DIGITAL ALLY CLOSES FINAL TRANCHE OF $10 MILLION FUNDING
August 21 2018 - 2:02PM
Digital Ally, Inc. (NASDAQ: DGLY) is pleased to announce that it
has closed the second and final tranche of a $10 million funding
(the “Funding”) from Brickell Key Investments LP (“BKI”). Proceeds
of the Funding were used to retire the Senior Secured Convertible
Promissory Notes issued in April 2018 with the remaining balance
being used for other expenses (including litigation financing).
The Company entered into a Proceeds Investment
Agreement with BKI on July 31, 2018 pursuant to which BKI funded
the first tranche of approximately $500,000. BKI was granted an
option to provide the Company with a second tranche of up to an
additional $9.5 million at its sole discretion. On August 21, 2018
BKI exercised and funded the second tranche thereby completing the
entire $10 million funding.
“We are very happy that such a well-known and
experienced investment firm such as BKI has chosen to provide
significant funding to the Company, stated Stanton E. Ross, Digital
Ally CEO, President and Chairman.
About Digital Ally
Digital Ally, Inc., headquartered in Lenexa, KS,
specializes in the design and manufacturing of the highest quality
video recording equipment and video analytic software. Digital Ally
pushes the boundaries of technology in industries such as law
enforcement, emergency management, commercial fleets, and consumer
use. Digital Ally’s complete product solutions include in-car and
body cameras, cloud and local management software, and automatic
recording technology. These products work seamlessly together and
are simple to install and operate. Digital Ally products are sold
by domestic direct sales representatives and international
distributors worldwide.
About Brickell Key Investments
LP
BKI is a Guernsey-based limited partnership that
provides strategic capital and risk mitigation strategies through
customized financing solutions.
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Act of 1934. These
forward-looking statements are based largely on the expectations or
forecasts of future events, can be affected by inaccurate
assumptions, and are subject to various business risks and known
and unknown uncertainties, a number of which are beyond the control
of management. Therefore, actual results could differ materially
from the forward-looking statements contained in this press
release. A wide variety of factors that may cause actual results to
differ from the forward-looking statements include, but are not
limited to, the following: the schedule upon which the Company’s
litigation against Axon Enterprise, Inc. and WatchGuard will
proceed; whether the Company will prevail in its patent litigation
against Axon and WatchGuard; the amount of any damages that might
be awarded to the Company if it is successful in the litigation;
whether the BKI Funding will be sufficient to fully cover the
litigation expenses against Axon and WatchGuard; competition from
larger, more established companies with far greater economic and
human resources; its ability to attract and retain customers and
quality employees; and the effect of changing economic conditions.
These cautionary statements should not be construed as exhaustive
or as any admission as to the adequacy of the Company’s
disclosures. It cannot predict or determine after the fact what
factors would cause actual results to differ materially from those
indicated by the forward-looking statements or other statements.
The reader should consider statements that include the words
"believes", "expects", "anticipates", "intends", "estimates",
"plans", "projects", "should", or other expressions that are
predictions of or indicate future events or trends, to be uncertain
and forward-looking. Digital Ally does not undertake to publicly
update or revise forward-looking statements, whether because of new
information, future events or otherwise. Additional information
respecting factors that could materially affect the Company and its
operations are contained in its annual report on Form 10-K for the
year ended December 31, 2017 and quarterly report on Form 10-Q for
the three and six months ended June 30, 2018, as filed with the
Securities and Exchange Commission.
Contact Information
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
913-814-7774
info@digitalallyinc.com
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