Drivrz Financial Expanding Existing USD $300 Million Loan Origination Credit Facility
PowerBand Solutions (OTCQB:PWWBF) is expanding its Drivrz Financial platform to include loan originations from various dealer and customer platforms, enhancing its fintech offerings in the automotive industry. This initiative follows the utilization of a USD $300 million credit facility for lease originations since July 2020. CEO Kelly Jennings emphasized that this credit facility is distinct from a separate line of credit being pursued for electric vehicle leasing. The company's platform facilitates online transactions for buying, selling, financing, and leasing vehicles.
- Expansion of loan origination services enhances fintech offering.
- Utilization of a USD $300 million credit facility supports growth.
- None.
- PowerBand's finance arm (Drivrz Financial) is extending its platform to accept loan originations from its dealer customers, Intellacar customers and DrivrzXchange customers.
VANCOUVER, BC / ACCESSWIRE / April 28, 2021 / PowerBand Solutions (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is announcing its intent to accept loan originations on its Drivrz Financial platform, the Intellacar platform as well as the DrivrzXchange, a revolutionary C2C retail platform.
The Company's April 26, 2021, new release relating to the USD
This existing credit facility is now being extended to loan origination for consumers who are looking to secure a vehicle loan.
Kelly Jennings, CEO and Founder of PowerBand Solutions states "We want to clarify that this credit facility is not in any way connected to the line of credit facility we are pursuing with Alliance Partners for the EV leasing."
For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: info@powerbandexchange.com
P: 1-866-768-7653
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.
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.
View source version on accesswire.com:
https://www.accesswire.com/642948/Drivrz-Financial-Expanding-Existing-USD-300-Million-Loan-Origination-Credit-Facility
FAQ
What is PowerBand Solutions' announcement regarding loan originations?
How much is the credit facility that PowerBand Solutions is using?
Is the new loan origination facility connected to electric vehicle leasing?
What business does PowerBand Solutions operate in?
