PowerBand Solutions (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) today issued clarification on the income reporting and liability aspects of its reporting as DRIVRZ(TM) increases the number of leases financed for drivers and automotive dealers on its virtual platform. According to the update and under preexisting agreements with financial institutions, it is the role of DRIVRZ to receive requests for leasing and financing, approve the credit worthiness of applicants and accept the lease. Carried out with the proprietary software of the DRIVRZ Finance division, these leases are then formatted to meet the contract standards and protocols of the company’s lending partners. “Simply stated, we sell the leases to our financial lenders, so PowerBand assumes no credit risk or customer default risk,” said Kelly Jennings, CEO of PowerBand. “Because the lease and vehicle are transferred to our lender, we bear no risk for the actual cost or residual cost of the vehicle. In essence, we are able to recognize upfront revenue from acquiring a customer, transacting and selling the lease, as opposed to earning those revenues over the four-to-five-year life of the agreement as would be the case in a warehouse lease facility.”
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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 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 – DRIVRZ(TM) – will be available across North American and global markets. For more information, visit www.PowerBandSolutions.com.
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