LOS ANGELES, Oct. 06, 2016 (GLOBE NEWSWIRE) -- 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.
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