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LOS ANGELES, CA--(Marketwired - Mar 24, 2016) - Blow & Drive Interlock Corp, (
I am pleased to announce that since our last shareholder update letter BDI has continued making incredible progress. We have expanded sales, secured favorable financing, and increased production of our proprietary BDI-747 interlock to meet customer demand.
First, I would like to welcome Blow and Drive of Houston to our distributor family. Our company completed the sale of an additional distributorship in Houston, Texas, operating as Blow and Drive of Houston, and this recent sale will increase our visibility and market share. Texas is the number one interlock market in the country, with almost 100,000 Ignition Interlock users on the road throughout the state, which make this recent expansion particularly exciting.
Second I am very pleased to announce that we have completed the process of raising the capital to procure the parts to build 1,000 of our state of the art BAIID's and have begun manufacturing and assembly. The company has received and leased out over 200 of these units and we expect to receive the balance of 800 units soon.
A) The company secured a $50,000 promissory note commencing November 24, 2015 and due November 19, 2017 at 10% interest and 80,000 warrants with a strike price of 80 cents per share.
B) The company secured a $65,000 interest free loan payable over 2 years, with royalties on a per unit basis executed on January 20, 2016.
C) The company secured an additional $50,000 Zero interest 2year loan, with royalties on a per unit basis executed on October 29, 2015.
BDIC is continuing to explore additional financing options available to the company that will allow us to further increase production. We are committed to steering clear of "toxic" convertible debt and we strongly believe this will benefit our shareholders over the long term.
At the time of my last Letter to shareholders, our company and our BAIID's were approved in seven states. I am proud to be able to say we are now approved in Arizona, bringing our total count of approved states up to eight. The company along with our Arizona Distributor has made the conforming products list in AZ and is now operational with our proprietary BDI 747 in stock and available throughout the state of AZ. The demand is so large that in fact we have received a purchase order to lease an additional 1,800 units to BDIC's Arizona Distributor!
Our Lubbock, TX distributor has also made the conforming products list in Texas as of March 2016 and is beginning operations. We are confident that we will begin to penetrate the very large TX market in Lubbock in addition to Blow and Drive of Houston.
The company continues to provide service to its own retail customers throughout the states of CA, OR, KY, and TN with over 50 service centers and growing.
I am so pleased at how fast BDIC is gaining significant market share and although we believe we will lease out the 1,000 units we just built in short order, I confidently believe we that with our superior technology 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 achieving 10,000's of units on monthly reoccurring lease payments.
In closing I would like to bring to your attention the latest Ignition Interlock Report issued by Mothers Against Drunk Driving (MADD) mentioning Blow and Drive Interlock Corp as a premier manufacture of BAIID helping to prevent impaired starts and saving lives.
In that same report, it discussed how volunteers and staff have logged thousands of hours at state capitols across the nation advocating for ignition interlock laws for all drunk driving offenders ever since MADD launched the Campaign to Eliminate Drunk Driving® in 2006. With strong lobbying from organizations such as MADD, as well as public and legislative sentiments, all states are trending towards requiring interlocks for all DUI/DWI offenders. These lobbying groups are not only beneficial to public safety but also favorable to our industry. I believe the impact of having an organization as reputable and influential as MADD, taking up a cause that is favorable to our business, cannot be emphasized enough.
We have other state applications under review and are hopeful we will continue to get the appropriate authorities to approve our applications which will help us grow to into a national provider. Looking forward the Federal passage of a Nationwide Ignition interlock Law. Alisa's Law, along with more states enacting newer and stricter mandatory ignition interlock programs, makes this a great time to expand nationally!
Thank you for you continued support. Remember Every Shareholder of BDIC Contributes to Keeping the Roads safe for Sober Motorists. I look forward to communicating our future achievements and progress.
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.
Blow and Drive Interlock Corporation
1080 S. La Cienega Blvd
Los Angeles, California 90035