PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), a leader in online vehicle transactions using smartphones, has announced that it has added IntellaCar to its virtual transaction platform. PBX made the addition by signing a membership interest purchase agreement through its subsidiary DRIVRZ US LLC. (“DRIVRZ US”) to acquire 60% of IntellaCar, a leading iPad solution for automotive dealers and drivers. The agreement outlines plans for DRIVRZ to pay $1.5 million in cash, along with 2 million common shares of PBX, for the transaction. The total purchase price, which was negotiated at arm’s length and is based on an issuance price of CDN$0.225 per share, totals CDN$2.42 million. Currently already in use by car dealerships throughout the United States, IntellaCar enables automotive dealers and consumers to purchase and trade-in vehicles on a tablet device. The company offers a broad video and print library of vehicles that provides comprehensive information about available vehicles. Based on feedback from car dealers, IntellaCar increases sales, boosts productivity and efficiency, and generates higher finance and insurance uptakes. Following the acquisition, IntellaCar’s current executive team will remain in place, while DRIVRZ will appoint three members to IntellaCar’s board of directors. “With IntellaCar we now have an incredibly user-friendly platform that dealers and consumers can use in a dealership, or from any location, to search, finance and purchase a vehicle,” PowerBand CEO Kelly Jennings stated in the press release. “PowerBand will offer access to more than 4.5 million new and used vehicles and IntellaCar is the simple-to-use interface that makes buying, selling, leasing and financing a car as easy as buying something on Amazon.”
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions among consumers, dealers, funders and manufacturers (“OEMs”). The platform enables users to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — will be available across North American and global markets. For more information, please visit www.PowerBandSolutions.com.
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