LOS ANGELES, CA--(Marketwired - Mar 8, 2017) - Blow and Drive Interlock Corporation (OTCQB: BDIC), an offender monitoring and police-grade alcohol detection device manufacturing and distribution company, releases Shareholder Letter from CEO:
I am pleased to announce on behalf of Blow and Drive Interlock Corp (BDIC), that 600 BDI-747 Interlocks have recently arrived at headquarters and promptly were leased and deployed within 48 hours. With the majority of the company's 2,700 units having been deployed over the last ninety days, the company is only now starting to reap the rewards of increased monthly re-occurring revenue & cash flow.
This marks the completion of BDIC's recent production run of 2700 BDI-747 ignition interlocks. The immediate turnaround from delivery to deployment; reflects the company's ongoing stance that demand for the BDI-747 is extremely high and outpaces current production time. Once again Shareholders, we are materially sold out of equipment.
Therefore, BDIC has begun to procure parts for the manufacturing of an additional 1,000 BDI-747 interlocks. We anticipate that these 1,000 units will be manufactured and ready for deployment from our Los Angeles headquarters sometime in the early part of the second fiscal quarter of 2017.
- No additional debt was taken to fund this new 1,000-unit production run.
- Upon completion, BDIC will have produced and deployed almost 4,000 units.
- BDIC is close to achieving previous forecast of 5,000 units fully monetized and on re-occurring revenue by the end of 2017.
- BDIC envisions surpassing expectations by undertaking various initiatives to increase our infrastructure & brand awareness in the 11 states in which we are currently approved.
As interested shareholders are aware I recently green-lighted the company's legal counsel to exchange my common stock for preferred stock. However our agreement with the Doheny Group required their approval, which they denied.
Therefore, I have taken the following steps as the next best immediate alternative.
1. I have entered into a lock-up agreement to lock up approximately 8 million of my BDIC common shares that represents almost half of the approximately 18,000,000 issued shares.
2. The company will be filing relevant documents with the Securities and Exchange Commission posthaste.
3. The Doheny Group's rights to block the conversion of common stock for preferred stock or my ability to retire my stock will expire once the company has fully repaid its outstanding loan.
Once BDIC's financial obligation with the Doheny Group has been completed I am still fully committed to the conversion or retirement of my common stock.
During the startup phase of the company, funds were sometimes unavailable for my CEO salary. As a further commitment to the company, I have agreed to immediately retire all of the past-due income owed for services performed in exchange for non-trading preferred stock. Which will allow me as the founder to maintain control of the corporation without any further shareholder dilution. The retirement of this outstanding balance also strengthens the company's balance sheet and puts BDIC in a stronger financial position to focus on growth and increasing shareholder value.
In closing, I believe BDIC is uniquely positioned for the challenges ahead as we have begun to expand into parole and probation monitoring and look forward to executing on our dynamic business model. Again, I wish to thank all of our shareholders for their continued support and helping to keep our roads and communities safe.
For more information on Blow & Drive Interlock's distributor opportunity program, please visit www.blowanddrive.com or call 877-238-4492.
President & CEO
Blow & Drive Interlock Corp.
Blow & Drive Interlock Corp (BDIC) based in Los Angeles, California, a publicly traded company that manufactures, distributes and its' Ignition Interlock Device Model# BDI-747 across the United States.
The BDI-747 is a state of the art ignition interlock device, breath-alcohol testing device approximately the size of a smartphone. The ignition interlock device requires the driver to exhale into the device prior to starting the vehicle. The device will prevent the vehicle from starting if the driver's blood-alcohol content exceeds a predetermined set level. Interlocks are required for use by DUI or DWI ("driving under the influence" or "driving while intoxicated") offenders as part of their mandatory court or motor vehicle department program.
The individual subject to the court or motor vehicle order pays for the installation/removal and monthly lease of the ignition interlock device. The Company will provide monitoring of the device at predetermined intervals per state guidelines. Data will be collected and made available to the appropriate authorities for review. The data will show all breath tests performed and/or missed tests as well as any attempt to bypass or circumvent the system. For states that require a picture or GPS location of the person performing the test, the device is equipped with camera & GPS technologies.
Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.