PowerBand Sees Additional US$2.7 Million Investment From D&P Holdings

PowerBand Solutions (TSXV: PBX) has secured an additional US$2.7 million from Texas-based D&P Holdings Inc as part of the previously announced US$10 million investment by the firm. The additional investment comes as PowerBand prepares to commence vehicle lease originations this month in the US.

The funding injection from D&P will be put towards PowerBand’s leasing platform in the United States, known as MUSA Auto Finance LLC, assisting the company in being able to commence originations this month. Funds will also be put towards the launch of the consumer app being developed by PowerBand, known as Driveaway, which will allow people to access virtual auto auctions to buy and sell used cars from dealers and consumers alike.

The consumer app is intended to offer a wider auction audience to ensure the value of vehicles is recognized, enabling consumers and commercial partners to get the best bang for their buck while eliminating transport fees to physical lots.

"I’m also delighted this additional investment from D&P minimizes dilution to our shareholders, who I want to thank for their unwavering patience and support as we complete our two-year mission to bring consumers, dealers and other commercial enterprises a powerful digital platform that eliminates unnecessary middlemen. PowerBand will allow consumers to buy, sell, lease or finance their vehicles on a smart phone or other digital device, from any location, as easily as they buy a product on Amazon. This is the digital innovation that automotive industry desperately needs, particularly as it emerges from the retail challenges of the COVID-19 pandemic."
Kelly Jennings, CEO

The commencement of lease originations in the US completes PowerBand’s more than two-year long mission of offering a cloud-based platform to transform how consumers and dealers buy, sell, lease and finance vehicles. The platform removes middleman from the transaction, while offering a cloud-based solution that enables auto transactions to occur from any location from a smartphone or other device.

PowerBand Solutions last traded at $0.25 on the TSX Venture.

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