TRUGOLF ANNOUNCES NEWLY EXPANDED AI TECHNOLOGY LICENSING AGREEMENT WITH MLSPATIAL

SALT LAKE CITY, March 20, 2024 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ:TRUG) ("TruGolf"), among the leading sellers and distributors of golf simulator software and hardware, today announced it has entered into a definitive agreement with mlSpatial, a leading AI and machine learning engineering company, to license the AI engine they co-developed to increase 9-axis spin accuracy for TruGolf's acclaimed new APOGEE launch monitor. The agreement gives TruGolf the first right of refusal to purchase 100% of mlSpatial assets.

This relationship will help strengthen the position of TruGolf in the golf simulation market which was valued at $1.31 billion in 2023 and is expected to reach $3.41 billion by the end of 2030 with a CAGR of 24%, according to Verified Market Reports. With the option to purchase the AI engine, TruGolf is committed to harnessing the power of AI to continually elevate the performance and accuracy of its products.

"The collaboration with mlSpatial marks an exciting chapter in TruGolf's journey towards perfection in launch monitor accuracy," stated Brenner Adams, Chief Growth Officer of TruGolf. "By leveraging AI technology, we are empowering players to enjoy indoor golfing like never before, with enhanced accuracy, ease of use, and immersive gameplay."

The integration of AI-driven technology into APOGEE represents a significant advancement in indoor golfing, making it easier and more enjoyable for players to improve their skills and experience the thrill of the game. TruGolf remains committed to pushing the boundaries of innovation and delivering exceptional value to its customers.

Josh Pomazal, CEO of mlSpatial, commented, "mlSpatial is revolutionizing spatial dynamics analysis through advanced AI models tailored for a multitude of hardware applications. Working with TruGolf to co-develop the AI engine powering APOGEE, users now enjoy a more realistic playing experience, achieved through seamless integration of spatial and trajectory data, resulting in unparalleled efficiency and accuracy."

APOGEE stands as the pinnacle of technological advancement in launch monitors. This ceiling-mounted, camera-based system accurately captures club and ball data without the need for specialty balls or marked clubs. With each swing, APOGEE meticulously measures multiple data points from both the ball and club. The in-game ball flight is always grounded in real, measured data. Utilizing a proprietary ultra-high-speed stereoscopic camera system and the all-new INSTANT IMPACT image analysis algorithm, APOGEE gathers shot data swiftly and accurately. INSTANT IMPACT processes information from both club and ball instantaneously, simulating on-screen shots with no lag or delay.

Learn more about TruGolf and APOGEE at www.trugolf.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.

About TruGolf

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 mlSpatial

mlSpatial is a pioneering company at the intersection of artificial intelligence and spatial analysis. Its cutting-edge technology enables businesses to integrate spatial and trajectory information seamlessly into various applications. Through advanced AI models, mlSpatial delivers unparalleled efficiency and accuracy in determining the spatial dynamics of objects based on photographic inputs. Its models are designed to run on a diverse range of hardware applications, ensuring accessibility and flexibility for its clients. By harnessing the power of AI, mlSpatial empowers businesses to unlock new possibilities with precise spatial information.

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

[email protected]