SOURCE: Blow and Drive Interlock Corporation

Blow and Drive Interlock Corporation

June 09, 2016 14:16 ET

Chase Financial Signs MoU With Blow & Drive (BDIC) for up to $5,000,000 in Equipment Funding

NEW YORK, NY--(Marketwired - Jun 9, 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 up to $5,000,000 in funding.

Chase Financial signs MoU with Blow & Drive Interlock Corp (BDIC) for up to $5,000,000 in Equipment Financing:

New York: Chase Financial, today signed a Memorandum of Understanding to provide up to $5,000,000 of financing for the manufacturing and assembly of the Company's State of the Art BDI747/1 to meet high demand.

Terms: 8% interest annually compounded daily over 36 months based on a scaling amortization table with a 15% OID.

Chase Financial will provide (BDIC) an initial round of $240,000 to complete the assembly of the Companies remaining 700 units. Once the company can provide evidence to Chase Financial that all units are leased and BDIC can prove additional demand, Chase Financial may, should the company agree and is in compliance with all terms of the agreement continue to loan (BDIC) money under the same financing terms up to $5,000,000.

"Specifically these resources will allow the Company to harness the power of over 1,100 units generating revenue on a re-occurring monthly basis. We are excited to finally secure funding that will not harm our shareholders or burden the company with toxic convertible debt. A vow I have made to our shareholders since day one" said Laurence Wainer CEO of Blow and Drive Interlock.

Laurence Wainer

President & CEO

Blow & Drive Interlock Corp.

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