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Powerband Engages Phoenix Corporate Finance As Corporate Finance Advisory Firm To Facilitate Up To $250-Million In Credit Facilities For Canada
VANCOUVER, BC / ACCESSWIRE / February 3, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:...
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[{"type":"text","content":"Powerband Engages Phoenix Corporate Finance As Corporate Finance Advisory Firm To Facilitate Up To $250-Million In Credit Facilities For CanadaVANCOUVER, BC / ACCESSWIRE / February 3, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\"), has engaged Toronto-based Phoenix Corporate Finance Inc. (\"Phoenix\") as its corporate finance advisory firm, to facilitate up to $250 million in credit facilities for the Canadian financing arm of PowerBand's cloud-based platform to revolutionize the buying, selling and leasing of cars, trucks and other vehicles.PowerBand has also engaged Phoenix to facilitate up to $10 million in non-dilutive operating capital for its newly created Canadian captive financing arm, which was announced January 15th, 2020.The agreement advances PowerBand's strategy to aggregate $1-billion in credit facilities and financing capacity, as it brings its cloud-based transaction platform to thousands of dealerships and consumers across Canada and North America.Once raised, the $250-million credit facility will be available for Canadian transactions using the PowerBand platform, which will eliminate unnecessary middlemen, benefitting consumers, dealers and other stakeholders in auto retail, leasing and auctioning. The Company is negotiating further lease lines for Canada and the United States with other institutions.\"Once fully implemented, the PowerBand cloud-based transaction platform will enable people to buy, sell, trade or lease vehicles with the same ease you now buy a product on Amazon, in effect uberizing the experience of acquiring a truck or car,\" said PowerBand CEO Kelly Jennings. \"We believe the engagement of Phoenix, to raise a total of $260 million, is another milestone in our goal to raise $1-billion in credit facilities for leases and loans that will be approved through the PowerBand platform.\"PowerBand expanded its transaction platform by acquiring a majority share of MUSA Auto Finance, LLC (\"MUSA\") in July, 2019. Founded in 2016, MUSA's innovative transaction platform modernized the new and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced leasing options in the industry. The technology takes an application, calculates a lease, auto-decisions the application, provides an approval back to deal...