Camarillo, CA., Nov. 09, 2023 (GLOBE NEWSWIRE) — Sacks Parente Golf, Inc. (NASDAQ:SPGC), (the “Company” or “Sacks Parente”), a technology-forward golf company with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related accessories, reports financial results for its fiscal third quarter ended September 30, 2023 and provides a business update.
Recent Corporate Highlights
Completed Initial Public Offering (IPO) transaction in mid-August 2023 that raised $11.6 million in proceeds, net of underwriting fees Third quarter revenue growth increased 98% year-over-year Appointed golf industry veteran Scott White as Chief Operating Officer
Timothy Triplett, Sacks Parente Golf’s Chief Executive Officer, commented, “With the proceeds from our recent IPO, we have continued to build out our Missouri manufacturing facility in preparation for increased production of both our Sacks Parente putters and our soon-to-be-launched new line of Newton carbon fiber shafts. Just as our line of putters have been shown in independent testing to lead to more made putts, early test data on our Newton shafts confirm our expectations that golfers will enjoy more accurate control from their drives. From the first tee shot to the final putt, we are convinced golfers of all ages and skill levels should be able to benefit from our advanced product lines.
“Revenue in the third quarter increased 98% year-over-year and was positively impacted by increased shipments of our Sacks Parente line of putters to our distributor in Korea. Korea is the world’s third largest golf market, and also the fastest growing golf market, and a key strategic goal of the Company over the next few years is growing international sales to meaningful levels,” concluded Mr. Triplett.
About Sacks Parente Golf
Sacks Parente Golf, Inc. is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. The Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design while pioneering ultra-light carbon fiber putter shafts. In consideration of its growth opportunities in shaft technologies, in April of 2022 the Company expanded its manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States. The Company anticipates expansion into golf apparel and other golf-related product lines to enhance its growth. The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, and distributors in the United States, Japan, and South Korea.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Recent Corporate Highlights
Completed Initial Public Offering (IPO) transaction in mid-August 2023 that raised $11.6 million in proceeds, net of underwriting fees Third quarter revenue growth increased 98% year-over-year Appointed golf industry veteran Scott White as Chief Operating Officer
Timothy Triplett, Sacks Parente Golf’s Chief Executive Officer, commented, “With the proceeds from our recent IPO, we have continued to build out our Missouri manufacturing facility in preparation for increased production of both our Sacks Parente putters and our soon-to-be-launched new line of Newton carbon fiber shafts. Just as our line of putters have been shown in independent testing to lead to more made putts, early test data on our Newton shafts confirm our expectations that golfers will enjoy more accurate control from their drives. From the first tee shot to the final putt, we are convinced golfers of all ages and skill levels should be able to benefit from our advanced product lines.
“Revenue in the third quarter increased 98% year-over-year and was positively impacted by increased shipments of our Sacks Parente line of putters to our distributor in Korea. Korea is the world’s third largest golf market, and also the fastest growing golf market, and a key strategic goal of the Company over the next few years is growing international sales to meaningful levels,” concluded Mr. Triplett.
About Sacks Parente Golf
Sacks Parente Golf, Inc. is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. The Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design while pioneering ultra-light carbon fiber putter shafts. In consideration of its growth opportunities in shaft technologies, in April of 2022 the Company expanded its manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States. The Company anticipates expansion into golf apparel and other golf-related product lines to enhance its growth. The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, and distributors in the United States, Japan, and South Korea.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
