Blow & Drive (BDIC) Closes $548,000 In Financing With The Doheny Group to Quadruple Market Share
October 03 2016 - 11:30AM
Marketwired
Blow & Drive (BDIC) Closes $548,000 In Financing With The
Doheny Group to Quadruple Market Share.
LOS ANGELES, CA-(Marketwired - Oct 3, 2016) - Blow and Drive
Interlock Corporation (OTCQB: BDIC) An Offender Monitoring and
Police Grade Alcohol Detection Device Manufacturing and
Distribution Company is pleased to announce it has closed on
financing for $548,000 which will allow BDIC to manufacture over
One-Thousand-Five-Hundred BDI 747 Breath Alcohol Ignition Interlock
Devices to meet our high demand and quadruple BDIC's market
share.
The Doheny Group (TDG) has formally finalized its commitments
and has funded the initial $192,000 to Blow & Drive Interlock
Corp (BDIC). The total financing amount is $548,000 to be remitted
to BDIC in two tranches. The first tranche of $192,000 was received
on Friday September 30, 2016.
"This will essentially double our initial yearly projection,"
said Laurence Wainer CEO of Blow and Drive Interlock. "We are
excited to be capitalizing on the power of having approximately
2,100 units generating re-occurring monthly revenue. As interested
shareholders know, it was very important to me to secure funding
for the company that will not harm our shareholders or burden the
company with toxic convertible debt. And I'm pleased to tell you
that there are no convertible notes, warrants, or options
associated with this funding,"
Mr. Wainer further stated, "Repayment of the interest will only
take 36 months with a principle balloon payment at the end of the
term. The company will be generating reoccurring monthly income
from these devices for many years to come. That's why a simple
interest financing deal over 36 months was so important for us to
secure. In addition, TDG will receive an equity stake in the
company consisting of royalties and approx. 1,600,000 shares of
restricted company common stock, vetted in two tranches correlating
with the two phases of funding. I am also confident after all my
discussions with TDG that an equity and revenue stake in the
company will ensure their continued financial support as BDIC
executes its growth plan."
When asked about the company's progress, Mr Wainer said, "I am
very pleased at how fast BDIC is gaining significant market share
and truly believe, that with our superior technology and software
we are going to outsell our competition and quickly become the
leader in the BAIID industry. We are very well on our way to
achieving my goal of growing our company nationwide and leasing
thousands of units on monthly reoccurring lease payments."
Blow & Drive wants to thank you for you continued support.
Every Shareholder of BDIC Contributes to saving lives and Keeping
the Roads safe for Sober Motorists.
FORWARD-LOOKING DISCLAIMER This report may contain certain
forward-looking statements and information, as defined within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, and is subject to the
Safe Harbor created by those sections. This material contains
statements about expected future events and/or financial results
that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of mentioned company to
be materially different from the statements made herein.
Contact Information
Blow and Drive Interlock Corporation 1080 S. La Cienega Blvd
Suite 304 Los Angeles, California 90035 (877) 238-4492
http://www.blowanddrive.com/