PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) today announced that its subsidiary, PowerBand Solutions US Inc. (“PowerBand US”), has closed on its convertible debenture financing (see news release dated March 2, 2020) and that Texas-based D&P Holdings, Inc. (“D&P”) will immediately convert USD $6 million of PowerBand US debentures into a direct investment in the Company’s US and Canadian financing and leasing divisions. Per the update, the investment comes at the time PowerBand is set to begin lease originations for vehicles in the United States using its virtual transaction system, which will enable automotive transactions from any location. “We have seen the PowerBand transaction platform in action and we are confident it will be widely used by both consumers and auto dealers, who are increasingly looking to carry out their automotive transactions on a digital transaction platform,” D&P CEO John Armstrong said in the news release. “We are converting our debentures into an ownership stake because we are confident PowerBand’s transaction platform will revolutionize the industry, allowing people to buy, sell, lease, trade and finance a vehicle from any location using their smart phones.”
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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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