TransBioTec, Inc. Announces $3,000,000 Funding Commitment from Newport Beach based Fund
TransBioTec, Inc. Announces $3,000,000 Funding Commitment from Newport Beach based Fund
SEAL BEACH, Calif.--(BUSINESS WIRE)-- TransBioTec, Inc. (OTCQB:IMLE) today announced completion of a $3,000,000 investment with Newport Beach, California fund, Kodiak Capital Group, LLC, whereby Kodiak has committed to purchase, at the discretion of the Company, from time to time over a period of a year, shares of the Company's common stock for cash.
Under the Agreement, Kodiak will provide the Company with up to $3,000,000 of funding. During the term of the Agreement, the Company may request a drawdown by selling shares of its common stock to Kodiak and Kodiak will be obligated to purchase the shares. However, the Company is under no obligation to request any drawdowns under the Agreement.
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is a private investment fund with headquarters in Newport Beach, CA and regional offices in Boston, MA and New York, NY. Kodiak makes private investments in public companies, as well as private companies preparing to go-public, worldwide. Utilizing proprietary equity and debt structures, Kodiak seeks investments in Biotechnology, Consumer Product, and Natural Resource companies. For more information visit: www.kodiak-capital.com
About TransBioTec, Inc.
TransBioTec has developed and patented a non-invasive alcohol sensing system "SOBR" that can determine the alcohol level of a driver, pilot, equipment operator, etc., which includes an ignition interlock. SOBR is the first product to the market, which is entirely non-intrusive, non-invasive. The detection mechanism is specific to blood alcohol. SOBR can dramatically reduce most alcohol related vehicle accidents and deaths. Additionally it can offer vehicle insurance premium discounts to policyholders, who install SOBR provide a huge savings for fleet operators, especially the largest with thousands of trucks.
There are many large market TransBioTec opportunities in addition to the 15.5 million commercial trucks and truck fleets in the US alone. These include 440,000 school buses, metro buses, subways, trolleys and trains, aviation and entry screening in security, weapons, dangerous machinery areas, manufacturing floors, and crane and heavy equipment operation.
TransBioTec, Inc.
Charles Bennington, 562-280-0483
info@transbiotec.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article TransBioTec, Inc. Announces $3,000,000 Funding Commitment from Newport Beach based Fund originally appeared on Fool.com.
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