DRIVRZ™ Virtual Marketplace On Track To Meet 2021 Milestones And Profitability
VANCOUVER, BC / April 1, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (“PowerBand“, “PBX” or the “Company“), an innovative automotive fintech leader providing digital and virtual platform solutions to buy, sell, trade, lease, or finance vehicles to consumers, dealers and OEMs, announces the settlement of debt owed to Kelly Jennings, the CEO of the Company.
The PowerBand Board approved the Company to make a settlement of an outstanding debt of $1,000,000 owed to the CEO of the Company, as of March 31, 2021, through the issuance of 800,000 Common Shares in the capital of PowerBand at a deemed price of $1.25 per Common Share. The closing share price of PBX on the TSX Venture Exchange on March 31, 2021 was $1.03.
“PowerBand wants to thank Mr. Jennings for his generous loan early on which he is now turning into a further equity position in PowerBand and the DRIVRZ™ virtual marketplace, which we believe will transform automotive retail.” said Jon Lamb, President of North American Operations.
DRIVRZ™ is PowerBand’s proprietary virtual marketplace for consumers, automotive dealers and OEMs to buy, lease, sell, auction, finance and insure vehicles from smart phones or other digital devices. It
provides consumers and automotive dealers access to approximately 4.5 million vehicles for sale or lease.
The DRIVRZ™ auction component‚ drivrzXchange, is now being piloted in northwest Arkansas and will be rolled out to other states and nationally in the months ahead.
“I believe in this company and I am delighted to turn my loan into share equity,” said CEO Kelly Jennings. “We are on track to profitability and the full DRIVRZ™ suite of services will soon be available to millions of drivers, as well as automotive dealers.”
The issuance of the Common Shares to settle the debt is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.
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.
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Chief Executive Officer
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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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