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D&P Holdings Makes First USD $1.5 Million Investment In PowerBand
US-based Insurance Administrator Plans To Invest USD $10-million Into PowerBand VANCOUVE...
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[{"type":"text","content":"D&P Holdings Makes First USD $1.5 Million Investment In PowerBandUS-based Insurance Administrator Plans To Invest USD $10-million Into PowerBandVANCOUVER, BC / ACCESSWIRE / March 9, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF) (Frankfurt: 1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is pleased to announce it has closed on the first USD $1.5 million tranche of a USD $10 million Convertible Debenture Agreement with Texas-based D&P Holdings, Inc. (\"D&P\").PowerBand is currently in negotiations to secure extensive credit facilities for its cloud-based transaction platform, which will allow consumers and dealers to buy, sell, lease and trade vehicles on their smart phones and other devices. The strategic investment by D&P is an important step toward the Company's mission to offer the world's consumers the credit and financing to acquire electric and non-electric vehicles.\"This is an important investment - and a vote of confidence in PowerBand from a true industry leader,\" said PowerBand CEO Kelly Jennings. \"Our mission is to take out unnecessary middlemen and make purchasing, selling, leasing and trading electric and non-electric vehicles as easy for people as buying a product on Amazon or ordering an Uber on their smart phone.\"D&P is one of the United States' largest providers of automotive warranty and insurance products, directly working with more than 850 dealerships in all 50 states. It is the managing general agency for The Hanover Insurance Company, which has a $5-billlion market cap and is rated A (Excellent) with the rating agency AM Best.\"We are delighted to make this USD $10-million strategic investment, to be part of PowerBand and help the Company secure the necessary credit facilities for their revolutionary transaction system,\" said D&P CEO John Armstrong. \"This technology allows you to approve a vehicle lease in seconds, rather than days, as the Company and its teams have already proven with Tesla. That, in itself, is revolutionary for the automotive industry and consumers.\"The investment is the first of three tranches of a USD $10-million Convertible Debenture. The second tranche of USD $3.5 million is scheduled to close on April 6, 2020, and the third tranche of USD $5 million is scheduled to close on May 6, 2020.The Debentures will all mature on March 6, 2023 and bear int...