PowerBand Solutions (TSXV: PBX) has secured further funding from D&P Holdings, one of the largest administrators of automotive warranty and insurance products in the US. D&P has advanced a further US$1.2 million in connection with its previously announced US$10 million investment in the firm.
The investment is a part of the overall US$10 million investment by D&P into PowerBand’s subsidiary, PowerBand Solutions US and its cloud-based platform. The transactional platform enables consumers and dealers to buy, sell, lease and trade vehicles from their smartphone or other device from the comfort of their own home.
To date, D&P Holdings has completed investments of US$2.7 million into PowerBand Solutions US under the previously announced US$10 million arrangement, which remains on track to be completed by May 6, 2020. Additional, D&P has also completed a US$2.5 million investment into PowerBand’s Canadian leasing division.
The company also announced that the firms transaction platform in the US, Musa Auto Finance, is now ready for activation. The platform is able to take an application, calculate a lease, auto-decision the application and provide an approval in seconds. The proprietary tech enables MUSA to secure a contract with Tesla Inc (NASDAQ: TSLA) in 2018.
COVID-19 has been a challenge for us all. But this pandemic has also highlighted that PowerBand’s mission — to allow people to buy, sell, lease and trade cars and trucks as easily as you order a product from Amazon or order an Uber on your smart phone from home — is essential for consumers and the future of the industry. PowerBand is well-capitalized, our negotiations to secure extensive credit facilities are advancing and our technology platforms have never been more ready.PowerBand CEO Kelly Jennings
PowerBand Solutions last traded at $0.165 on the TSX Venture.
FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.