Business
PowerBand's Leasing Originations are Underway in The U.S. and Generating Revenue
PowerBand Also Announces Filing Of Quarterly Financial Statements VANCOUVER, BC / ACCESS...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"\nPowerBand's Leasing Originations are Underway in The U.S. and Generating RevenuePowerBand Also Announces Filing Of Quarterly Financial StatementsVANCOUVER, BC / ACCESSWIRE / July 16, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt: 1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is pleased to report that lease originations are successfully underway in the United States on its virtual platform that will transform how consumers buy vehicles.MUSA Auto Finance, LLC (\"MUSA\"), PowerBand's U.S. leasing division, has begun generating revenue from lease originations that are initially focused on the Texas and Florida markets. MUSA, which now offers access to financing, allows consumers to be approved for leases in seconds.\"I'm happy to report that our virtual transaction system is working as planned and completing leases and financing in the United States,\" said PowerBand CEO Kelly Jennings. \"PowerBand will be offering its leasing programs in California and across the United States in the very near future.\"On July 13th, MUSA announced it had reached a USD $300-million financing agreement with a federally chartered U.S. depository financial institution. That enabled MUSA, which is 60 per cent owned by PowerBand, to begin offering leasing and financing to U.S. consumers.PowerBand's virtual transaction platform, which includes MUSA, will enable consumers to buy, sell, lease and finance vehicles from a smart phone, or any digital device, from any location. PowerBand offers an important innovation for consumers and automotive dealers to rebound during the COVID-19 pandemic by allowing remote transactions. As well, PowerBand will make transactions faster, transparent and less costly by removing unnecessary middlemen and fees in the retail automotive experience.PowerBand also reports that it has filed its condensed interim consolidated financial statements, MD&A and related CEO and CFO certificates for the three-month period ended March 31, 2020. These documents can be found under the Company's SEDAR profile at www.sedar.com.Total Revenue for the three months ended March 31, 2020 increased to $615,432, up from $554,097 for the same period in 2019. The Net Loss for the period was $2,758,211, as compared to a Net Loss of $370,237 for the same period in 2019.\"The Company has made considerable and carefully target...