the Aurium SEV/ET5 by Q3 2023. The company has a strong management team led by CEO Alan Wagner, with plans for a substantial waitlist delivery in Q4 2023. DSGT will own 70% of LMC post spinout, alongside a cash settlement. Additionally, the partnership with ICON Capital has been extended, enhancing DSGT's market presence as it emphasizes environmentally responsible transportation solutions.
- LMC has exclusive distribution rights for Skywell Automotive Group's EVs in North America.
- Management team led by industry veteran Alan Wagner with extensive automotive experience.
- Plans to complete homologation of Aurium SEV/ET5 by Q3 2023.
- 70% ownership stake in LMC post spinout, which indicates potential value appreciation.
- No immediate financial metrics or revenue forecasts provided.
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SURREY, British Columbia, Feb. 09, 2023 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) ("DSGT" or the "Company") is pleased announced today an update on progress made with LITEBORNE™ Motor Company (LMC), an EV sales and marketing company located in Detroit, MI 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 include high- speed, mid-speed, and low-speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters.
LMC has the exclusive rights to distribute the innovative Skywell Automotive Group line up of electric vehicles (EV) in the North American market. Skywell Automobile Group is one of the premier EV manufacturers with a well-established track record for quality products utilizing advanced manufacturing technologies and processes.
LMC is headed by CEO Mr. Alan Wagner, who is an icon in the automotive and transportation industry with executive leadership roles at some of the most significant and pioneering brands in the business over his 35-year career. Mr. Wagner has had the pleasure of working with, General Motors, Ford, Shelby American, Richard Petty Enterprises, Toyota, Chrysler, Mercedes Benz, BMW, and many other noteworthy firms.
Mr. Wagner has built an impressive management team with solid automotive industry credentials. The critical roles of Chief Financial Officer and Executive Director of Operations and Homologation are filled by Mr. Jonathon D’Agostino and Mr. Daniel Lock respectively, each with over 20 years of successful project collaboration with Mr. Wagner.
LMC is progressing as planned on the homologation roadmap and continues to strengthen Its operational processes, marketing plan, and dealer acquisition as it moves to complete the spinout plan from DSG Global [OTCQB: DSGT]. Post funding, LITEBORNE™ will be a private company with
With seasoned leadership in place LMC is concentrating on completing all requisite trademarking legal tasks and executing the technical and business plan to have the Aurium SEV/ET5 complete homologation in Q3/23 and be ready to fulfill the substantial waitlist for delivery in Q4/ 2023.
DSGT/LMC has further strengthened its relationship with ICON Capital by extending/enhancing its contract. “I am very pleased with the progress we are making with LMC” said Bob Silzer CEO DSG. Silzer goes on to say, “Wagner and his team are a say what they do and do what they say group of professionals and I am pleased and proud to work with them”.
LMC’s mission is to accelerate the inevitable adoption of environmentally responsible transportation solutions by offering a full range of affordable EV vehicles that do not compromise quality, performance, or safety as North America pursues the carbon neutrality mandate.
About Liteborne Motor Company
Liteborne 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 Liteborne Motors product lines, please visit www.liteborne.com
About DSG Global
DSG Global was founded over 12 years ago by the team that were one of the original pioneers of the GPS Golf Fleet Management industry.
The company has two distinct brands to deliver on the explosive opportunities in the LSV (Low Speed Electric Vehicle) & HSV (High Speed Electric Vehicle) markets. LITEBORNE™ Motor Company will address the HSV market with the new Aurium SEV (Sport Electric Vehicle) currently completing the homologation process for release in Q3/23, and many other vehicles in the pipeline including buses and commercial vehicles.
The LSV market will be supported and expanded by the established Vantage Tag Systems brand building on the 10-year track record of innovation in the marketspace with a comprehensive product line-up of GPS Fleet Management integrated carts for golf operators, to the legendary Shelby golf and multi- passenger carts, Shelby e-bikes, for consumers and designated golf communities. January 2023, the industry will get its first look at a true revolution in fleet carts with the debut of the SR1 single rider golf cart.
Vantage Tag Systems products are trusted by hundreds of golf operators around the world to manage their critical fleet assets with industry leading GPS Fleet Management technology. We are the people behind many of the innovations that operators rely on, and golfers expect.
We are expanding our 25 years of fleet management experience by introducing our own line of carts under the recognized Vantage brand. Integrated with our renowned GPS Fleet Management System the Vantage V-Club cart is a combination of advanced hardware/software creating the most complete and best value Cart/Management solution on the market.
As the Vantage Tag solution line-up evolves, we are adding complementary products to the portfolio for consumer and commercial purchase. The most recent of which is the opportunity to market the legendary Shelby Golf Carts to the North American golf community market such as the Villages in Florida and Peachtree City in Georgia where low speed electric vehicles are the primary mode of transportation and a status symbol. January 2023, the industry will also get its first look at a true revolution in fleet carts with the debut of the SR1 single rider golf cart.
Company Contact:
604 575 3848 ext. 127
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This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described 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 2021 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. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
FAQ
What is the latest update on DSG Global's partnership with LITEBORNE Motor Company?
What vehicles are featured in LITEBORNE Motor Company's lineup?
When is the Aurium SEV/ET5 expected to achieve homologation?
What percentage of LITEBORNE will DSG Global own after the spinout?
How has DSG Global strengthened its relationship with ICON Capital?
