PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) on Monday announced that its wholly-owned subsidiary, PowerBand Solutions US Inc., has executed a Term Sheet to complete a USD $10 million Convertible Debenture Agreement in a series of tranches with Texas-based D&P Holdings, Inc. According to the update, this is the latest step to secure credit facilities for PowerBand’s consumer platform to revolutionize how vehicles are bought, sold, leased and traded around the globe. PowerBand will utilize the capital injection to advance its ongoing negotiations with lenders to secure access to extensive credit facilities. Those credit facilities will be available to PowerBand transaction system’s consumers and dealers to use their smart phones, tablets and computers to acquire electric and non-electric vehicles across the United States, Canada and other global markets. “This is another milestone in PowerBand’s strategy to acquire extensive credit facilities that will be made available to consumers and dealers using the PowerBand cloud-based platform,” PowerBand CEO Kelly Jennings said in the news release. “Our mission is to take out unnecessary middlemen and make it as easy for people to buy, sell, lease and trade their electric and non-electric vehicles as buying a product on Amazon or ordering an Uber on their smart phone.”
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About PowerBand Solutions Inc.
PowerBand Solutions Inc. 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, the Company 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 U.S. and Canada. For more information, visit the company’s website at www.PowerBandSolutions.com.
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