SOBR Safe, Inc. - SOBR STOCK NEWS

SOBR Safe (NASDAQ:SOBR) has expanded its distribution network by signing an agreement with the Fox Group, its 13th North American distributor. The Fox Group specializes in commercial driver training and has established connections with major employers in key markets, including oil and gas, mining, and trucking. This collaboration is aimed at enhancing safety with SOBRsafe's alcohol detection technology, SOBRcheck™, which detects alcohol through a fingertip touch.

The U.S. alcohol abuse cost is approximately $249 billion annually, with significant implications for safety in industrial environments. SOBRsafe's technology is a preventative solution for dangerous workplaces and aims to reduce alcohol-related accidents.

SOBR Safe, Inc. (NASDAQ:SOBR) has announced a SaaS agreement with Foundry Treatment Center in Colorado to deploy SOBRcheck™, a touch-based alcohol screening solution for inpatient treatment. This non-invasive technology simplifies sobriety confirmation, enhancing rehabilitation efforts. With around 240 specialized treatment centers in Colorado and approximately 14,500 across the U.S., SOBRsafe aims to be a key player in the rehabilitation market. The company also secured a pre-order for 1,150 SOBRsure™ bands, expanding its outpatient offerings. The annual cost of alcohol abuse in the U.S. is $249 billion, showcasing a significant market opportunity for SOBRsafe’s innovative solutions.

SOBR Safe, Inc. (NASDAQ:SOBR) announced its financial results for the year ending December 31, 2022, highlighting a significant capital raise of $19.5 million amid challenging market conditions. The company's cash position improved to $8.6 million, while total stockholders' equity rose to $9.1 million. SOBRsafe has engaged over 10,000 companies through its sales pipeline efforts, yielding over 600 leads. The company is focused on expanding into key markets, including fleet, oil and gas, and justice. Despite increased operational costs, the company anticipates gross margins to rise from 45% to approximately 80% as sales scale up.

SOBR Safe, Inc. (NASDAQ:SOBR) announced that TerraTech Services, a major player in oil and gas, is gaining a competitive advantage by using SOBRcheck technology for daily alcohol screenings across its 17 US locations.

The Denver Business Journal highlighted how this proactive safety measure aligns with industry needs, especially given that oil and gas has the highest binge drinking rates among US workers, at 26% in extraction roles. The adoption of SOBRcheck not only improves employee safety but also appeals to large clients like Occidental Petroleum.

SOBRsafe's innovative technology provides real-time alcohol detection without invasive sampling, marking a significant advancement in workplace safety.

SOBR Safe, Inc. (NASDAQ:SOBR) announced a significant SaaS partnership with the Fox Group, a leader in North American commercial driver education. The Fox Group will implement SOBRcheck™ alcohol detection technology in select Canadian locations and aims for broader adoption across its training organization of over 3,500 employees. This collaboration is anticipated to enhance safety standards in the trucking industry. SOBRcheck™, a touch-based alcohol detection system, has gained significant recognition within the industry, promoting a culture of prevention. Notably, the annual cost of alcohol abuse in the U.S. is $249 billion, emphasizing the importance of such innovations.

SOBR Safe, Inc. (NASDAQ:SOBR) has announced its entry into the Canadian market through a partnership with Alco Prevention Canada, a leader in alcohol detection solutions. This collaboration will launch SOBRsafe's innovative SOBRcheck technology across Canada and beyond. Alco, which serves over 5,000 customers globally, plans to promote SOBRsafe through targeted outreach and a significant media event. The SOBRcheck device detects alcohol through fingertip contact, requiring no other sample types. This move is expected to accelerate revenue for SOBRsafe and enhance its market presence in safety-sensitive industries.

Aegis Capital Corp. successfully acted as Exclusive Placement Agent for a $3.5 Million Convertible Senior Notes Offering for SOBR Safe, Inc. (NASDAQ:SOBR) on March 10, 2023. SOBR Safe offers a touch-based identity verification and alcohol detection system, addressing the $249 billion annual cost of alcohol abuse in the U.S. Their technology is designed for various applications including commercial fleets and workplaces, aiming to prevent intoxicated individuals from operating vehicles or machinery. The company is expanding its patent-pending solutions across industries, enhancing safety and compliance.

SOBR Safe, Inc. (NASDAQ:SOBR) announced the successful closing of a $3.5 million offering of convertible senior notes due March 2025 and accompanying warrants. The financing aims to replace approximately $2.5 million in existing debt. The notes feature a 15% original issue discount and an initial conversion price of $2.28 per share, while the warrants allow for the purchase of shares at $2.52. The company intends to accelerate technology enhancements and extend its financial runway. Aegis Capital Corp. acted as the exclusive placement agent for this offering.