TRANSBIOTEC, INC. (OTCMKTS:IMLE) Files An 8-K Other Events
Item 8.01 Other Events
As disclosed in our Current Report on Form 8-K filed with the Commission on November 6, 2018, on October 29, 2018, we entered into a non-binding Letter of Intent (“LOI”) with First Capital Holdings, LLC (“FCH”), under which we could potentially acquire certain assets related to robotics equipment from FCH in exchange for shares of our common stock equal to 60% of our then outstanding common stock on a fully-diluted basis. The LOI is subject to various conditions that must be met in order for the parties to close the transaction and had deadlines for certain events to occur to close the transaction. On March 6, 2019, the parties entered into an Amendment No. 1 to the LOI in order to extend certain dates in the LOI, namely: (i) the date for the parties to complete initial due diligence was moved to March 29, 2019, (ii) the date for the parties to execute definitive agreements related to the transaction was moved to March 22, 2019, and (iii) the date to close the transaction was moved to May 31, 2019 (the “Amendment No. 1”).
The description of the Amendment No. 1 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 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
TransBiotec, Inc. Exhibit
EX-10.1 2 imle_ex101.htm AMENDMENT NO. 1 TO LETTER OF INTENT imle_ex101.htmEXHIBIT 10.1 AMENDMENT NO. 1 TO LETTER OF INTENT THIS AMENDMENT NO. 1 TO LETTER OF INTENT is entered into this 6th day of March 2019 by and between TransBiotec,…
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About TRANSBIOTEC, INC. (OTCMKTS:IMLE)
TransBiotec, Inc. is a development-stage company that has developed an alcohol detection device, SOBR. The Company’s SOBR is designed for use in detecting alcohol in a person’s system by measuring the ethanol content in their perspiration. SOBR determines whether alcohol level is over or under a preset level as set by the installer or a technician. SOBR is produced in over two basic forms, including an in-vehicle system that can be connected to an interlock system to prevent the operation of the vehicle in the event when the sensor detects measurable ethanol content, and a portable unit that can be used anywhere. It is focused on marketing SOBR to the voluntary commercial market, such as commercial transportation companies that operate tractor trailers and taxis, among others; local, state and federal government agencies that operate fire trucks and police cars, among others, and individuals that desire to monitor a family member’s vehicle, such as a vehicle operated by a minor.