PowerBand Solutions Begins Generating Revenue From Lease Originations

PowerBand Solutions (TSXV: PBX) this morning confirmed that lease originations have begun this week and are well underway, generating revenue for the company. The originations are occurring under MUSA Auto Finance, a subsidiary of PowerBand which recently acquired a $300 million financing facility from which it can conduct lease originations.

Currently, originations are occurring in the states of Texas and Florida while an expansion to California and the rest of the United States is anticipated in the near term. The PowerBand virtual transaction system is said to be working as designed, and completing leases and financing for consumers, with approvals being granted in just seconds.

The virtual transaction platform, once fully implemented within the United States, will enable consumers to buy, sell, lease and financing vehicles from any digital device, such as a smartphone, from any location. The platform is intended to make the process of purchasing a vehicle more transparent for the consumer by reducing unnecessary middlemen and fees from the transaction. It offers a unique opportunity for remote vehicle transactions to occur, a benefit for consumers and automotive dealers alike amid the ongoing coronavirus pandemic.

"The Company has made considerable and carefully targeted investments in our virtual transaction platform. PowerBand is well positioned to achieve significant revenue growth in 2020, and in the years ahead. I thank our strategic partners and investors for their support, and am proud that we are now offering people a way to acquire and sell a vehicle from any location, as easily as you can now buy a product from Amazon on your smart phone." 
Kelly Jennings, PowerBand CEO

PowerBand Solutions last traded at $0.25 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.

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