SALT LAKE CITY, March 27, 2024 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (Nasdaq: TRUG) ("TruGolf"), among the leading sellers and distributors of golf simulator software and hardware, today announced a strategic agreement with Franchise Well, a renowned franchising consultancy firm, to accelerate its global expansion through a regional developer franchise model. This relationship marks a pivotal moment for TruGolf as it harnesses the power of franchising to amplify its global presence and cater to the burgeoning demand for immersive off-course golf experiences.
This collaboration comes at a time when the franchising market is experiencing a significant shift towards experience-based and recreational concepts. According to recently released data from The National Golf Foundation, 45 million Americans aged 6 and above played golf in 2023. This record-setting total includes 32.9 million people who played off-course golf, with 18.4 million of them who participated exclusively in off-course golf activities at places such as driving ranges, indoor golf simulators, or golf entertainment venues. Only 12.1 million played exclusively on-course, furthering the trend of off-course golf easily overtaking on-course participation.
"Our mantra is "Golf Easy" and we view franchising as a critical step towards achieving that vision by making golf experiences significantly more accessible in the U.S. and worldwide," stated Chris Jones, Chief Executive Officer of TruGolf. "TruGolf already boasts a presence in over 30 countries. Franchising serves as a capital-efficient model to drive our growth and fuel global expansion. This relationship with Franchise Well accelerates our growth and allows us to deploy our innovative technology to even more enthusiasts around the world."
The collaboration with Franchise Well will propel TruGolf's growth strategy forward through the regional developer franchise model, targeting seasoned franchise owners to spearhead expansion. Unlike traditional franchising models aimed at individual investors, TruGolf's approach focuses on empowering developers to build and scale territories, ensuring rapid strategic market penetration and sustainable growth.
"We are thrilled to partner with TruGolf," commented Ben Litalien, Founder and Principal of Franchise Well. "In today's market, the most promising franchise opportunities are those that are low on labor requirements and high on technology. TruGolf perfectly aligns with this trend, offering a unique and immersive experience with a minimal staffing footprint."
Learn more about TruGolf at www.trugolf.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.
About TruGolf, Inc.
Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone.
TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.
About Franchise Well
Franchise Well is a boutique consulting practice in strategic franchise development working with select clients with concepts that can benefit from effective use of using the franchise model. Led by Dr Ben Litalien, a certified franchise executive who also teaches franchising at Georgetown University in Washington, D.C. and the Liniger Center on Franchising at the University of Denver. For more information on Franchise Well visit their website at www.franchisewell.com or contact laura@franchisewell.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we may never achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our expected growth and expanding operations; the risk that third party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that we are unable to secure or protect our intellectual property; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties discussed under the "Risk Factors" section of the Company's prospectus in the registration statement on Form S-1 filed with the Securities and Exchange Commission on February 14, 2024, and the Company's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact:
TruGolf Inc.
Brenner Adams, Chief Growth Officer
801-298-1997
trug@trugolf.com
