Business
D&P Holdings To Invest Up To USD 10-Million In PowerBand
Texas-based Insurance Administrator Operates Across The United States VANCOUVER, BC / A...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"D&P Holdings To Invest Up To USD 10-Million In PowerBandTexas-based Insurance Administrator Operates Across The United States VANCOUVER, BC / ACCESSWIRE / March 2, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary, PowerBand Solutions US Inc. (\"PowerBand US\") has executed a Term Sheet to complete a USD 10 million Convertible Debenture Agreement (the \"Debentures\") in a series of tranches with Texas-based D&P Holdings, Inc. (\"D&P\"). It is the latest step to secure credit facilities for PowerBand's consumer platform to revolutionize how vehicles are bought, sold, leased and traded around the globe.The capital injection will advance PowerBand's ongoing negotiations with lenders to secure access to extensive credit facilities. Those credit facilities will be available to consumers and dealers using the PowerBand transaction system to use their smart phones, tablets and computers to acquire electric and non-electric vehicles across the United States, Canada and other global markets.\"This is another milestone in PowerBand's strategy to acquire extensive credit facilities that will be made available to consumers and dealers using the PowerBand cloud-based platform,\" said PowerBand CEO Kelly Jennings. \"Our mission is to take out unnecessary middlemen and make it as easy for people to buy, sell, lease and trade their electric and non-electric vehicles as buying a product on Amazon or ordering an Uber on their smart phone.\"D&P is one of the United States' largest administrators 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 Group, which has a $5-billlion market cap and is rated A (Excellent) with the rating agency AM Best.D&P will be granted exclusive global rights to act as administrator for new products being sold globally through PowerBand's transaction platform. These products include administrating all requested and approved vehicle services contracts, auto warranty products, guaranteed asset protection, down payment protection, excess wear and tear, key replacement, windshield replacement, tire and wheel, ETCH/anti-theft, lease wrap, and all ancillary products.\"We...