UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): | March 27, 2018 |
BLOW & DRIVE INTERLOCK CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
000-55053 |
46-3590850 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
5503 Cahuenga Blvd, #203
Los Angeles, CA 91601
(Address of principal executive offices) (zip code)
(877) 238-4492
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECTION 1 – Registrant’s Business and Operations
| Item 1.01 | Entry Into a Material Definitive Agreement |
On March 27, 2018, we entered into Service Provider Agreement (the “Agreement”) with Satellite Tracking of People, LLC (“STP”), under which we became a nationwide, non-exclusive distributor of STP’s products. Under the Agreement, we are allowed to rent STP’s products to customers in all fifty (50) states. STP products are authorized in all fifty (50) states and we do not need additional authorization to rent the products to customers in any state. STP’s suite of products relate to ankle bracelet tracking devices, in-home tracking devices, and in-home sobriety testing products, to monitor and track convicted criminals and pre-adjudicated individuals, such as those suspected of stalking or domestic violence. Under the terms of the Agreement, for any activated unit we have leased to a customer we will pay STP a fee of between $1.00 to $4.25 per day per device, depending on the type of device, and we are not limited in the amount we can charge a customer by the Agreement. The description of the Agreement set forth in this report is qualified in its entirety by reference to the full text of that document, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
SECTION 7- Regulation FD
| Item 7.01 | Regulation FD Disclosure. |
On April 16, 2018, we issued a press release announcing the signing of the Service Provider Agreement with Satellite Tracking of People, LLC. A copy of the press release is furnished with this Current Report as Exhibit 99.1.
The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under such section, nor shall it be deemed incorporated by reference in any of our filings under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
SECTION 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| EXHIBIT NO. | DESCRIPTION | ||
| 99.1 | Press Release dated April 16, 2018 regarding the Service Provider Agreement with Satellite Tracking of People, LLC |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: April 19, 2018 | Blow & Drive Interlock Corporation | |
| a Delaware corporation | ||
| /s/ Laurence Wainer | ||
| By: | Laurence Wainer | |
| Its: | Chief Executive Officer and Chief Financial Officer | |
| 3 |
BDIC Enters Agreement to Provide Ankle Bracelet Monitoring Services
Agreement represents foray into new industry for BDIC
Los Angeles, California, April 16, 2018 – Blow & Drive Interlock Corporation (OTC: BDIC) announced today that it entered into an agreement with Satellite Tracking of People, LLC (“STOP”), under which it became a nationwide, non-exclusive distributor of STOP’s products.
STOP’s suite of products relate to ankle bracelet tracking devices, in-home tracking devices, and in-home sobriety testing products, that monitor and track the location of anyone facing the criminal justice system, such as those suspected of stalking or domestic violence. Under the Agreement, BDIC is allowed to rent STOP’s products to customers in all fifty (50) states. STOP products are authorized in all fifty (50) states and BDIC does not need additional authorization to rent the products to customers in any state. Under the terms of the Agreement, for any activated unit BDIC has leased to a customer it will pay STOP a variable flat fee per day per device, depending on the type of device, and the Company is not limited in the amount it can charge a customer. BDIC is only charged for devices it has placed with customers.
“BDIC represents an excellent partnership for our future growth and BDIC has Nationwide distribution access to the full line of products offered by STOP” said Dave P. DeGeorge, Western Regional Sales Manager of STOP LLC.
“This agreement allows us to enter into the market of GPS tracking devices for the criminal justice system which we believe is a growing market due to the overcrowding issues in many jails and prisons,” said Laurence Wainer, CEO of Blow & Drive Interlock Corp. “While we understand this is a new market for us, which can come with certain challenges, we are excited to explore the possibilities of marketing STOP’s products along with our BDI-747 ignition interlock device under an agreement that does not have any upfront costs for our company. We plan to begin in the states where we already have a foothold with our current product and hopefully expand from there,” added Mr. Wainer.
About Blow & Drive Interlock Corporation
BDIC manufactures and rents its breath alcohol ignition interlock device called the BDI-747/1, which is a mechanism that is installed on the steering column of an automobile and into which a driver exhales. The device in turn provides a blood-alcohol concentration analysis. If the driver’s blood-alcohol content is higher than a certain pre-programmed limit, the device prevents the ignition from engaging and the automobile from starting.
FORWARD-LOOKING DISCLAIMER
This report may contain certain forward-looking statements and information. 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.
Contact:
Blow
& Drive Interlock
www.blowanddrive.com
877-238-4492