Business
PowerBand Accepts Additional USD $2.7 Million Investment; Completes 2-Year Mission to Offer Transformative Transaction Solutions for the Auto Industry & Consumers
PowerBand Prepares to Begin Cloud-based Lease Originations in June in The United States ...
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[{"type":"text","content":"PowerBand Accepts Additional USD $2.7 Million Investment; Completes 2-Year Mission to Offer Transformative Transaction Solutions for the Auto Industry & ConsumersPowerBand Prepares to Begin Cloud-based Lease Originations in June in The United StatesVANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / June 8, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is pleased to announce its wholly-owned subsidiary, PowerBand Solutions US Inc. (\"PowerBand US\"), is accepting an additional USD $2.7-million investment from Texas-based D&P Holdings, Inc. (\"D&P\"), as it prepares for June vehicle lease originations in the United States.PowerBand has completed its more than two-year mission to offer a cloud-based platform that will transform how we buy, sell, lease and finance vehicles, said PowerBand CEO Kelly Jennings. The platform removes unnecessary middlemen in the automotive retail sector and offers cloud-based solutions allowing automotive transactions to be carried out from any location, on smart phones and other devices.The latest capital injection from D&P will assist PowerBand's US leasing platform, MUSA Auto Finance LLC (\"MUSA\"), to begin offering leases in June, which Jennings says will \"make it as easy to acquire a car with PowerBand as it is buying a product on Amazon.\"The investment will also be used to launch PowerBand's consumer app, Driveaway, that will enable people across the United States to access virtual auctions to buy and sell used cars, from dealers and directly between consumers. Driveaway will offer consumers and commercial partners a wider auction audience to ensure the value of their vehicles is recognized, eliminate the cost of transporting vehicles to physical auction lots and charges fees only upon success.\"This is a milestone month for PowerBand, as we prepare to offer extensive credit facility agreements, from major US financial institutions, on our US leasing platform, MUSA,\" said Jennings. \"We are preparing to begin US lease originations in June.\"Added Jennings: \"I'm also delighted this additional investment from D&P minimizes dilution to our shareholders, who I want to thank for their unwavering patience and support as we now complete our two-year mission to deliver consumers, dealers and other commercial enterprises a po...