PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) announced that it has entered into a memorandum of understanding (“MOU”) with a global insurance and financial services provider whose name will be revealed soon. The MOU outlines an agreement between the two companies to sell automotive insurance products on PowerBand’s exclusive DRIVRZ virtual transaction platform. According to the MOU, three companies — PowerBand, D&P Holdings and the new unnamed business partner — will work together to draft reinsurance agreements for both new business opportunities and existing portfolios in the U.S. and Canadian markets. In addition, PowerBand and the new partner are negotiating a strategic investment in PowerBand and the DRIVRZ platform; details of that agreement will be announced when terms are approved. The two companies have been involved in the MOU process for almost a year. Efforts between the two companies will begin by seeking out opportunities in North America to expand lease financing facilities, with a focus on electric vehicles (“EVs”); ultimately the companies plan on an international expansion of the DRIVRZ platform. DRIVRZ is a proprietary, virtual marketplace that enables auto buyers and automotive dealers to buy, lease, sell and trade electric and non-electric vehicles from any digital device, from any location. “This company is a global player, offering automotive insurance and finance products for electric and non-electric vehicles,” said PowerBand CEO Kelly Jennings in the press release. “This is one of the most important achievements yet for DRIVRZ. The business partner understands our vision, and we understand theirs, to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles of all kinds, including cars, trucks, recreational and all-terrain vehicles, motorcycles and marine craft.”
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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 smartphones 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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