BLOW & DRIVE INTERLOCK CORPORATION (NASDAQ:BDIC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. | |
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On or around December 1, 2016 the company entered into a material definitive agreement with Cahuenga Management LLC to provide BDIC with office space located 5503 Cahuenga Boulevard in Los Angeles, CA. This new office space will be replacing BDIC current office location on La Cienega Blvd and will provide BDIC with approximately two and a half times (2.5x) the square footage for our corporate headquarters. The lease with Cahuenga Management is a gross lease for one (1) year and includes all expenses included for flat fee of $2,200 per month. This rent expenses is approximately what our prior rent plus expenses equaled on a monthly basis, giving BDIC increased infrastructure capabilities with no material increase in costs. We anticipate fully relocating to our new location within the next 30 days. We foresee needing this upgraded facility as we continue to scale our business and begin readying these next 1,600 BDI 747 machines for deployment through our retail and distribution channels, in effect more than doubling our current marketshare. We anticipate the first half of these new machines to be ready sometime in January 2017 and to be generating revenues from these new machines within 30 days of deployment. |
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