PowerBand Solutions (TSXV: PBX) announced this morning that it has signed an agreement with that of UK-based Citation Capital. The agreement will see Citation assist PowerBand in securing extensive credit facilities for its auto sales and leasing platform.
Citation Capital Management is a London, UK based firm that specializes in independent investment advisory and capital financing. While London based, the firm has locations in numerous locations globally which include Moscow, Belgium, and Cyprus. They will be assisting PowerBand in securing credit facilities for the company’s US-based operations as the firm works towards obtaining a total of $1.0 billion in facilities for the purpose of auto financing and leasing for transactions conducted on the PowerBand platform.
The announcement follows the news last week that PowerBand is also currently working with that of Phoenix Corporate Finance, whom it has engaged to source up to $250 million in credit facilities for the purpose of Canadian automotive transactions. Combined, the two agencies will be able to assist PowerBand in securing credit facilities for use in both Canada and the United States, thereby enabling PowerBand to offer finance and leasing options to consumers across North America.
This is another milestone in PowerBand’s strategy to meet our goal of aggregating $1-billion in credit facilities that will be available to consumers and dealers using our powerful and convenient transaction platform. PowerBand intends to remove unnecessary middlemen from the sales, leasing and auctioning experience in the automotive sector. The acquisition of a vehicle should be as simple as ordering items on Amazon, with the net result of uberizing the sales experience.
Kelly Jennings, CEO of PowerBand Solutions
PowerBand Solutions last traded at $0.26 on the TSX Venture.
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