TORONTO, ON (August 13, 2024) – PowerBand Solutions Inc. (TSXV:PBX) (OTC Pink:PWWBF) (Frankfurt:1ZVA) (“PowerBand“, “PBX” or the “Company“), a comprehensive trading and financing technology platform transforming the online experience to sell, trade, lease, and finance vehicles, announces that is has signed Letters of Intent (“LOI”) with two separate companies naming PowerBand as their National Lease Partner.
The first LOI is with a used vehicle company that has over 20 locations in 10 different states across the United States. The company has been in business since 2005 and carries more than 4,500 vehicles in inventory with a flooring capacity of over USD $100 million dealing in rebuilt vehicles. The company currently only offers retail financing through several National Banks and lending institutions.
The second LOI is with a conversion van company that operates in 31 states with more than 90 locations providing services to disabled Veterans and citizens with disabilities. Through its national network, the company has the largest inventory of conversion vehicles in the U.S. along with other products, including wheelchair lifts and scooters, that improve mobility.
Upon execution of definitive agreements with both companies PowerBand will be able to provide lender services for indirect financing to their respective customers by creating a competitive financing platform that incorporates PowerBand’s proprietary lease calculation technology.
Jeff Morgan, PowerBand’s CEO, commented: “We are thrilled to work towards becoming the National Lease Partner to two companies who share our commitment to industry innovation and customer satisfaction. I am excited about the growth potential of these two opportunities.
The LOI’s mark the beginning of promising partnerships that will see PowerBand work to develop and implement new leasing programs tailored to the needs of the two company’s diverse customer bases. The final agreements are expected to be signed in the coming months.”
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders PowerBand’s transaction platform is being made available across the United States.
For further information, please visit the PowerBand website or contact:
Jeff A. Morgan
Chief Executive Officer and Director
E: [email protected]
P: 1-866-768-7653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand’s businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, , trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand’s businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the “Financial Outlook” sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, PowerBand’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include those relating to incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic, the impact of increased inflation and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in our MD&A under the heading “Risk Factors”. The preceding list of assumptions, risks and uncertainties is not exhaustive.
When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
