A Global Insurance & Financial Services Provider Takes Step Toward Joining the DRIVRZ Platform with an Equity Investment
A Global Insurance and Financial Services Provider has signed a non-binding Memorandum of Understanding (MOU) with PowerBand Solutions (TSXV:PBX, OTCQB:PWWBF) to market automotive insurance products through the DRIVRZ platform. The collaboration aims for a launch in Q1 2021, initially targeting North America, specifically electric and non-electric vehicles. This partnership intends to enhance lease financing facilities and expand globally. The companies will also create reinsurance agreements and work towards a strategic investment in PowerBand, marking a significant milestone in the DRIVRZ marketplace.
- Non-binding MOU signed with a Global Insurance Provider to offer automotive insurance on DRIVRZ.
- Targeting launch in Q1 2021 for North American markets, including electric vehicles.
- Potential for global expansion and enhanced lease financing facilities.
- Collaboration expected to boost PowerBand's market presence and operational scale.
- MOU is non-binding and may not lead to finalized agreements.
- Dependence on successful completion of due diligence and term sheet approval.
- MOU Targets First Quarter of 2021 to Sell Insurance Products on DRIVRZ in North America
- Global Markets to Follow
- Electric vehicles, and recreation vehicles, motorcycles & marine craft also targeted as new DRIVRZ market sectors
VANCOUVER, BC / ACCESSWIRE / March 2, 2021 / A Global Insurance and Financial Services Provider ("GIFS" or the "Business Partner"), has entered into a Memorandum of Understanding ("MOU") with PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company") to sell automotive insurance products on the DRIVRZ virtual transaction platform. The name of the Business Partner will be announced soon.
The non-binding MOU allows the Business Partner, PowerBand, and its partner, D&P Holdings Inc. ("D&P"), to work together "and draft reinsurance agreements for new business opportunities, or existing portfolios during the first quarter of 2021" for the U.S. and Canadian markets. The MOU was signed Monday March 1, 2021.
The Business Partner and PowerBand are also currently working through a strategic investment into PowerBand and the DRIVRZ platform, details of which will be provided once the final term sheet has been approved.
The Business Partner and PowerBand - who have been working toward the mutual MOU for almost a year - will initially seek out opportunities in North America to expanding lease financing facilities, with an emphasis on electric vehicles (EVs). The ultimate intention is to expand offerings globally, through DRIVRZ.
"This company is a global player, offering automotive insurance and finance products for electric and non-electric vehicles. This is one of the most important achievements yet for DRIVRZ." said PowerBand CEO Kelly Jennings. "The Business Partner understands our vision, and we understand theirs, to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles of all kinds, including cars, trucks, recreational and all-terrain vehicles, motorcycles and marine craft."
"This MOU took almost a year of discussions, and we believe this is a great opportunity for all parties involved," added PowerBand President Jon Lamb. "Adding this partnership to DRIVRZ in the first quarter of 2021, our mutually agreed upon target, is an inflection point, meaning we can quickly scale DRIVRZ to the North American electric and non-electric vehicle market, and beyond. As we expand in North America and other markets, we intend to leverage this increased scale to expand our leasing and lending business by establishing warehouse lending facilities with strategic partners."
DRIVRZ is a virtual marketplace that allows drivers and automotive dealers to buy, lease, sell and trade electric and non-electric vehicles from any digital device, from any location. DRIVRZ has access to more than five million vehicles available for sale or lease, as well as millions of consumers and thousands of automotive dealers, through its partnerships.
The Business Partner, D&P and PowerBand will cooperate on offering automotive specialty insurance and related products "with a focus on EV, passenger cars, light commercial vehicles, trucks and motorbikes." Products included in the MOU target: automotive manufacturing; direct and indirect commercial and consumer lending and leasing; consumer-to-consumer vehicle transactions; dealership business; auctions; importer business; including our non-OEM business partners.
"With this MOU, DRIVRZ is poised to realize its goal of becoming one of the biggest platforms in North America, offering insurance products to consumers and vehicle dealers, including all vehicles from cars and trucks, to RV's, motorcycles and marine craft." said D&P CEO John Armstrong.
The non-binding MOU outlines the intention of all parties to cooperate on the above-mentioned business opportunities as we finalize our definitive agreement and complete due diligence procedures.
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.
Neither the TSXV 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.
For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: kj@powerbandsolutions.com
T: 866 768 7653
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.
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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