PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) this morning announced the closing of the initial $1.5 million tranche of a USD $10 million Convertible Debenture Agreement with Texas-based D&P Holdings, Inc. This marks the first of three tranches of a $10-million Convertible Debenture. The second tranche of $3.5 million and the third tranche of $5 million are scheduled to close on April 6, 2020 and May 6, 2020, respectively. PowerBand is currently in discussions to secure extensive credit facilities for its cloud-based transaction platform. The platform will enable consumers and dealers to buy, sell, lease and trade vehicles on their smart phones and other devices. “This is an important investment – and a vote of confidence in PowerBand from a true industry leader,” PowerBand CEO Kelly Jennings stated in the news release. “Our mission is to take out unnecessary middlemen and make purchasing, selling, leasing and trading electric and non-electric vehicles as easy for people as buying a product on Amazon or ordering an Uber on their smart phone.”
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About PowerBand Solutions Inc.
PowerBand Solutions is a technology provider listed on the TSX Venture Exchange. The company’s cloud-based platform is revolutionizing the buying, selling, leasing and auction of vehicles. With the receipt of its exporter license and its acquisition of MUSA Auto Finance, PowerBand is well positioned to become a leader in the cross-border, used-vehicle export market, the used-vehicle auction market and the vehicle leasing market in the United States and Canada. For more information, visit the company’s website at www.PowerBandSolutions.com.
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