Business
Powerband Announces Loan Agreement
VANCOUVER, BC / ACCESSWIRE / January 16, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:P...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"Powerband Announces Loan AgreementVANCOUVER, BC / ACCESSWIRE / January 16, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\"), a leading online automotive leasing, auction remarketing, and vehicle acquisition and sales platform in North America, announces that it has entered into a loan agreement ( the \"Loan\") with an arm's length third party to borrow $350,000. The terms of the Loan include:Loan will be secured on the assets of the Company, accrue interest at a rate of 8% per annum, calculated monthly, and mature in three months;in connection with the Loan, 350,000 warrants to purchase common shares of the Company at an exercise price of $0.165 will be issued. The warrants are subject to a four month hold period, and are exercisable for one year from the date of issuance; andthe Loan is subject to the approval of the TSX Venture Exchange.The proceeds of the Loan will be used for working capital and for general corporate purposes.About PowerBand Solutions Inc.PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company has commercialized its leading-edge cloud-based platform to buy, sell, lease, and auction vehicles. With the recent receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is now well positioned to become a leader in the USD$10 billion cross-border used vehicle export market, the USD$100 billion used vehicle auction market, and the USD$120 billion vehicle leasing market in the U.S. and Canada.For further information, please contact:Richard Goldman, VP Corporate DevelopmentP: [email protected] STATEMENTSThis news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as \"will\", \"may\", \"should\", \"anticipate\", \"expects\" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could diffe...