- Alcohol screening and monitoring solutions provider SOBRsafe recently closed on a private placement, which raised $8.2 million in gross proceeds
- The company plans to use the net proceeds from the private placement for working capital and general corporate purposes, including possibly boosting its expansion efforts
- With an ongoing national marketing campaign, SOBRsafe is presenting its revolutionary alcohol screening and monitoring technologies to 45,000 behavioral health providers in the U.S.
- In addition, the company initiated sales activities in Australia and New Zealand through a partnership with a channel partner, and is partnering with companies in India and Italy for proof-of-concept installations of SOBRcheck(TM) or SOBRsure(TM)
SOBRsafe (NASDAQ: SOBR), a provider of next-generation transdermal alcohol screening and monitoring solutions, recently raised $8.2 million in gross proceeds from a private placement with certain institutional investors. The company expects to use the net proceeds from the offering for working capital and general corporate purposes (https://nnw.fm/fijqt).
The closing of this offering, announced on October 9, came amid the company’s ongoing expansion efforts, with some of the proceeds expected to boost these initiatives. In August, SOBRsafe launched a national campaign that seeks to introduce the company’s technology offerings – the SOBRcheck(TM) stationary alcohol screening device, the SOBRsure(TM) discreet alcohol monitoring wristband, and the SOBRsafe(TM) software platform powering reporting – to behavioral health providers and, as a result, drive sales growth into 2025.
The company aims to present its technology to over 45,000 decision-makers in the behavioral health space, having partnered with recognized leaders in public relations and digital and social media marketing. “We are working with national communications leaders to build the SOBRsafe brand, grow demand, and gain market share. This effort will move us closer to improving patient outcomes and saving lives,” said SOBRsafe CEO and Chairman Dave Gandini of the national campaign (https://nnw.fm/eLgUp).
The campaign aligns with the company’s focus on the behavioral health vertical. In addition, it is intended to increase the number of customer accounts that SOBRsafe has added in 2024, which stood at 35 as of September 12. The company accomplished this feat with “a limited investment in marketing and brand building,” according to Gandini’s message in a recent video update (https://nnw.fm/oQGBP). The ongoing national campaign, therefore, may result in considerably more customer accounts during the remainder of 2024 and into 2025.
SOBRsafe is also strategically implementing its international expansion. Strategic in its approach, the company collaborates with interested local or regional service providers and companies, initially via paid proofs of concept and, if successful, fully fledged partnerships. The company has used – or is using – this approach in India, Italy, Australia, and New Zealand.
In India, a critical infrastructure developer that owns and operates various infrastructure assets across India and Southeast Asia is installing SOBRsafe’s SOBRcheck(TM) device at points of entry to screen employees. This paid proof-of-concept installation is intended to promote alcohol safety, helping SOBRsafe “establish a new standard for alcohol screening in India” and provide “value to employers while saving lives,” according to Gandini (https://nnw.fm/EPNca).
An employer in Italy has also selected the company’s SOBRsure(TM) wristband for remote continuous monitoring of fleet drivers. This proof-of-concept application of the device will help verify both the location and sobriety of drivers, benefiting the company, which operates a fleet of more than 10,000 vehicles. Gandini believes SOBRsure “can help European employers demonstrate compliance” with laws prohibiting commercial drivers from imbibing any amount of alcohol and do so in real-time and in a “passive, non-invasive manner.”
The proof-of-concept approach has proven successful in Australia and New Zealand, where, after a 90-day trial run, SOBRsafe initiated sales activities via a regional channel partner, Drug Testing Business Success. The channel partner plans to target the behavioral and justice spaces, availing the company’s products through a dedicated e-commerce website and a coalition of suppliers. “We’re excited about this new revenue stream in Australia and New Zealand, and we believe that this could accelerate broader global expansion,” conveyed Gandini (https://nnw.fm/gKGks).
For more information, visit the company’s website at www.SOBRsafe.com.
NOTE TO INVESTORS: The latest news and updates relating to SOBR are available in the company’s newsroom at https://nnw.fm/SOBR
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