New York, NY, Dec. 16, 2016 (GLOBE NEWSWIRE) —

Sparta Commercial Services, Inc. (OTC: SRCO) today announced that the Town of Holden Beach, NC has, for the third time, utilized Sparta’s Municipal Leasing Division for acquiring additional vehicles for their Police Department’s Special Vehicle fleet.

Sparta’s Municipal Leasing Program is a highly popular source for the acquisition of essential equipment by cities, towns, and other municipal jurisdictions around the country. The popularity of the program is due to its ability to provide governmental agencies with a more economical method for acquiring needed vehicles and other equipment than traditional up-front purchasing. The Sparta alternative enables jurisdictions to spread the payments over time, making budgeting much more flexible while still securing the often costly items that are required.

Frank Dilworth of the Holden Beach PD commented, “Our department made the decision to try financing select vehicles initially in 2013. We chose Sparta Commercial Municipal Leasing as a source, as we could see they had a good reputation in the community and had a good existing relationship with our vehicle vendor. Our needs were a bit specialized in that we required funds disbursed not only for the vehicle, but for cage, video, and communication accessories as well. Sparta was able to smoothly work with all of our vendors on the financing side, allowing us to concentrate on the simple delivery of the vehicle. We have since gone back to Sparta in 2014 and again just now in 2016. Nothing has changed – Sparta makes the process as easy as possible and gives us flexibility in our budget so we don’t have to decide between competing needs.”

Anthony Havens, CEO of Sparta Commercial Services, Inc., noted, “We’ve seen a clear pattern in that municipal agencies that use our program often use it again as new needs arise. This naturally recurring business is great for the company as it allows us to concentrate our marketing efforts in more needed places, and it is great for the clients we serve as they can be confident that they will be supported by a reliable solution when new equipment is required.”

Sparta has already provided finance leasing to 24 other Carolina agencies, including the cities of Raleigh, Charlotte and Greenville.

The vendor for the transaction is Ilderton Dodge Chrysler Jeep Ram, based in High Point, NC, which has provided the vehicles in over a dozen previous Sparta leasing transactions.

About Sparta Commercial Services, Inc.

Sparta Commercial Services, Inc. (OTC:  SRCO) (http://spartacommercial.com/), through its subsidiary, iMobile Solutions, Inc., is a leader, in developing, managing, and servicing custom mobile apps for vehicle dealers from Harley-Davidson® to John Deere, automobiles and RVs, restaurants, liquor stores, clubs, and other businesses in 49 states and Canada; as well as developing and hosting innovative websites. In addition to mobile apps and websites, Sparta provides motor vehicle title history reports to dealers, insurance companies, credit unions, and consumers. The Company also offers vehicle and capital lease finance programs for municipalities.

iMobile Solutions, Inc. offers customizable mobile applications designed for vehicle dealers, providing for ongoing contact with their customers and communications of upcoming and ongoing promotions, special events, new and used inventory, and more, and for a wide range of other businesses and entities, offering a customized mobile app designed specifically for their purposes, at a fraction of the cost of both traditional and web marketing. iMobileApp, (http://imobileapp.com/), is a custom, fully-branded app that is an extension of a business’s e-presence.  In addition, the company offers complete website design, development, hosting, support and maintenance.

The Company also provides detailed used vehicle title history reports to dealers, insurance companies, credit unions, etc., as well as to consumers. The reports are trusted by industry professionals to provide buyers accurate, timely, and thorough title history reports. The Company targets four motor vehicle markets through https://www.carvinreport.com/ (automobiles and light trucks), https://cyclechex.com/ (motorcycles), https://www.rvchecks.com/ (recreational vehicles) and http://truckchex.com/ (commercial trucks).

Sparta’s Municipal Leasing Division (http://spartamunicipal.com/) offers and administers a specialized municipal leasing program for local and state agencies. The Company is dedicated to serving jurisdictions with small and growing vehicle fleets who seek a better and more economical way to finance their essential equipment needs – from police motorcycles and cruisers, to EMS equipment and busses, to virtually any type of equipment a municipality requires. The Municipal Leasing Division also works with larger jurisdictions to provide competitive leasing facilities for specific segments of their fleet portfolio.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company’s filings with the SEC, which are available on its website at: http://www.sec.gov.

Company Contact:

Sandra L. Ahman
Vice President, Operations
Sparta Commercial Services, Inc.
sandy@spartacommercial.com
800-882-0778

Source: Nasdaq Automotive News

EINDHOVEN, Netherlands, Dec. 13, 2016 (GLOBE NEWSWIRE) — NXP Semiconductors (NASDAQ:NXPI), the world’s largest supplier of semiconductors solutions for the automotive industry, applauds the Notice of Proposed Rulemaking issued by the United States Department of Transportation (DoT) and the National Highway Traffic Safety Administration (NHTSA). The proposed rule would mandate that automakers include Vehicle-to-Vehicle (V2V) technology in all new light-duty vehicles.

As a wireless, direct communications technology that connects cars across distances of more than one mile, Vehicle-to-Everything (V2X) will eventually pave the way for autonomous vehicles. It is a key enabling technology that makes the machine drive better than a human by truly extending the driver’s senses beyond a human’s line of sight. Furthermore, V2X is a great complement to other advanced driver assistance technologies such as radar, cameras or ultrasound for self-driving cars, as it works reliably in diverse weather and lighting conditions.

The accompanying report to the rule making proposal includes preliminary estimates of safety benefits for two safety applications – Left Turn Assist (LTA) and Intersection Movement Assist (IMA). The report estimates that these technologies alone could prevent up to 592,000 crashes and save 1,083 lives per year. Other research indicates that V2X can reduce C0₂ and improve traffic flow by warning drivers of road blocks, or hazards one mile ahead.

NXP is the technology leader with its RoadLINK solution, a complete automotive-grade, secure V2X system solution. Security in wireless communications is paramount; this is why the RoadLINK system solution incorporates a high-performance secure element comparable with the standards of banking cards or electronic passports designed to prevent hacking attacks in the connected car. The NXP RoadLINK solution is being introduced in first mass production cars in the U.S. through Delphi’s communications platform.

Quotes:

“We are proud of the leading role that NXP and its partners have played over the past several years in developing and testing secure, privacy-respecting and reliable V2X technology. After more than 1 million days of V2X testing, we are contributing to the ‘state of the art’ and are convinced that the technology is mature, safe and ready for deployment worldwide,” says Kurt Sievers, general manager of the automotive business at NXP. “As a leading technology provider to the automotive market, we view an accelerated rollout of this life-saving technology as one of the most important milestones in the history of our industry, one that will transform our roads and vehicles as never before.”

According to Kurt Sievers, the market has suffered from a chicken or the egg situation, “The safety technology needs to be in both your car and the other car that is putting you at risk. The decision of the United States Department of Transportation (DoT) now provides a clear path forward for the industry and political decision makers to accelerate V2X introduction.”

“Having been deeply involved with testing this technology, NXP understands that there can be a positive impact even if only 5 to 10 percent of the cars are equipped with V2X — such as synchronizing the speed with other vehicles to improve the traffic flow. The benefits only increase as more and more vehicles have this capability, for which this proposed rule provides a strong foundation,” says Kurt Sievers.

Resources:

NXP and Platooning video
Munich Live Demo

*Source: NHTSA Report: The Economic and Societal Impact of Motor Vehicle Crashes, 2010 (Revised)

About NXP
NXP Semiconductors N.V. (NASDAQ:NXPI) enables secure connections and infrastructure for a smarter world, advancing solutions that make lives easier, better and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the secure connected vehicle, end-to-end security & privacy and smart connected solutions markets. Built on more than 60 years of combined experience and expertise, the company has 44,000 employees in more than 35 countries and posted revenue of $6.1 billion in 2015. Find out more at www.nxp.com.

NXP the NXP logo and RoadLINK are trademarks of NXP B.V. All other product or service names are the property of their respective owners. All rights reserved. © 2016 NXP B.V.

For more information, please contact:      

Source: Nasdaq Automotive News

NEW YORK, Dec. 05, 2016 (GLOBE NEWSWIRE) — Every day 44 kids in the U.S. are diagnosed with cancer, and one in five will not survive the disease. And while there are millions of dollars in federal funding for cancer, only four percent of federal funding is solely dedicated to childhood cancer research. Hyundai Hope On Wheels® is committed to filling the gap by providing resources and funding to those that are working on a cure by awarding $7.5 million in research grants to 34 hospitals across the U.S. during September.

In its 18^th year, Hyundai Motor America and its nonprofit organization, Hyundai Hope On Wheels® awarded $7.5 million in research grants to 34 hospitals across the U.S. during September, National Childhood Cancer Awareness month. Hope On Wheels’ campaign honored the brave children and families throughout America fighting the disease. Since 1998, Hyundai Hope On Wheels has awarded over $115 million in funding to childhood cancer research.

YourUpdateTV, D S Simon Media, and Hyundai Hope On Wheels® recently completed a nationwide satellite media tour campaign designed to increase awareness of childhood cancer research.

Each year, some 15,000 children are diagnosed with cancer, making the disease the leading cause of death by disease for children in the U.S. This year Hope On Wheels is traveling the nation in a Hyundai Tucson to celebrate the children’s hospital grant winners as well as the brave boys and girls with cancer across the country. There is nothing more personal than a handprint, and at each of these events, brave pediatric cancer survivors will place their handprints of hope onto the vehicle as part of the organization’s signature ‘handprint ceremony’.

For more information, visit Hyundai Hope On Wheels®. This release is provided by YourUpdateTV

ABOUT HYUNDAI HOPE ON WHEELS
Hyundai Hope On Wheels® is a 501(c)(3) non-profit organization that is committed to finding a cure for childhood cancer. Launched in 1998, Hyundai Hope On Wheels® provides grants to eligible institutions nationwide that are pursuing life-saving research and innovative treatments for the disease. HHOW is one of the largest non-profit funders of pediatric cancer research in the country, and primary funding for Hyundai Hope On Wheels® comes from Hyundai Motor America and its more than 830 U.S. dealers. Since its inception, Hyundai Hope On Wheels® has awarded more than $115 million towards childhood cancer research in pursuit of a cure.

ABOUT HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through more than 830 dealerships nationwide.

ABOUT YOURUPDATETV
YourUpdateTV is a social media video portal for organizations to share their content, produced by award-winning video communications firm, D S Simon Media (http://www.dssimon.com). It includes separate channels for Health and Wellness, Lifestyle, Media and Entertainment, Money and Finance, Social Responsibility, Sports and Technology.

CONTACT: Media Contact:
Mike Bako
YourUpdateTV (in conjunction with D S Simon Media)
212.736.2727
mikeb@dssimon.com

Source: Nasdaq Automotive News

• Solidifies Lydall as a global leader in industrial filtration markets  
• Further diversifies Lydall into complementary geographies and attractive adjacent markets with a leading brand
• Combination creates further scale and unlocks operational synergies

MANCHESTER, Conn., Nov. 30, 2016 (GLOBE NEWSWIRE) — Lydall, Inc. (“Lydall” or the “Company”) (NYSE:LDL), today announced that it has entered into an agreement to acquire MGF Gutsche GmbH & Co. KG (“Gutsche”) for approximately $58 million in cash.  The transaction will further position Lydall as a global leader in needle punch nonwoven filtration solutions and strengthen the Company’s position as a premier provider of engineered technical materials.  The acquisition will expand the Company’s filtration product offerings into attractive adjacencies and diversify the Company’s geographic revenue base.  The transaction is expected to close at year end, subject to receipt of customary merger control approval from German competition authorities and the completion of specified closing conditions.

Gutsche is a leading producer of nonwoven needle punch materials serving the industrial filtration and high performance nonwoven segments.  The business consists of operations in Germany and China.

Gutsche’s fiscal year ends on December 31, 2016 and revenue and EBITDA are forecasted by Gutsche to be approximately $50 million and $6 million, respectively.  Lydall expects the business to be fully integrated by the end of 2019.  Lydall expects to leverage its operating discipline, business efficiencies, and economies of scale to generate annual cost savings of approximately $3 million.  

The acquisition will be integrated into Lydall’s Technical Nonwovens segment.  The Company plans to maintain manufacturing presence in the UK, Europe, and China and, through restructuring initiatives, to increase efficiencies and unlock operational synergies.  The acquisition will be dilutive to Lydall’s earnings in 2017 on an all-in basis, which includes the effect of purchase accounting, restructuring and other non-recurring expenses.  The acquisition is expected to be accretive to Lydall’s earnings by mid-2018.

The transaction is expected to be financed through a combination of cash on hand and borrowings from the Company’s revolving credit facility. 

Dale G. Barnhart, Lydall’s President and Chief Executive Officer, stated, “The acquisition of Gutsche is very appealing as it combines two complementary companies in the industrial filtration and technical materials markets.  With the addition of Gutsche, we gain an experienced management team and an attractive footprint to serve Europe as well as secure a strong filtration position in the fast growing waste-to-energy incineration market.  In addition, we are able to complement our China-based sales with a focus on the greater Asia-Pacific export markets.  Gutsche is a well-known leading brand in the industry with an excellent reputation for high quality products and a proven culture of innovation.  We look forward to welcoming their employees to the Lydall family.”

Michael Gutsche, Chief Executive Officer of Gutsche, commented, “I am very excited for Gutsche to become a part of the growing Lydall organization.  We have found the ideal partner that shares our passion for delivering the most advanced and highest quality products in the industry.  Our combined focus on profitable growth and the complementary nature of markets we serve will only further strengthen the excellent relationships we have with our suppliers and customers.”

Conference Call and Webcast

Lydall will host a conference call on November 30, 2016 at 2:00 p.m. ET to discuss this announcement.  Pre-registration for this call, as well as a live webcast can be found at the Company’s website www.lydall.com under the Investor Relations section.  The call may be accessed at (888) 338-7142, from within the U.S., or (412) 902-4181, internationally.  A recording of the call will be available from 4:00 p.m. ET on November 30, 2016 through 11:59 pm ET on December 7, 2016 at (877) 344-7529 from within the U.S., or (412) 317-0088, internationally, passcode 10097317.  Also, additional information, including a presentation supporting the conference call, can be found on the Company’s website www.lydall.com under the Investor Relations section. 

About Lydall

Lydall, Inc. (NYSE:LDL) is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets.  For more information, please visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.

Cautionary Note Concerning Factors That May Affect Future Results

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995.  Any statements contained in this press release that are not statements of historical fact, including statements related to the expected timetable for completing and integrating the acquisition, expected benefits of the acquisition, Gutsche’s financial results for 2016, estimated annual cost savings, expectations of the acquisition’s impact on Lydall’s earnings in 2017 and 2018, and Lydall’s plan for financing the acquisition, may be deemed to be forward-looking statements.  All such forward-looking statements are intended to provide management’s current expectations for the future operating and financial performance of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions.  Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future operating or financial performance.  Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties which include, among others, any delays in receiving merger control approval from Germany or in satisfying other closing conditions, worldwide economic cycles that affect the markets that each of the Company’s and Gutsche’s businesses serve which could have an effect on demand for their products and impact their profitability, challenges encountered by the Company in the integration of the Gutsche acquisition, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, foreign currency volatility, swings in consumer confidence and spending, unstable economic growth, raw material pricing and supply issues, fluctuations in unemployment rates, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations, that could have a negative impact on either company’s results of operations and financial condition.  Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements.  Investors, therefore, are cautioned against relying on any of these forward-looking statements.  They are neither statements of historical fact nor guarantees or assurances of future performance.  Additional information regarding factors that may cause actual results to differ materially from these forward-looking statements is available in Lydall’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part II, Item 1A – Risk Factors of Lydall’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and Part I, Item 1A – Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended December 31, 2015.

These forward-looking statements speak only as of the date of this press release, and Lydall does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.

CONTACT: For further information:
David D. Glenn
Vice President, Corporate Development
and Investor Relations
Telephone 860-646-1233 
info@lydall.com
www.lydall.com

Source: Nasdaq Automotive News

GRANDVIEW, Mo., Nov. 18, 2016 (GLOBE NEWSWIRE) — Peterson Manufacturing proudly introduces the 5600 Timer Box Switch, an ingenious new system for controlling interior cargo lights with push-button ease and timed convenience.

Engineered with PM’s cutting edge electronics, the 5600 Timer Box provides flexible, efficient switching of LED lights in a compact, easily installed unit. Built tough to handle the wide temperature swings of vans and service bodies as well as the cold temperatures of reefer trailers, the USA-made 5600 Series is available in both flush-mount and surface-mount versions.

The Timer Box is factory programmed to operate interior lights in 30-minute intervals with one touch of its sealed membrane button. Lights flash at each button push to confirm that the command was received. The button can be pushed up to four times, extending the lights-on to a total uninterrupted time of two hours. Lights can be turned off at any time by simply pressing and holding the button.

“One unique and thoughtful function of our 5600 is its ‘curtain call’ feature,” said Steve Meagher, Peterson Vice President-Sales. “Two minutes before the automatic shut-off, the system momentarily dims the lights as an alert. Operators can renew the 30-minute lights-on cycle at any time with a button push.”

The new 5600 Series is designed to pair perfectly with Peterson’s ground-breaking 359 Series “cove light” interior LED units. Its solid-state circuitry enables the 5600 to handle 10-amp maximum loads, enough to daisy-chain up to twelve 359-3 cove lights, nearly 10,000 total system lumens.

“Engineering solutions to enhance the safety and convenience of cargo illumination systems is an ongoing commitment at Peterson,” said Meagher. “The 5600 Timer Box integrated with our 359 Series cove lights offers customers the most efficient and state of the art system on the market.”

ABOUT PETERSON MANUFACTURING
Peterson Manufacturing Company is a world-leading innovator in the engineering and production of a complete line of vehicle safety lighting, custom wiring harnesses, and many other safety-related products. As an ISO 9001:2008 certified company, Peterson Manufacturing is a key subsidiary of Peterson Corporation, nine highly specialized companies and nearly 1,000 associates working in global transportation-related industries. With headquarters in the greater Kansas City area, Peterson Manufacturing is a privately held company and has been in operation since 1945.

CONTACT: For more information, contact:
Mark Assenmacher, Dir. of Marketing
Peterson Manufacturing Co.
4200 East 135th Street
Grandview, MO 64030
Phone: 816-765-2000
FAX: 816-761-6693
E-mail: massenmacher@pmlights.com

Darrin Widick, MBA
Wahaus Advertising & Design
11936 W. 119th Street, #293
Overland Park, KS 66213
Phone: 816-595-6730
E-mail: darrinw@wahausadv.com

Source: Nasdaq Automotive News

BENTONVILLE, Ark., Nov. 17, 2016 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its operating results for the second quarter of fiscal 2017.

Highlights of second quarter operating results:

• Net income of $5.0 million – $.62 per diluted share vs. ($.06) per diluted share ($.29 per diluted share excluding a $3 million non-cash after-tax charge resulting from an increase to the allowance for credit losses) for prior year quarter
• Revenues of $150 million compared to $133 million for the prior year quarter (a 12.9% increase)
• Retail unit sales increase of 11.8% to 12,167 from 10,881 for the prior year quarter with increased productivity at 28.4 retail units sold per store per month, up from 25.3 for the prior year quarter  
• Average retail sales price increased $244 to $10,491 or 2.4% from the prior year quarter (increased $98 or 0.9% sequentially)
• Gross profit margin percentage increased to 41.4% from 39.2% for the prior year quarter
• Collections as a percentage of average finance receivables of 12.6% compared to 13.7% for the prior year quarter.  The weighted average contract term increased to 31.7 months from 30.6.
• Net Charge-offs as a percent of average finance receivables of 7.7%, down slightly from 7.8% for prior year quarter
• Accounts over 30 days past due increased to 4.8% from 3.5% at October 31, 2015
• Average percentage of finance receivables current of 80.3% compared to 81.4% at April 30, 2016
• Provision for credit losses of 29.6% of sales vs. 32.4% (28.3% excluding increase to allowance for credit losses) for prior year quarter  
• Selling, general and administrative expenses at 17.0% of sales vs. 18.9% for prior year quarter
• Active accounts base approximately 67,600, an increase of approximately 2,600 from April 30, 2016
• Debt to equity of 53.1% and debt to finance receivables of 26.3%
• Allowance for credit losses at 25% of finance receivables, net of deferred revenue at October 31, 2016
• Strong cash flows supporting the increase in revenues, the $13.7 million increase in finance receivables, $352,000 in net capital expenditures and $894,000 in common stock repurchases (24,601 shares) with a $7.2 million increase in total debt

Highlights of six month operating results:

• Net income of $12.1 million – $1.48 per diluted share vs. $.46 per diluted share ($.81 per diluted share excluding a $3 million non-cash after-tax charge resulting from an increase to the allowance for credit losses) for prior year period
• Revenues of $296 million compared to $276 million for the prior year period with same store revenue increase of 5.8%
• Retail unit sales increase of 4.3% to 24,124 from 23,125 for the prior year period with productivity at 28.1 retail units sold per store per month, up from 27.0 for the prior year period
• Net Charge-offs as a percent of average finance receivables of 14.0%, down from 15.6% for prior year period
• Provision for credit losses of 27.7% of sales vs. 29.9% of sales (28% excluding increase to allowance for credit losses) for prior year period 
• Strong cash flows supporting the increase in revenues, the $37 million increase in finance receivables, $875,000 in net capital expenditures and $8.1 million in common stock repurchases (297,693 shares) with a $16.8 million increase in total debt

“We are pleased with our top line growth and our sales volume productivity improvement. There is significant demand for what we provide our markets and we are excited that we have expanded our customer base by 2,600 since the beginning of our fiscal year. We are now serving almost 67,600 customers looking for good, basic and affordable transportation. Our Mission is ‘We strive to earn the repeat business of our customers by providing quality vehicles, affordable payment terms and excellent service.’ We work hard every day to live our Mission Statement.  We believe that the communities we serve always deserve our best, and we are prepared to deliver,” said William H. (“Hank”) Henderson, Chief Executive Office of America’s Car-Mart, Inc. (the “Company”). “The competitive environment remains challenging, but we continue to believe that our face-to-face relationships with our customers combined with our efficient operating model will allow us to perform at a very high level as we move forward. We believe that our future is bright, and as always, we will continue to push for excellence in all that we do.”

“Once again, we believe that we have significant opportunities for improvement within our existing network, especially as related to customer success rates, and we remain committed to prioritizing efforts to improve results at all of our individual dealerships,” added Mr. Henderson. “We also believe that we can begin adding new dealerships again at some point in the future as we see improvements in results from our efforts.”

“As Hank mentioned, we are very pleased to see the top line increase of 12.9% which was driven by a 12.3% improvement in sales volume productivity for the quarter. We sold 28.4 retail units per store per month, which resulted in leveraging our cost structure, driving selling, general and administrative expenses to 17% from 18.9% for the prior year quarter. Improvements with inventory management resulted in a 220 basis point improvement in our gross profit percentage. Obviously, our associates are working hard to improve results and these dramatic positive changes did not happen by accident. We are very appreciative of their efforts as they tirelessly push to help our customers succeed,” said Jeff Williams, President of America’s Car-Mart, Inc. “Net Charge-Offs, while down slightly for the quarter, were higher than we would like to see and we attribute some portion of our credit results to the continuing tough operating environment. We know we can do better and we will continue to prioritize our efforts in this area of the business.”         

“During the quarter, we re-purchased 24,601 shares of our common stock for approximately $894,000 at an average price of $36.33 per share. Since February 2010, we have re-purchased 4.5 million shares (38% of the outstanding shares) for $142.9 million at an average cost of $32.11. We plan to continue to invest in stock re-purchases opportunistically as we move forward,” added Mr. Williams. “We will continue to focus on cash flows and maintaining a healthy balance sheet.  We ended the quarter with debt to equity of 53.1% and debt to finance receivables of 26.3%. During the quarter, we increased financed receivables by $13.7 million, re-purchased $894,000 of common stock and had $352,000 in net capital expenditures, all with a $7.2 million increase in total debt.”            

Conference Call

Management will be holding a conference call on Friday, November 18, 2016 at 11:00 a.m. Eastern Time to discuss second quarter results.  A live audio of the conference call will be accessible to the public by calling (877) 776-4031.  International callers dial (631) 291-4132.  Callers should dial in approximately 10 minutes before the call begins.  A conference call replay will be available two hours following the call for thirty days and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international), conference call ID #12840259.

About America’s Car-Mart

America’s Car-Mart, Inc. (the “Company”) operates 143 automotive dealerships in eleven states and is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market.  The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in small cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers.  For more information, including investor presentations, on America’s Car-Mart, please visit our website at www.car-mart.com.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements address the Company’s future objectives, plans and goals, as well as the Company’s intent, beliefs and current expectations regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could, “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other similar words or phrases.  Specific events addressed by these forward-looking statements include, but are not limited to:

• new dealership openings;
• performance of new dealerships;
• same store revenue growth;
• future overall revenue growth;
• the Company’s collection results, including but not limited to collections during income tax refund periods;
• repurchases of the Company’s common stock; and
• the Company’s business and growth strategies and plans.

These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties.  As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements.  Factors that may cause actual results to differ materially from the Company’s projections include, but are not limited to:

• the availability of credit facilities to support the Company’s business;
• the Company’s ability to underwrite and collect its accounts effectively, including but not limited to collections during income tax refund periods;
• competition;
• dependence on existing management;
• availability of quality vehicles at prices that will be affordable to customers;
• changes in financing laws or regulations; and
• general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.

Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.  

CONTACT: Contacts:
William H. (“Hank”) Henderson, CEO or Jeffrey A. Williams, President and CFO at (479) 464-9944

Source: Nasdaq Automotive News

MUNICH, Germany, Nov. 07, 2016 (GLOBE NEWSWIRE) — Today NXP Semiconductors N.V. (NASDAQ:NXPI), the world’s largest supplier of automotive semiconductors, announced a new automotive radar microcontroller (MCU), the NXP S32R27, that will deliver the features and performance required for making safe, automated driving a reality. NXP is the leading supplier of radar-based ADAS semiconductor solutions. An estimated 50 percent of all car radar modules shipped in 2016 will utilize NXP radar processing and front-end technology.¹

The ability of a vehicle to make precise, safety-related decisions depends on its capacity to accurately detect and classify objects. The NXP S32R27 Radar MCU offers a leap in performance of 4 times over the previous MPC577X product. This means higher accuracy and safety for applications such as collision avoidance, lane change assist, autonomous emergency braking, radar cocooning with 360° perception, or adaptive cruise control. In intelligent transport systems, vulnerable road users (VRUs) like pedestrians, motorcycles and bicycles can be detected and tracked much faster.

NXP’s highly integrated radar MCUs and RF front-end technologies (RFCMOS or BiCMOS) offer customers scalable system solutions that address ultra-short range, short-range, mid-range and long-range radar. NXP offers a very broad portfolio of single and multicore processors built on Power Architecture® technology, providing exceptional power performance, integration, safety and reliability.

Quotes:

“The S32R27 has been sampling with leading Tier 1 automotive suppliers for almost a year and will play a key role in consolidating NXP’s leadership position in automotive radar,” commented general manager of the ADAS Microcontrollers product line at NXP, Davide Santo.  “We see the S32R27 as a critical enabler of next-generation NCAP features and new semi-autonomous safety-assistance functions. Ultimately this supports the goals and motivation for our entire team which is to make the roads safer for everyone.”

Quick Facts:

• The S32R27 is currently sampling with lead automotive customers and will be made available to the general market (both automotive and non-automotive) in the second half of 2017.
• NXP is the leading supplier of MCUs and radar front-end devices in the ADAS market and estimates that more than 50 percent of the radar modules shipped in 2016 will utilize NXP radar processing and front-end technology.²
• NXP has captured a leadership position in automotive radar processing through its integrated approach and compelling performance-per-power. 

NXP at electronica:

The S32R27 will be a core part of two demonstrations showcased by NXP. 

• A miniature Local Motors shuttle bus will feature the S32R27 combined with NXP’s MR3003 SiGe radar transceiver at the NXP booth in Hall A6.
• A second demonstration, showcased in the NXP Smarter World Tour truck, will feature the S32R27 in combination with NXP TEF810x RFCMOS transceiver.

*Endnotes 1&2 – Based on IHS (2015) and Strategy Analytics (Q1 2016) market data.

About NXP
NXP Semiconductors N.V. (NASDAQ:NXPI) enables secure connections and infrastructure for a smarter world, advancing solutions that make lives easier, better and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the secure connected vehicle, end-to-end security & privacy and smart connected solutions markets. Built on more than 60 years of combined experience and expertise, the company has 44,000 employees in more than 35 countries and posted revenue of $6.1 billion in 2015. Find out more at www.nxp.com.

NXP the NXP logo and Airfast are trademarks of NXP B.V. All other product or service names are the property of their respective owners. All rights reserved. © 2016 NXP B.V.     

CONTACT: For more information, please contact:  

Europe 
Martijn van der Linden
Tel: +31 6 10914896
Email: martijn.van.der.linden@nxp.com

Greater China / Asia 
Esther Chang
Tel: +886 2 8170 9990
Email: esther.chang@nxp.com

Source: Nasdaq Automotive News

BOSTON, Nov. 04, 2016 (GLOBE NEWSWIRE) — Zipcar, the world’s leading car-sharing network, today announced that it will make over 7,000 vehicles across the United States free for its members’ use on election night to encourage its members to get out and vote.  Select vehicles will be free from 6 p.m. to 10 p.m. on November 8 in all markets in which Zipcar operates, including hundreds of cities and towns and over 500 college campuses.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f1c8325d-9baf-4dd3-88ee-828739997209

Zipcar members can reserve a vehicle starting today for those select evening hours and are encouraged to carpool with friends and family members to #DRIVEtheVOTE. Zipcar selected the evening hours on election night to ensure that members who need to zip to the polls during the last few hours have free, easy access to transportation. Prospective members can join Zipcar’s service in minutes via downloading the Zipcar mobile app.

“At Zipcar, we know our community of Zipsters are actively engaged in civic affairs and passionate about issues, but may also need quick and easy access to transportation in order to vote. We decided to do our part to #DRIVEtheVOTE by making cars free,” said Andrew Daley, vice president of marketing.  “Regardless of political affiliation or sentiment, we believe that voting is a civic duty, and we want to ensure that access to transportation isn’t a barrier to casting a ballot.”

Zipcar’s membership base ranges from 18 to 93 years of age, including a large number of Generation Z and Millennial members on over 500 college and university campuses. Zipcar encourages all of its members, including any first-time voters, to take an active role in this year’s election by sharing their commitment to #DRIVEtheVOTE.

To take advantage of this promotion, members can go to Zipcar’s website or mobile app to reserve free vehicles during the designated hours. For more information, please visit: www.zipcar.com/drivethevote.

About Zipcar

Zipcar is the world’s leading car-sharing network, driven by a mission to enable simple and responsible urban living. With its wide variety of self-service vehicles available by the hour or day, Zipcar operates in urban areas and university campuses in over 500 cities and towns across Austria, Belgium, Canada, France, Germany, Spain, Turkey, the United Kingdom and the United States. Zipcar offers the most comprehensive, most convenient and most flexible car-sharing options available. Zipcar is a subsidiary of Avis Budget Group, Inc. (Nasdaq:CAR), a leading global provider of vehicle rental services. More information is available at www.zipcar.com.

CONTACT: Media Contact:
Lindsay Wester
Public Relations Manager, Zipcar
lwester@zipcar.com
508-733-8660

Source: Nasdaq Automotive News

MANCHESTER, Conn., Nov. 01, 2016 (GLOBE NEWSWIRE) — LYDALL, INC. (NYSE:LDL) today announced financial results for the third quarter ended September 30, 2016.

HIGHLIGHTS – Q3 2016 vs. Q3 2015

GAAP Financials:

• Revenue of $155.7 million, up 18.7% from $131.2 million
  • Texel acquisition contributed $23.2 million, or 17.7%
• Gross margin of 24.5%, up 40 basis points
  • Includes purchase accounting adjustment of $1.6 million, or 110 basis points
• Operating margin of 11.7%, up 40 basis points
  • Includes purchase accounting adjustment of $1.6 million, $0.6 million of amortization of intangibles from acquisitions and acquisition related expenses of $0.5 million aggregating to $2.7 million, or 180 basis points
• Earnings per share of $0.75, up 13.6%, from $0.66

Non-GAAP Financial Measures*:

• Organic sales growth of 1.8%
  • Above market growth in two segments offset by continued softness in Technical Nonwovens power generation markets
• Adjusted gross margin of 25.6%, up 150 basis points
• Adjusted operating margin of 13.1%, up 180 basis points
• Adjusted earnings per share of $0.86, up 45.8% from $0.59 per share
• Adjusted EBITDA margin of 16.8%, up 210 basis points

*Reconciliations of the Non-GAAP financial measures to Lydall’s GAAP financial results are included at the end of this release.  See also “Use of Non-GAAP Financial Measures” below.

Dale Barnhart, President and Chief Executive Officer, stated, “I am very pleased with our  results as we reported record revenue of $155.7 million, earnings per share of $0.75 and record adjusted earnings per share of $0.86 for the third quarter.

“Lydall delivered very strong organic revenue growth in our Thermal/Acoustical Metals and Performance Materials segments of 11.3% and 8.9%, respectively, which was offset by a decline in Technical Nonwovens of 10.6%, as the softness we’ve experienced all year in the power generation market persisted.  The performance and integration of our most recent acquisition of Texel, which was acquired on July 7, 2016, is on-track.  Overall, Lydall was able to achieve excellent gross margin and operating margin expansion as we experienced favorable mix and cost absorption on the incremental sales.”

Summary Results

Net sales in the third quarter of 2016 increased 18.7% to $155.7 million, compared to $131.2 million in the third quarter of 2015.  Net sales increased in the Thermal/Acoustical Metals (“T/A Metals”), Performance Materials and Thermal/Acoustical Fibers (“T/A Fibers”) segments by 11.8%, 9.0% and 2.1%, respectively.  Growth in Performance Materials segment net sales was primarily due to improved demand and share gains of filtration products of 8.7%, particularly in North America and Europe, coupled with additional sales from new product development launches in Europe.  The T/A Metals segment was positively impacted by increased parts sales of 12.6% due to increased demand and new platform launches at the Company’s North American and Chinese operations.  The Technical Nonwovens segment reported sales growth of 53.1% as a result of Texel sales of $23.2 million since the date of acquisition, offset by lower power generation industrial filtration product sales.

Gross margin increased 40 basis points to 24.5% in the third quarter of 2016, principally led by the Performance Materials and T/A Metals segments.  In the Performance Materials segment, change in product sales mix and improved absorption of overhead costs from increased production drove the gross margin improvement.  In the T/A Metals segment, increased sales volume and favorable mix of product sales contributed to gross margin expansion, partially offset by continuing operating inefficiencies related to new platform launches.  In the Technical Nonwovens segment, the inclusion of Texel and the $1.6 million adjustment to cost of sales for inventory step-up caused a reduction to consolidated gross margin. However, the legacy Technical Nonwovens business experienced improved gross margin on lower net sales as a result of lower raw material costs and favorable product mix.  Adjusted gross margin in the third quarter of 2016, which excludes $1.6 million of cost of sales related to Texel inventory step-up, was 25.6%, or 150 basis points higher than the third quarter of 2015.

Operating margin increased 40 basis points to 11.7% in the third quarter of 2016 primarily led by the Performance Materials and T/A Metals segments.  All of the gross margin improvement was realized in operating margin as selling, product development and administrative expenses as a percentage of net sales were flat.  Adjusted operating margin, which excludes the $1.6 million inventory step-up and $0.5 million of acquisition related expenses, increased 180 basis points in the third quarter of 2016 to 13.1% compared to 11.3% in the third quarter of 2015, principally led by the Technical Nonwovens segment, and to a lesser extent, the Performance Materials and T/A Metals segments.

The Company’s effective tax rate in the third quarter of 2016 was 29.7% compared to 24.4% in the third quarter of 2015.  The effective tax rate in the third quarter of 2016 was favorably impacted by a greater amount of pretax earnings from jurisdictions with lower tax rates than the U.S., partially offset by a discrete tax expense of $0.5 million for nondeductible transaction related expenses. The effective tax rate in third quarter of 2015 was favorably impacted by discrete one-time tax benefits of approximately $1.2 million from research and development tax credits and the release of reserves from previously uncertain tax positions.

Net income in the third quarter of 2016 was $12.8 million, or $0.75 per diluted share, compared to $11.2 million, or $0.66 per diluted share in the third quarter of 2015.  Adjusted earnings per share were $0.86 in the third quarter of 2016 compared to $0.59 per share in the third quarter of 2015.

A reconciliation of the Non-GAAP financial measures to Lydall’s GAAP financial results is included at the end of this release.

Liquidity

The Company generated cash from operating activities of $47.4 million in the nine months ended September 30, 2016 compared to $14.9 million in the first nine months of 2015, primarily from improvements in working capital management, improved operating performance and timing of payments.  The cash balance was $77.1 million as of September 30, 2016, with $18.2 million used on July 7, 2016 to fund the Texel acquisition, compared to cash of $75.9 million at December 31, 2015.

The Company’s leverage ratio was 1.2 to 1.0 at September 30, 2016, which was below the maximum allowed ratio of debt to EBITDA of 3.0 to 1.0 in accordance with the Company’s Amended Credit Facility.  The Company’s cash on hand and credit facility availability of $76.2 million provide additional capacity to support organic growth programs, fund capital investments and continue pursuits of attractive acquisitions that will drive profitable growth.

Outlook

Mr. Barnhart concluded, “Looking to the balance of 2016, we expect demand in our automotive segments to remain steady as we continue to benefit from new product launches, primarily in our T/A Metals segment.  In the Performance Materials segment, we expect improved demand to continue in our filtration markets, but to be tempered sequentially by planned fourth quarter shutdowns at certain customers.  In the Technical Nonwovens segment, we expect softness in the power generation industrial filtration markets to persist for the remainder of the fourth quarter.  With respect to Texel, we anticipate that we will experience a softer fourth quarter sequentially given the normal seasonality for our geosynthetics products.”

Conference Call

Lydall will host a conference call on November 2, 2016, at 10:00 a.m. Eastern Time to discuss results for its third quarter ended September 30, 2016 as well as general matters related to its businesses and markets.  The call may be accessed at (888) 338-7142, from within the U.S., or (412) 902-4181, internationally.  In addition, the audio of the call will be webcast live and will be available for replay on the Company’s website at www.lydall.com in the Investor Relations’ Section.  A recording of the call will be available from 12:00 p.m. Eastern Time on November 2, 2016 through 11:59 p.m. Eastern Time, November 9, 2016 at (877) 344-7529, from within the U.S., or (412) 317-0088, internationally, pass code 10094372.  Additional information, including a presentation outlining key financial data supporting the conference call, can be found on the Company’s website www.lydall.com under the Investors Relations’ Section.

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including organic sales, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted earnings per share, EBITDA and adjusted EBITDA.  The attached financial tables address the non-GAAP measures used in this press release and reconcile non-GAAP measures to the most directly comparable GAAP measures.  The Company believes that the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to previous periods or forecasts.  Non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Cautionary Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995.  Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements.  All such forward-looking statements are intended to provide management’s current expectations for the future operating and financial performance of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions.  Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future operating or financial performance.  Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict.  Such risks and uncertainties which include, among others, worldwide economic cycles that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, challenges encountered by the Company in the integration of the Texel acquisition, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, foreign currency volatility, swings in consumer confidence and spending, unstable economic growth, raw material pricing and supply issues, fluctuations in unemployment rates, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations, including violations of German anti-trust laws by employees in our German operation that could have a negative impact on the Company’s results of operations and financial condition.  Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements.  Investors, therefore, are cautioned against relying on any of these forward-looking statements.  They are neither statements of historical fact nor guarantees or assurances of future performance.  Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Lydall’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part II, Item 1A – Risk Factors of Lydall’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and Part I, Item 1A – Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended December 31, 2015.

These forward-looking statements speak only as of the date of this press release, and Lydall does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.

Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.

During the third quarter of 2016, 6,386,400 shares of Lydall common stock (LDL) were traded on the New York Stock Exchange.

Non-GAAP Measures
In thousands except ratio and per share data
(Unaudited)

The following tables address the non-GAAP measures used in this press release and reconcile the non-GAAP measures to the most directly comparable GAAP measures:

This press release reports adjusted results for the quarter and nine months ended September 30, 2016 and 2015, which excludes corporate acquisition related expenses, a purchase accounting adjustment related to inventory step-up in the Technical Nonwovens segment and the disposition of the Life Sciences Vital Fluids business in January 2015, all tax affected at jurisdictional tax rates, and discrete income tax adjustments described in this press release.

EBITDA
In thousands except ratio data
(Unaudited)

(1) Net sales of $1.7 million from the disposed Life Sciences Vital Fluids business are excluded.

This press release reports earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the quarter and nine months ended September 30, 2016 and 2015 and adjusted EBITDA which excludes corporate acquisition related expenses, a purchase accounting adjustment related to inventory step-up in the Technical Nonwovens segment and the disposition of the Life Sciences Vital Fluids business.

Organic Sales
(Unaudited)

This press release provides information regarding organic sales change, defined as net sales change excluding (1) sales from acquired and sold businesses (2) the impact of foreign currency translation and (3) tooling sales.  Management believes that the presentation of organic sales change is useful to investors because it enables them to assess, on a consistent basis, sales trends related to the Company selling products to customers, without the impact of foreign currency rate changes that are not under management’s control and do not reflect the performance of the Company and management.  Tooling sales are excluded because tooling revenue is not generated from selling the Company’s products to customers, but rather is reimbursement from our customers for the design and production of tools used by the Company in our manufacturing processes.  Tooling sales can be sporadic and may mask underlying business conditions and obscure business trends.

CONTACT: For further information:
David D. Glenn
Vice President, Corporate Development
and Investor Relations
Telephone 860-646-1233
Facsimile 860-646-4917
info@lydall.com
www.lydall.com

Source: Nasdaq Automotive News

LOS ANGELES, Oct. 31, 2016 (GLOBE NEWSWIRE) — Blow & Drive Interlock Corp, (OTCQB:BDIC) announced that the company has issued a letter to shareholders to provide an update on the company’s recent progress.

Dear Shareholders,

I am pleased to announce that as of today we have completed production of all 500 of our BDI 747 Breath Alcohol Ignition Interlock devices and we have deployed approximately 300 of the 500 under lease in just over one-week. Even more exciting, based on our current sales data, the company anticipates, that this remaining 200 units will be deployed and under lease within the next 10-14 days. Adding these 500 reoccurring revenue-generating interlocks will more than double BDIC’s monthly reoccurring revenue practically overnight.  I would personally like to thank the Doheny Group for making this goal possible by providing us with the necessary capital for explosive growth.

This leads me to want to address some confusion on social media that has been brought to my attention, in regards to the financing arrangement with the Doheny Group. To be abundantly clear, there are absolutely no convertibility provisions relating to our outstanding loan, stock purchase agreement and/or royalty agreement with the Doheny Group.  Under no circumstances, even in the unlikely event of default, are there any convertibility provisions in any of our agreements with the Doheny Group. There are also no additional warrants or options of any kind. The Doheny Group received restricted stock in the amount of 4.99% of our outstanding shares and will receive an additional one-time issuance of restricted stock in the amount of 5% (for a total of 9.99% of BDIC’s restricted outstanding shares) at the closing of our second tranche of financing.

We were presented with many offers for financing and our experienced securities attorney analyzed them all and advised us that the Doheny Groups money had minimal risks, as opposed to other investors who prey on companies with toxic convertible notes and/or debts.  Further, based on our discussions with the Doheny Group we are confident that they plan to hold on to our stock for the long-term past the six-month mandatory restrictions on any resale of the securities.

I have made it clear to shareholders that we are steering clear of any and all toxic convertible debt. This is a commitment that I made to shareholders early on and I am very proud to have kept this promise. This is a core component that I intend to memorialize as a cornerstone of our company’s shareholder policy. We remain committed to steering clear of any and all “toxic” convertible debt and strongly believe this will benefit our shareholders over the long term.

Secondly, the company has determined that there is no material difference between the OTCQB and the OTCPinkMarkets. It is our current position that differentiation between the markets is practically just a fee involved for the OTCQB application. We are currently engaging with the OTC Markets Group in a healthy dialogue with regard to the matter but we may transfer our public listing to the OTC Pink marketplace on November 15, 2016. We are open to reconsidering the OTCQB Marketplace if we feel that circumstances change. To be abundantly clear, our corporate compliance policies and practices will not be changing regardless of whether BDIC trades on the OTCQB or the OTC Pink. Blow & Drive will continue to be providing investors with optimal transparency by remaining fully SEC compliant and maintaining audited financials. We are committed to uplisting to the NASDAQ sometime in the future and we are on track in that regard. We will of course be keeping investors updated as we move closer to this date. We are carefully reviewing the matter and, as always, we encourage investors to let us know their thoughts or practical information as we consider the matter.

The decline of our company’s stock price is something that I know has been frustrating for many shareholders, myself included. We do not understand the performance of BDIC stock and it seemingly is defying logic. Our company is generating more revenue that it ever has and we will soon have over 2,100 units deployed across the 11 U.S. States in which we are approved. We believe that with our existing reoccurring revenue, over $500,000 in assets, and commitments from The Doheny Group to fund even more BDI-747 interlocks, that our company is worth more then its current valuation.

With regard to our current share structure; we began the company three years ago with approximately 15 million issued shares, of which just under 10 million are owned by the CEO himself. Of the 15 million issued shares, only 5 million were registered with the SEC for resale to the general public and that number has not changed.  Over the last three years of research, development, bringing our product to market, building out an infrastructure and receiving regulatory approvals in 11 states, federal compliances, and for the production of over 2,100 BDI 747 units, we have had to issue approximately an additional 3 million shares, including the approximate 1,500,000 shares to the Doheny Group. None of the additional shares that the company has issued are eligible for resale to the general public under Rule 144 and no other registration statements have been filed with the SEC either.

As we continue to scale growth, it is likely that we will not need much more additional financing. If our stock continues to perform at its current levels we intend to start buying back our shares. I will be working with our CFO to explore the practical steps in this regard. At the current juncture, time and resources are being fully committed to manufacturing & deploying more and more units. Notwithstanding, as we complete these objectives we do feel that our shares are so undervalued that we would begin to repurchase them ourselves.

The SEC has approved Twitter for investor relations and communication and if there are any concerned investors we encourage you to reach out to us at @blowanddrive.

Sincerely,

Laurence Wainer
CEO

FORWARD-LOOKING DISCLAIMER

This report may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of mentioned company to be materially different from the statements made herein.

CONTACT: Blow and Drive Interlock Corporation 
1080 S. La Cienega Blvd 
Suite 304 
Los Angeles, California 90035 
(877) 238-4492
http://www.blowanddrive.com/

Source: Nasdaq Automotive News

NORCROSS, Ga., Oct. 27, 2016 (GLOBE NEWSWIRE) — EasyCare is excited to welcome Carl Grane as their new Director of Training. Grane brings with him over 28 years of experience in consulting, training and management in both the automotive and financial industries. In his new role, Carl will spearhead the development and execution of new advanced finance, sales and service training programs – in addition to refining the company’s overall training strategy – for EasyCare’s internal employees, agents and dealers.

Grane and his team are working on developing a blended learning approach, taking EasyCare’s world-class training materials, comprehensively updating them and funneling them through a variety of learning channels, including group seminars, webinars, virtual video, and in dealership live training.

“There is tremendous opportunity here – EasyCare has a wealth of training platforms and a driven team that has execution down to a science,” said Grane. “Our goal is to couple proven traditional methods with today’s leading technology programs, based on individual client and dealer needs, so they can drive their business to its full potential. I am thrilled about the positive impact we’ll have and that I get to be a part of it.”

Grane comes to EasyCare from American Financial & Automotive Services, where he served as Dealership Development Manager for three years. Prior positions include Director of Associate Development for World Class Automotive Group, and District Sales Manager and Manager of Training/Development for Gulf States Financial Services Group, among others.

“With such a strong background and work ethic, we’re thrilled to have Carl on the team,” said Penn, Vice President, Business Performance, for EasyCare. “His expertise will further enhance our ability to help drive execution and performance at every dealership level.”

About EasyCare®

EasyCare’s mission is to help dealers succeed at every customer touchpoint by creating passionate employees and customers. Whether it’s protecting the dealerships’ customers on their behalf or helping deliver the ultimate driving experience, EasyCare is fully engaged. Since 1984, the company has provided leading-edge benefits that have helped nationwide dealers deliver an outstanding ownership experience to over 7 million customers. EasyCare provides the industry’s only “MOTOR TREND Recommended Best Buy” F&I benefits for franchised dealers, in addition to a full suite of training programs, management development and proprietary software. For more information, please visit easycare.com.

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=41765

CONTACT: Media Contact:
         Ashley Braswell
         Director of Public Relations & Events
         Cell: 678.615.1142
         Abraswell@easycare.com

Source: Nasdaq Automotive News