PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) today announced that it has secured a further USD $600,000 from Texas-based D&P Holdings, Inc. (“D&P”). According to the update, the company, due to having sufficient operational funds, has made a strategic decision not to draw down further at this time from D&P, which has committed up to USD $10 million. The company is on target for commercialization of its virtual-transaction platform that allows consumers and automotive dealers to buy, sell, lease, trade and finance vehicles from any location, using their smart phones or other digital devices. “PowerBand’s mission is well-capitalized and on track to deliver the automotive industry a virtual-transaction platform that will allow the remote acquisition and sale of vehicles,” PowerBand CEO Kelly Jennings said in the news release. “Our virtual auctions, launched in April, are growing in popularity and we are now in advanced negotiations to acquire extensive institutional credit lines that will be made available to consumers and dealers on the PowerBand platform. For this reason we have decided we have no current need to draw down additional debt.”
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About PowerBand Solutions Inc.
PowerBand Solutions Inc., 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 amongst consumers, dealers, funders and manufacturers (“OEMs”). It enables them 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 – is being made available across North American and global markets. For more information, visit www.PowerBandSolutions.com.
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