VANCOUVER, BC / ACCESSWIRE / June 2, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"), is pleased to announce that MUSA Auto Finance, LLC ("MUSA"), its 60% controlled leasing platform in the United States, is expected to begin lease originations in June on its proprietary cloud-based platform for consumers and auto dealers.
MUSA will be enabling consumers and dealers to access extensive funding facilities from national financial institutions through the platform. These exclusive finance arrangements with national financial institutions, which consumers and dealers will be able to access from smart phones and other digital devices, will be made public upon completion of each specific financing agreement.
"This is a major advancement for MUSA and PowerBand," said Jeff Morgan, MUSA's CEO. "We have a proprietary auto lease platform that we believe is the first of its kind, and now we are finalizing exclusive agreements, with national financial institutions, so we can roll out our technology to dealers and consumers nationally."
"I want to thank MUSA CEO Jeff Morgan and the MUSA team for their hard work and steadfast commitment to developing this innovation," said PowerBand CEO Kelly Jennings. "Once all the financial institutions are onboarded, we anticipate the platform will be originating significant lease contracts for consumers and dealers. It will enable people to acquire just about any vehicle - electric and non-electric - from any location using a smart phone or other digital device."
MUSA is working to lead the modernization of the new- and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced on-line leasing options in the industry. The technology takes an application, calculates a lease, auto-decisions the application, provides an approval back to dealer partners and prefills a lease contract accurately. Approvals can occur in a few seconds. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018.
The Company has also agreed to make PowerBand's virtual transaction platform, which includes MUSA, available up to thousands of dealerships working with RouteOne LLC ("RouteOne") in the United States and Canada. RouteOne, formed by way of a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services maintains a footprint of over 16,000 automotive dealers and 1,500 finance sources. RouteOne provides a comprehensive suite of finance and insurance tools, ranging from credit applications and eContracting to digital retail and compliance.
The company continues with other negotiations to further the availability of credit facilities in the United States and Canada on the PowerBand platform, which the Company intends to make one of the world's leading platforms in automotive retail for on-line transactions.
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 further information, please contact:
Richard Goldman, VP Corporate Development
P: 1-866-768-7653
rgoldman@powerbandsolutions.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
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This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: PowerBand Solutions Inc.
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