BDIC-O/S Common Stock Exchange-CEO Laurence Wainer Commits to Exchange Common Stock for Non-Trading Preferred Stock
February 07 2017 - 1:45PM
Marketwired
BDIC-O/S Common Stock Exchange-CEO Laurence Wainer Commits to
Exchange Common Stock for Non-Trading Preferred Stock
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.
About BDIC
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.
Blow and Drive Interlock Corporation 5503 Cahuenga Blvd #203
North Hollywood CA 91601 1080 S. La Cienega Blvd Suite 304 Los
Angeles, California 90035 (877) 238-4492 www.blowanddrive.com