TransBiotec, Inc. Announces Letter of Intent with Eco Verde Solutions, LLC
TransBiotec, Inc. Announces Letter of Intent with Eco Verde Solutions, LLC
TransBiotec, Inc. Enters LOI for Distribution Rights to the SOBR alcohol testing device in India
Los Angeles, CA US, July 19, 2013 /FSC/ - TransBioTec, Inc. (IMLE - OTCBB),today announced that it has entered into a non-binding letter of intent (LOI) with Eco Verde Solutions, LLC (ECO) to distribute TransBiotec, Inc.'s SOBR alcohol testing device in India.
The letter of intent is the result of negotiations between the parties and details the basic outline of the rights Eco Verde would have as TransBiotec's exclusive distributor of the SOBR device in India if the parties are successful in consummating a definitive agreement. Under the letter of intent, TransBiotec proposed that Eco Verde would be TransBiotec's exclusive distributor in the State of Andrha, India, for a period of fifteen months beginning on August 1, 2013, with Eco Verde concentrating on selling the SOBR device to insurance companies, trucking companies, busing companies, and to the railroad industry. Depending on Eco Verde's success the parties are contemplating that Eco Verde could expand their exclusive distribution rights to all of India.
"We are very excited to enter into formal discussions with Eco Verde, demonstrating TransBiotec and the SOBR device to international audiences is only one step in our growth initiatives" said Charles Bennington, Chief Operating Officer.
Should a definitive agreement be reached TransBiotec will be required to provide Eco Verde with one SOBR device prototype and then will be expected to manufacture additional devices as needed by Eco Verde's customers, depending on their sales success. TransBiotec will need to raise additional funds to manufacture SOBR devices if Eco Verde is successful in selling the devices in India.
About TransBiotec, Inc.
TransBiotec, Inc. has developed and patented a non-invasive alcohol sensing system ("SOBR") which includes an ignition interlock. The alcohol sensing system offers a unique solution to the national drunk driving problem that can now be applied to new markets. SOBR consists of two parts: an ethanol alcohol detection system and an ignition interlock device connected through a microprocessor. SOBR detects the ethanol alcohol level of the operator and does not allow the vehicle or equipment to start if the Blood Alcohol Concentration (BAC) is above a preset limit. In addition, random real-time monitoring also ensures that the operator cannot continue to operate a vehicle with an unsafe BAC.
About Eco Verde Solutions, LLC
Eco Verde Solutions, LLC was formed to distribute the SOBR device on an international basis. The principals have decades of experience in international markets in both manufacturing, distribution and engineering. Eco Verde has extensive relationships in manufacturing and engineering throughout South and Southeast Asia for design and production of electronic products such as SOBR.
Forward Looking Statements
TransBiotec, Inc.'s statements in this press release that are not historical fact and that relate to future plans or events are forward-looking statements. Forward-looking statements can be identified by use of words such as "believe," "expect," "plan," "anticipate," and similar expressions. These forward-looking statements include risks associated with clinical trials, expected results, regulatory approvals, and changes in business conditions and similar events. The risks and uncertainties involved include those detailed from time to time in TransBiotec, Inc.'s filings with the Securities and Exchange Commission, including TransBiotec, Inc.s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
CONTACT INFORMATION
Charles Bennington, President
TransBiotec, Inc.
Telephone: (949) 285.9454
Email: cbennington@transbiotec.com
Website: http://www.TransBiotec.com/
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