TransBiotec, Inc. (OTC: IMLE), developers of a patented non-invasive alcohol sensing system, announced today that it has closed on $1.0 million in financing from the sale of its Series A-1 Preferred Stock to SOBRSafe LLC, a special purpose vehicle (SPV) formed to further advance SOBRSafe®, the Company’s flagship product. SOBRSafe®, currently in beta testing phase, is a potentially disruptive solution in blood alcohol detection – a touch-based technology with anticipated applications in school buses, commercial trucking fleets, facility access control and more.
This initial $1.0 million is the first tranche of a $2.0 million offering; the Company hopes to close a second tranche of up to $1.0 million within the next 90 days.
“This is a very exciting milestone for TransBiotec, and the ultimate commercialization of SOBRSafe®,” stated TransBiotec CEO Kevin Moore. “This financing is instrumental to our product’s continued development, and gives us the capital necessary to transition into pilot phase testing. We view this as the true beginning of the SOBRSafe® story, and look forward to communicating future milestones as they occur.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of TransBiotec, Inc.’s securities.