LOS ANGELES, CA--(Marketwired - Feb 7, 2017) - Blow & Drive Interlock Corp. (OTCQB: BDIC) is pleased to announce to its shareholders and the investment community that last week the company's attorney was given approval to begin filings to create a preferred share class of stock. CEO Laurence Wainer, has committed to exchanging between 3M to 9M of his Common Stock holdings in the company in exchange for Non-Trading Preferred Shares. This exchange of shares owned by the company's majority shareholder in exchange for non-trading preferred shares will lower the number of outstanding common shares & emphasizes the company's the long-term commitment to its shareholders.
The company's public float with the DTC is just over 5M shares.
The company cannot give the exact date that this share exchange will take effect; however, the company is working diligently to get this process completed as soon as possible and does not expect that it will take very long. An announcement will be made verifying completion of the stock transfer once all has been finalized.
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.